Poloniex has reportedly disclosed further details into its upcoming project – an initial exchange offering (IEO) platform, powered by Tron. 

Specifically, any projects that have intentions to deploy their services on the new Poloniex platform – dubbed “LaunchBase” – will need to satisfy a requirement, being generating tokens in exchange for TRX, and will be selected in a “first come, first serve” manner. 

Poloniex reportedly claimed that LaunchBase was built in an attempt to help quality blockchain projects grow and further develop their ecosystem”, via offering professional advice and guidance” to help with different projects. 

Apart from the deal to generate money for TRX, partner projects will also reportedly need to meet a certain set of “eligibility and screening requirements”. The platform will not be available to businesses headquartered in “certain jurisdictions”, due to regulatory concerns. 

The first project to carry out an IEO with Poloniex, is a Tron-based stablecoin lending platform, goes by the name Just (JST) – which enables clients to perform TRX staking process for the issuance of USDJ stablecoin – can be used as a means of payment for interest, maintenance, and other activities. 

IEO has reportedly been gaining a reputation of an alternative to ICOs, where the generating exchange is in charge of taking care of regulation, marketing, and market making, to earn a large sum of a token’s distribution.

Numerous projects released via Binance’s Launchpad platform have been under fire for their token distribution allocations and centralization.