What is USDJ?
On 4th April 2020, Justin Sun announced the new stablecoin in the TRON ecosystem called USDJ. It works similar to the one developed with MakerDAO.
The stablecoin system uses openings and collateral, or CDP (Collateralized Debt Positions), where using the TRX or BTT as collateral you can receive the stablecoin USDJ in exchange. BTT has not been available yet at the creation of this article.
Users can create CDPs and lock their TRX/BTT as collaterals. In return for the collateralized crypto, users get USDJ up to a certain ratio of the TRX/BTT value. The USDJ is a debt given to CDP users which they can convert into their original asset or into fiat using exchanges. Note that USDJ is currently on Poloniex exchange only (April 2020). The collateralized crypto stays untouchable through TRON’s smart contracts and is released once the CDP user pays up the borrowed USDJ. If the user fails to return the debt the collateral crypto is ceased.
When you open a CDP, the Stability Fee might vary due to changing market conditions. The Stability Fee is currently 0.5% (April 2020)
How to benefit from USDJ?
In nutshell, you can generate USDJ from CDP platform and then send it to Poloniex or any exchanges that support USDJ to convert to TRX and wait for it to pump. In the final step, you then convert TRX to USDJ, just the debt amount to payback through CDP.
If the price of TRX falls you should wait and above all that your ratio remains above 150%. And you can deposited more TRX to increase the ratio.
USDJ
USDJ Stablecoin Contract Address (TRC20):
https://tronscan.org/#/token20/TMwFHYXLJaRUPeW6421aqXL4ZEzPRFGkGT
JUST GOV (JST)
JST is a part of the USDJ currency system. Holding JST can participate in the community governance of JUST and pay the stabilization fee for CDP borrowing in the JUST system.
Total Supply: 9,900,000,000
Precision: 18
JUST GOV Contract Address:
https://tronscan.org/#/token20/TCFLL5dx5ZJdKnWuesXxi1VPwjLVmWZZy9
More information can be found at UDSJ Whitepaper at https://www.just.network/docs/white_paper_en.pdf
My original post about this stable-coin is on my website https://www.tron2moon.com Thanks for reading, hope its useful for your crypto brain knowledge.