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About USDJ
Key Points:
- USDJ is a USD-pegged stablecoin backed by collateral assets on the TRON network.
- Generated through decentralized smart contracts, anyone can pledge TRX as collateral to generate USDJ.
- Part of the JUST DeFi ecosystem on Tron, consisting of JustStable and the JustLend DAO.
- Developed by the JUST Foundation, a team with experience from Alibaba, Tencent, and IBM.
How it Works:
- Deposit collateral assets into Collateralized Debt Positions (CDPs) to generate USDJ.
- Users convert TRX to PTRX, create a CDP,
About USDJ: A Stablecoin Pegged to the US Dollar
Introducing USDJ (USDJ): A Stablecoin Pegged to the US Dollar
In the whitepaper, USDJ is delineated as a USD-pegged stablecoin, collateralized by assets and generated through decentralized smart contracts on the TRON network. “Anyone can pledge TRX as collateral to generate USDJ,” thereby facilitating a seamless experience. It is reportedly pegged to the US dollar via Collateralized Debt Positions (CDPs), which are augmented by autonomous feedback mechanisms. The overarching vision behind USDJ is to establish it as a pivotal component of the burgeoning DeFi ecosystem on TRON.
USDJ is an integral component of the JUST DeFi ecosystem on Tron, comprising JustStable and the decentralized autonomous organization (DAO) of JustLend.
The Visionaries Behind USDJ: Meet the Founders
USDJ is a flagship product born out of the JUST network ecosystem, meticulously crafted by the esteemed JUST Foundation. This visionary organization boasts a dynamic and talented team, comprising seasoned professionals with illustrious backgrounds from industry giants such as Alibaba, Tencent, and IBM.
The Operational Mechanism of USDJ: A Comprehensive Overview
As outlined in its whitepaper, the generation of USDJ necessitates the deposition of collateral assets into Collateralized Debt Positions (CDPs) as an integral part of the process. Initially, users convert TRX to PTRX. To generate USDJ, users execute a transaction to JUST, thereby creating a CDP, and subsequently deposit PTRX, the collateral asset, into the same CDP via another transaction. Upon a CDP holder initiating a transaction to create USDJ, a corresponding amount of debt is concurrently generated, and the collateral assets are locked up until repayment, thereby rendering that particular asset inaccessible for redemption.
USDJ also boasts a robust price stability mechanism. Initially, it is pegged at a 1:1 ratio to the US dollar. In the event of market turbulence, a sophisticated Target Rate Feedback Mechanism (TRFM) is triggered, ensuring the stable valuation of USDJ.
USDJ: A Trailblazer in the Realm of Stablecoins
When the USDJ price received from Oracles deviates from the actual US Dollar exchange rate, JST token holders can trigger a global settlement mechanism to mitigate potential risks and damages, which unfolds in a three-step process:
Initially, the global settlement mechanism is triggered, thereby rendering CDP holders incapable of creating or modifying their positions. Concurrently, the price feed is frozen at a fixed value, ensuring the accurate and expeditious processing of all users’ claims.
Secondly, within the JUST system, keepers will leverage a price feed to facilitate a decentralized auction process, thereby ensuring the settlement of USDJ and CDP holders’ claims by disposing of debt and collateral assets in a transparent and trustless manner.
Subsequently, holders of USDJ and CDPs can submit a claim petition on JUST, thereby exchanging their USDJ or CDPs for a fixed quantity of TRX, contingent upon the Target Price of USDJ. Notably, there is no deadline imposed for users to take this step.
The USDJ stablecoin system is also bolstered by a robust risk-management framework. As integral components of the JUST governance system, JST holders wield decisive influence over key decisions governing risk regulation across the entire ecosystem. This encompasses the adjustment of sensitivity parameters via the Target Rate Feedback Mechanism (TRFM), the calibration of the Target Rate, the selection of trusted oracles, and other security protocols as delineated in the official whitepaper.
What Is the Circulating Supply of USDJ (USDJ) Coins?
As of this writing, the total circulating supply of USDJ stands at 273,293,162 units.
The USDJ Network’s Robust Security Framework: A Comprehensive Overview
USDJ is a TRC-20 token issued on the Tron blockchain, a decentralized network secured by a delegated-proof-of-stake (DPoS) consensus mechanism. This mechanism relies on a network of 27 elected Super Representatives (SRs) who validate transactions and consolidate them into blocks through an open and democratic election process.
Where to Acquire USDJ (USDJ): A Comprehensive Guide
USDJ is accessible on a diverse range of centralized exchanges, including Kucoin, Huobi, Poloniex, and MEXC. Furthermore, it can be traded on decentralized platforms, such as Sunswap V2, offering users a versatile array of exchange options.
Stay up-to-date with real-time USDJ prices on-the-go with the CMC mobile app.
Associated Resources:
Discover Tron (TRX), a pioneering decentralized blockchain-based operating system, meticulously crafted by the Tron Foundation and launched in 2017.
Discover JUST (JST), a pioneering decentralized finance (DeFi) ecosystem built on the Tron network.
Delve into the world of Tron with our in-depth exploration of this innovative blockchain platform.
Delve into the realm of decentralized finance with our comprehensive CMC glossary, your ultimate guide to understanding the intricacies of DeFi.