DeFi Altcoin Experiences 22% Surge on Friday with the Introduction of New Mining Rewards
The native altcoin of a Tron (TRX) blockchain-based decentralized finance (DeFi) ecosystem witnessed a remarkable 22% surge within a single day, coinciding with the introduction of new mining incentives.
"The governance token for the DeFi platform JUST (JST) is currently trading at around $0.0275, reflecting an increase from approximately $0.0225 just one day ago.
Ranked 123rd in terms of market capitalization, JST has outperformed a significant portion of the crypto market, which mainly experienced sideways movement on Thursday and Friday.
JUST aims to offer comprehensive financial solutions to users through the development of DeFi protocols built on the Tron (TRX) blockchain, as stated on the project's website.
The surge in JST's price coincided with the launch of new mining rewards by the project's lending platform, JustLend DAO.
The project highlights that liquidity providers on JustLend DAO will now receive additional mining rewards denominated in Tron's stablecoin, USDD, in addition to the interest on their supplied assets. USDD aims to maintain a 1:1 peg to the US dollar.
Despite its recent price increase, JST is still more than 85% below its all-time high, which exceeded $0.193 in April 2021.
Tron's (TRX) native asset also had a positive day on Friday, recording a 3.66% increase. Ranked 11th in terms of market capitalization, TRX is currently trading at $0.089."
Oct 01, 2023