The TRON community is gearing up to receive the first of a series of planned airdrops of the JUST (JST) token. The TRON sub-token, whose initial exchange offering on Poloniex sold out in record time at the start of the month, will be allocated to TRX holders, giving those who missed out on the IEO a second chance.
The snapshot for TRX balances will be taken at midnight UTC on May 20, 2020, which will immediately be followed by an airdrop of 217,800,000 JST. TRON accounts with a minimum balance of 100 TRX will be eligible for the airdrop campaign. More than 2% of the total supply of JST will then be disbursed in the same manner, with a total of 237,600,000 tokens to be airdropped over the course of the next 12 months.
From LaunchBase to Airdrop
LaunchBase is the token issuance platform of Poloniex, following in the footsteps of Binance Launchpad, OKEx JumpStart, and Huobi Prime. Poloniex has close ties with TRON, after a consortium including TRON CEO Justin Sun acquired the exchange in late 2019. After listing TRX, the newly acquired Poloniex announced its first token sale via LaunchBase was to occur on May 5, 2020.
The JST token sold out in under five minutes, leaving many aspiring buyers disappointed. They’ll still have plenty of opportunities to acquire the asset in the coming months, though, thanks to the ongoing airdrop planned for TRON users. Following the allocation of 2.2% of JST’s total supply in the next 12 months, a further 5.4% of tokens will be allocated in the same manner into 2022.
Stability Comes to TRON
Although still best known for entertainment dApps, particularly gaming and gambling titles, TRON is not just a one-trick pony. Its architects, led by Justin Sun, have breathed new life into the Ethereum competitor, positioning it as a stablecoin network that’s suited to shuttling millions of dollars of USD-pegged assets back and forth. So far, Tether (USDT) has accounted for the bulk of the stablecoin flow on TRON. It remains to be seen whether JUST can capture a share of this market; its creators at least have high hopes for the decentralized stablecoin and lending platform.
USDJ is the name assigned to the stablecoin that will power the JUST platform, while JST will be used for interest payment and governance matters within the platform. Because JST has a free floating value, determined by market forces, it will attract interest from speculators as well as from users seeking to utilize the USDJ stablecoin. JST is up 31% in the last week, with daily trading volume of $61M. The digital asset is still technically a micro-cap coin, however, valued at just $3.1M based on its circulating supply of 396 million. This will all change in the years ahead as JST is airdropped to TRX holders until it reaches its fully diluted market cap of 9.9 billion.
Many leading exchanges and wallets are supporting the JST airdrop on May 20, meaning that holders whose TRX is stored on-exchange will still be able to passively acquire JST. These include Poloniex, KuCoin, Bitpie and Atomic Wallet. Following the airdrop, it is anticipated that some exchanges will make JST available for trading, increasing the liquidity of the newest addition to TRON’s tokenized kingdom.