After conducting a successful IEO of its stablecoin, JST, on Poloniex on 5th May, the TRON-based stablecoin lending platform succeeded in getting the JST coin listed on MXC Exchange only two days after. The JUST (JST) IEO sold out in just 4 minutes 26 seconds according to TRON’s CEO, Justin Sun.
— Justin Sun (@justinsuntron) May 5, 2020
JST token sale price was $0.00202 during the IEO. Upon its listing on MXC Exchange, its price spiked to $0.04, which was 18.8 times its token sale price, breaking the record of IEOs Return of Investment (RoI) in such a short time. This also thrust the JUST project into the league of the best performing IEO funded projects.
Let’s take a look at what this MXC Exchange means to investors. If an investor had purchased 1000 tokens, it probably cost him/her $2.02. If the investor decided to register on the MXC Exchange and trade the stable coin, he/she would sell it at $40 making a profit of $37.98 in just two days.
Although JST price then lowered from $0.04 in the following minutes, the stablecoin is currently trading at $0.0088, which is 3.36 times the price at which the coin was sold at.
Ideally, if an investor decided to trade in the purchased JST tokens, he would make substantial profits.
The TRON-based stablecoin lending platform, JUST
JUST is a decentralized lending platform that is built on the TRON blockchain. Users in JUST can stake TRX, the TRON cryptocurrency, to generate the JST stablecoin that can be used to pay for a number of things.
The platform uses a decentralized finance (DeFi) lending and governance protocol.
Poloniex’s Tron-powered IEO launching platform
Interestingly, the CEO of TRON, Justin Sun also holds a substantial share at Poloniex Exchange. Sun was among a number of Asian investors who bought Poloniex towards the end of 2019.
By volume, Poloniex is considered the 15th largest cryptocurrency platform. It launched its IEO launching platform, the Poloniex’s LaunchBase, which carries a lot of resemblance to Binance Launchpad.
Projects looking forward to conducting IEOs on Poloniex’s LaunchBase will issue tokens in exchange of TRON’s TRX token. In exchange, the project behind the IEOs will receive professional advice and guidance.
By launching its IEO launching platform, Poloniex joins the growing list of crypto exchanges providing blockchain startups with a lifeline by providing a platform for them to conduct IEOs.
JST was the first IEO to be conducted on Poloniex’s LaunchBase, barely a month after the platform was launched, proving that the platform is up to the task.