Tron (TRX) founder Justin Sun unveiled his "brand-new" mortgage lending platform Djed via Twitter on March 28, only to face immediate backlash accusing it of being a copycat version of MakerDAO (MKR).
The Genesis of Djed
- Sun first teased Djed on January 16, inviting fans to name a "planned decentralized stablecoin" backed initially by TRX and BitTorrent Token (BTT).
- Mike McCarthy, a self-proclaimed TRX whale and Tron enthusiast, proposed the name "Djed"—ancient Egyptian for "stability"—within 90 minutes of Sun’s tweet.
A MakerDAO Carbon Copy?
Djed operates under the Tronscan.org domain but mirrors multiple MakerDAO interfaces, including:
- Oasis.app
- vote.makerdao.com
- cdp.makerdao.com
While the UI shows minor tweaks, the core system replicates Maker’s legacy Single Collateral Dai model—with TRX as collateral to mint USDJ (not Dai). Governance tokens are dubbed JED instead of MKR.
Shared Terminology
Djed employs identical mechanisms:
- Collateralized Debt Positions (CDPs)
- Stability Fees (loan interest rates set via Executive Votes)
- Identical smart contract names (e.g., SaiProxyCallAndExecute, DaiFab)
Key Insight: The use of "Sai" confirms Djed clones Maker’s pre-multi-collateral Dai system, explaining why BTT support was scrapped for TRX-only backing.
Technical Shortcomings
Analysts flagged integration flaws with Tron’s blockchain, likely due to unmodified Maker code. The system’s opacity worsens as the "Tub" contract (CDP engine) is held by a generic account.
Tron’s Controversial Track Record
- The project’s whitepaper was previously accused of plagiarizing Ethereum.
- Recent privacy features allegedly copied Zcash (ZEC) code.
- Notably, Djed is branded under Tronscan, not Tron Foundation—side-stepping direct accountability.
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FAQ
Q: Is Djed legal despite copying MakerDAO?
A: Using open-source code isn’t inherently plagiarism, but Tronscan hasn’t claimed Djed as wholly original.
Q: Why does this matter for DeFi?
A: It highlights Tron’s struggle to innovate beyond Ethereum’s blueprint, delaying true DeFi competitiveness.
Q: What’s USDJ’s stability mechanism?
A: Identical to Dai’s 2017 model: overcollateralized TRX backing with JED governance.
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