JUSTSWAP-CRYPTOACADEMY S4W5 HOME-WORK POST FOR @KOUBA01

in hive-108451 •  3 years ago 

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INTRODUCTION

Ever since the inception of blockchain technology and decentralized exchange Defi, was officially introduced it has really contributed to improving the economic standard of living across the entire globe, with the qualities they posesses within their rank it's upti-mostly massive.

Characteristics of blockchain technology can't be overemphasized anymore as so many cryptocurrencies have been built on it, believe me blockchain is more like a ledger where informations are been stored by so doing making it very difficult to be compromised.

It will intrest you to know that decentralized finance Defi, is a fraction of a block-chain technology that is pretty Decentralized meaning it isn't controlled by any government agency, currently as we speak Defi has climax to an ecosystem, this brings us to today point of discussion Just-swap.

PRESENT THE JUST SWAP PLATFORM IN YOUR OWN WAY, DEMONSTRATING ITS IMPORTANCE WITHIN THE TRON ECOSYSTEM BLOCKCHAIN.

Just-swap is a decentralized platform built on cryptocurrency Tron (TRX), which provides liquidity, it gives user's the mandate of exchanging their TRC-20 token without the aid of any third party.

Just swap officially was introduced by JUST, which thus was committed and segregated to develop Tron (TRX), and it's decentralized protocol. Tron is a blockchain that is build on Just-swap ecosystem.

Just have also introduced so many other products like the USDJ, which is a stable coin and justwrapper too.

SWAP

Swap exists here as user's can easily swap their TRC-20 token to one another, there are so many TRC-20, token that exists on the Just-swap platform, the most exciting thing about this is that you can easily carry out this features without the assistance of any third party.

The Just-swap platform is a galvanized Decentralized ECOSYSTEM, of its own, the liquidity providers benefits alot as they make some cool transaction fees.

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LIQUIDITY POOL

The liquidity pool gives user's the mandate to add their token to a galvanized circle more like a pool. Once Exchanges are been done you earn depending on the quantity of the liquidity been added to the pool, the higher your liquidity the higher your Profit/liquidity providers fee.

The liquidity been added is used by the AUTOMATIC MARKET MAKERS, while those who provides the liquidity before they are been added to the pool are called toliquidity providers, and they earn massively because the liquidity they have provided have already been in used by the AMM.

IMPORTANCE OF JUST-SWAP WITHIN THE TRON ECOSYSTEM BLOCKCHAIN.


Low decentralized swapping fee; Just-swap gives you the mandate to swap your TRC-20 token without a third party and along the process you will pay 0.3%, trading fee whenever you swap on the Just-swap platform.

Note the fee that is officially paid by various user's who swap their TRC-20 token on the Just-swap platform usually goes to the liquidity providers in the platform, and along the long the process no additional fees are involved, the fees synerio in Just-swap is synanemous to what we have right there in uni-swap.

Provision of income technique; Investors are giving the mandate to supply liquidity to the pool and the earn massive income each time the (AMM), Automatic market makers makes use of the liquidity been provided by the liquidity providers.

Whenever there is an exchange of transaction in the Just-swap platform liquidity providers will earn massively so in general there is a room for income earning techniques all round.

WHAT TOKENS DOES JUST-SWAP SUPPORT TRADING? HOW IS THE PRICE OF A JUST-SWAP TOKEN DETERMINED (HOW IT WORKS)? USE AN ILLUSTRATION TO EXPLAIN IT.(SCREENSHOT REQUIRED)

Generally Just-swap Support so many TRC-20 tokens built on Tron blockchain I will explore then in general as I proceed further . Various tokens supported includes TRON, (TRX), LITECOIN, (LTC), BITCOIN (BTC). etc.

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How to determine the price of token on Just-swap

Price token is determined by the AMM, Automatic market makers, they provide the ask/bid price on-like what we have in the centralized Exchange, that is how it works here. We will be using a formula for illustrations.

Check out the formular below,

X*Y=K.

X=reps the first token.

Y=reps the second token.

K=is pretty constance, always seen in the liquidity pool.

Let's put this into proper explanations, let's say in a liquidity pool of USDT, and TRX, in this case X is seen as USDT, and Y is seen as TRX, and an investor makes a purchase of some USDT, what happens is that the quantity of USDT, will be reduced in the pool because it has officially been bought, by so doing the price of USDT will surely increase.

The investor actually bought USDT, using TRX, remember USDT/TRX, the same synerio is applicable to TRX, whenever TRX, is bought it reduces the TRX, in the pool and the price of TRX increases along the long run.

HOW DO I CONNECT MY WALLET TO JUST-SWAP.io? IS THERE A MOBILE APP? (SCREENSHOTS NEEDED)

Courtesy this question I will be giving an overview on how to connect my Tron-link wallet to Just-swap.io.keep track and enjoy how the connections are been done.

  • At this phase I will exploit my Tron-link pro mobile wallet it will be connected to Just-swap view and see the process as it unfolds.

  • I officially exploited my Tron-link pro wallet and at the inter-phase homepage I taped discover, and it took me to Just-swap.io DApps. See some screenshots by your self.

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  • Below I was able to tap the click wallet zone, and my wallet was successfully connected View the snap-shot below.

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  • After the successful wallet connections the swap phase showed below.

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Does Just-swap have a Mobile Application (APP);??

No Just-swap doesn't have a Mobile App, on-like other decentralized platforms where you can easily get their Mobile App from the App store or Google play store, the case is different when it comes to Just-swap.

instead the DApps application is been accessed through Tron-link pro mobile wallet, that is Tron Mobile wallet, I illustrated how to connect my Tron link pro mobile wallet to Just-swap.io previously. Wrapping up Just-swap is a decentralized exchange protocol that doesn't have a Mobile wallet it is usually accessed through Tron-link pro.

INCLUDE A REAL EXAMPLE OF YOUR INTERACTION WITH JUST-SWAP/TRADING ON JUST-SWAP.

Nice questions here I will be using Just-swap decentralized platform to perform a task, how to swap TRC-20 coins to others, courtesy this I will be using my TRX, mobile wallet that is Tron link pro, read further and see how it works step by step.

  • I have successfully connected my Tron Mobile wallet to Just-swap.io, hence I will be swapping my TRX, for USDT.

  • First I selected TRX, since I'm swapping TRX to USDT, secondly I clicked on select token, where I selected USDT, view the snap-shot below.

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  • Officially I have selectee the various tokens swapping TRX, for USDT, I imputed the amount basically swapping 10 TRX, it gave me 1.006752 USDT.

  • Not yet done at the next section another phase poped up where you will see the price of 1 USDT to 1TRX, and the fee charged, basically the liquidity providers fee.

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At this point swapping my TRX, to USDT has been successful, as you can see vividly from the clear screenshots provided. At this point I visited Tronscan, for more transactions details.

  • From the snap-shot uploaded 350, bandwidth was consumed courtesy daily bandwidth fee, and 33,363, energy was officially consumed, and 4.67082, TRX was burned.

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Block=34411869.

Transaction hash

78930ae99343b779a85e10453743a2d949d1457b62e5717d291a25bb596706c8

HOW TO ADD LIQUIDITY TO JUST-SWAP. (SCREENSHOT's REQUIRED)

You add liquidity to a pool, here I will be showing how that faith is been achieved,I will be adding liquidity to the already existing liquidity pool, here I will be making use of my TRON-link pro mobile wallet.

  • Looking at the front page of Just-swap I clicked on pool, taking me to the spot where I clicked on Add liquidity.

  • At this point selecting a pair I will be going for TRX/USDT pool, next phase I clicked on the downside which indicated select token, and I officially selected USDT, view the process and how it works.

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  • I added 4 TRX, which have me a total of 0.402549 USDT, to be added into the liquidity pool. Liquidity token I will receive increased to 5.502357, TRX/USDT.

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  • At this phase I supplied my password and hopefully, transaction was successful, liquidity was added, Transaction was triggered by smart contract therefore some bandwidth and energy was consumed.

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Adding liquidity to the pool, smart contract are triggered and 345 bandwidth was consumed, coupled with and 22,677, while **3.17478 TRX ** was burnt. the over all transaction hash is seen below.

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Transaction details Tronscan

Transaction hash

ac15f35a663b5944b5aaba8dbb33aef9b62391d4e021dc0ba3dee8890840675c

CONCLUSION

  • Nice lectures from you professor, concluding from my homework post I was able to convince you that Just-swap is not an App, instead it is a decentralized platform built on Tron which then provides liquidity, thereby giving user's the mandate to exchange their TRC-20 token easily without a third party. In the Just-swap inter-phase it's mainly has the swap, and the pool, they both has various functions, swap helps you swap your token to get another token, note TRC-20 tokens.

  • Pool in here you have the full right to add your token into a liquidity pool and thus becoming a liquidity providers, at this point you earn. The liquidity been added are used by the AMM, and you who provided the liquidity is seen as a liquidity provider. I also gave screenshots on how to add liquidity to the liquidity pool, I also illustrated how to swap from one TRC-20 coin to another on the Just-swap platform. Thank you very much professor @Kouba01, nice lectures Many thanks to you.

Cc;@KOUBA01

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Hello @kingcent,
Thank you for participating in the 5th Week Crypto Course in its 4th season and for your efforts to complete the suggested tasks, you deserve a Total|7/10 rating, according to the following scale:

OriginalityCompliance with topicConsistency of methodQuality of analysisClarity of structure & language
(1.25/2)
(1.5/2)
(1.5/2)
(1.25/2)
(1.5/2)

My review :

Good content in which you tried to implement what you were asked to explain in your own way. Here are some notes I give you.

  • For your first question, you provided quite a bit of information regarding the importance of the platform in the Tron ecosystem, but it didn't adjust properly.

  • I would have liked you to have prepared an explanation of how tokens are worth in your opinion so that the interpretations are more diverse.

Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01