Editor's Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing), Author: Kyle, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Honeycomb Finance News (ID: fengchao-caijing)
Honeycomb Finance News (ID: fengchao-caijing)
, Author: Kyle, reproduced by Odaily with authorization.
Justin Sun, the founder of Tron, named him the "100 times currency factory". As a result, on the first day of its launch, Justswap was complained about as a "counterfeit currency factory" due to the proliferation of counterfeit currencies. Many investors rushed into the market to buy counterfeit currencies and suffered heavy losses. Tron, which already lacks high-quality DeFi projects, is now rampant with "earth dogs". Even veteran players enter the market with dark eyes, and it is difficult to control risks.
Affected by this, the three major wave field currencies TRX, JST, and BTT all fell. TRX, which Sun Yuchen called "undervalued", once fell by more than 10% in a single day.
Subsequently, Sun Yuchen issued an open letter saying that he will vigorously rectify counterfeit currencies and set up a DeFi fund to attract high-quality projects. From the perspective of industry insiders, TRON has not yet formed the linkage effect of multiple leading DeFi projects like Ethereum.
Rome was not built in a day, and it will take time for Tron to become the "next Ethereum".
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Counterfeit currency floods in "Baibao Coin Factory"
At 11:00 p.m. on August 18, Justswap, officially supported by Tron, finally went live after an hour's delay.
Wave after wave of "Brother Sun" has attracted a lot of attention. Some investors who are discouraged from DeFi due to the high transfer fees of Ethereum do not want to miss this Tron version of Uniswap this time.
As a result, Justswap became a place of chaos on the night of its launch. Most investors did not make any money, but instead hit the scythe.
"130,000 TRX was exchanged for counterfeit currency," some investors said in the community that they were "harvested." Other users are confused about the various coins of the same name in the Justswap exchange list, and "which one to buy" has become the first obstacle for them to test the waters of DeFi.
Log in to Justswap, when using TRX to exchange other TRC-20 currencies, a drop-down list will appear just like Uniswap. Users can choose the currency in the list to trade, or enter the token name or token contract address to find the token to trade. trade. In less than a day, the more popular DACC and DZI projects on Justswap had as many as 5 coins of the same name.
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DACC has 5 coins of the same name on Justswap
Experienced players told Honeycomb Finance that the safest way to avoid buying counterfeit coins is to enter the official token contract address of the project to find the tokens. "Coins can have the same name, but the contract address is unique."
However, even if someone buys real coins, the winners are still a minority. Taking the popular DACC as an example, the initial exchange ratio of using TRX is 1:34, which quickly rose to 1:8 after the market opened, and then quickly fell to about 1:26. Some users reported in the community that they bought DACC and woke up with a loss of 50%. "This is a game that runs faster than running."
Counterfeit currency is rampant, coupled with the poor growth rate of the first batch of assets on the line, the "100 times currency factory" Justswap has been controversial. Some investors joked that they originally wanted to play the "earth dog" project, but they did not expect to encounter many fake earth dogs, and the leeks that rushed in may not be as many as sickles.
In the face of accusations, Tron officially reminded that Justswap is a zero-audit exchange, and issuing tokens on this platform does not mean official endorsement of the project. On August 19, Justin Sun also reminded on social platforms that because Justswap has just launched, the authenticity of the tokens in the list cannot be verified. Next, the problem of counterfeit tokens will be rectified vigorously to ensure that the tokens in the list are genuine.
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All TRON currencies fell
According to data from Huobi Global, on August 19, TRX and JST once fell by more than 10%, and BTT also fell by about 5%. This caused losses to some investors who were looking forward to the launch of Justswap with flying wave field currencies, and "Sun Ge" became "Sun Cut" in the mouths of some investors.
A senior DeFi player believes that the chaos of Justswap is actually predictable, after all, there have been many precedents on Uniswap. Investors should know some knowledge about avoiding pitfalls before entering the market, at least the problem of buying counterfeit currency can be completely avoided. “Unlike Uniswap, Justswap is an officially endorsed project by Tron, so when there is chaos in Justswap, Tron will inevitably be criticized, and the currency price will be obviously affected.”
As a DeFi project focused on TRON, Justswap currently has a gap with the high expectations of the outside world.
According to Justswap’s official data, the transaction volume after 18 hours of its launch is about 6 million US dollars. Based on this calculation, its 24-hour transaction volume is about 10 million US dollars; in contrast, the 24-hour transaction volume of Uniswap exceeds $210 million. It is not realistic for Justswap to catch up with Uniswap in a short period of time.
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Transaction data 18 hours after Justswap went live
According to analysis by industry insiders, the reason why Justswap has not shown the explosive effect is mainly because Tron has not yet formed an ecological linkage of DeFi projects at this stage. At present, there are still relatively few DeFi projects on Tron, and they are still very early. There is a lack of mainstream projects on Ethereum such as Maker, AAVE, and Compound. Therefore, there are relatively few high-quality assets for investors to choose from. Many projects are too risky , It is also difficult to attract large funds to enter.
