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Present the Just Swap platform in your own way, demonstrating its importance within the Tron ecosystem blockchain.
What tokens does JustSwap support trading? How is the price of a JustSwap token determined (how it works)? Use an illustration to explain it. (screenshot required)
How do I connect my wallet to JustSwap.io? Is there a mobile app? (Screenshots needed)
Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform. (screenshots required)
Include a real example of your interaction with Just Swap, explain How to add liquidity to JustSwap. (screenshot required)
Present the Just Swap platform in your own way, demonstrating its importance within the Tron ecosystem blockchain.
As the premiere exchange platform whose underlying blockchain framework is the Tron blockchain, JustSwap is a decentralized exchange web application that permits users to trade TRC-20 tokens for one another or for the TRX coin. It also supports wallets like the TronLink. Unlike the conventional exchange platforms, JustSwap possesses certain unique features that have been instrumental in attracting traders to it.
One of these traits is that trade offers executed on JustSwap are instantaneous. There is the absence of matching between bidders and sellers, unlike the traditional decentralized exchanges. Therefore, traders receive their requested tokens in no time without worrying about the period of time it will take for their market orders to be filled. This improves the convenience and speed associated with the use of the JustSwap decentralized exchange platform.
The aforementioned feature is also made possible because there is no cap on the exchange’s liquidity, and the transaction fee charged for each operation is minimal. As a result, trades on JustSwap are lucrative since traders will receive almost the entire equivalent of the requested TRC-20 tokens or coins due to the low fees and availability of unlimited liquidity of assets on the platform. The trading fees are 0.3% of the transaction being carried out, and these fees are disbursed to the liquidity providers on the JustSwap exchange platform.
Furthermore, as a decentralized exchange platform, JustSwap offers its traders high security and transparency. Data of transactions on decentralized exchanges cannot be altered and are readily verifiable by the public. These characteristics, together with the absence of intermediaries, confer great integrity to the operations of the platform and instill trust among its users.
Additionally, decentralized projects do not rely on one central server but rather multiple nodes. So in the event that one node is down, the others will still be operational. The issue of downtime, accordingly, is eliminated as the platform is always up and running. Traders can access the exchange any time of the day and perform their transactions.
Blockchains have diverse functionalities. They can support decentralized applications, games, finance projects, and many more. The TRON blockchain has thrived in many areas, and one of the key sectors it was seeking to enter was the finance field. Blockchain like Ethereum has flourished with its integration with decentralized finance projects. However, the transaction fees and speed of such platforms are not convenient for many traders.
Analyzing these circumstances, the management team of the TRON network realized a window of opening to provide a better choice that will meet the needs of the traders by making available a fast and low fees DeFi platform to traders. Hence, JustSwap was developed and operates on the TRON blockchain. It was also the initial exchange project that begun on the TRON network.
The success of JustSwap played a pivotal part in the growth of the Tron network in the Decentralized finance field of the cryptocurrency space. After JustSwap, other DeFi projects such as Carrot.finance, Pearl.finance, and Salmon.finance have all been launched on the Tron blockchain. These projects also provide high liquidity for the traders.
What tokens does JustSwap support trading? How is the price of a JustSwap token determined (how it works)?
As mentioned earlier, the JustSwap exchange platform supports trade between two TRC-20 tokens as well as exchange between a TRC-20 Token and TRX. Examples of the tokens include SUN token, SUNOLD token, WTRX, WBBT, and many others. Other major cryptocurrency coins are also supported on this exchange platform. Examples include Bitcoin, Litecoin, Ethereum, and USDT. These cryptocurrency assets can be traded instantaneously at a minimal fee on the JustSwap decentralized exchange platform. The fees charged for the transactions are distributed to the traders who provide liquidity on the platform.
The liquidity providers are able to contribute assets to the supply pool of the platform through the liquidity feature available on the exchange. Two tokens must be provided in the process. The TRX coin is required as one of the two tokens. Therefore, users have to choose between various TRX and other tokens pairs available on the liquidity page. Also, such liquidity contributors enjoy 0.3% of commissions off trades on the JustSwap exchange that involves the two pairs of cryptocurrency assets which user added to the supply pool of the system. This feature is more or less another way of staking tokens to earn rewards.
The JustSwap exchange project utilizes a Smart Contract mechanism in its operation, which is reliant on the equation X * Y = K in determining the price of tokens on the platform. From the function, X represents one token, whereas Y stands for another token. The K in the equation is the constant. This means that the price of one token is inversely proportional to the price of another token. as one token rise, the other token decreases so that the constant ratio between them can be maintained. This framework helps in sustaining the liquidity of assets on the JustSwap exchange platform.
Pragmatically, this means that when a quantity of tokens on the JustSwap platform is eliminated, a proportionate number of the corresponding pair must be added to replace them on the platform. So when 80 of Token X are removed, a quantity of 80 Token 2 must be added to the pool of the exchange to maintain the balance of the tokens or the constant on the exchange according to the functional expression. This effect, then, drives the change in the prices of assets on the exchange platform.
How do I connect my wallet to JustSwap.io? Is there a mobile app?
Connecting one’s wallet to JustSwap is very simple that everyone can follow. There are no native standalone mobile applications for JustSwap. It mainly functions as a web application for desktop devices. For mobile users who have supported wallets as TronLink installed, the JustSwap is a readily available feature that has been integrated into the application. Users can tap on that feature and carry out their respective transactions on the exchange.
- For this demonstration, I visited JustSwap website on my desktop device. On the landing page, I clicked on the Connect Wallet button to start with the wallet connection process.
- A pop-up box will show highlighting supported wallets. I selected the TronLink Wallet as shown in the image above.
- Next, I approved the operation in my TronLink Wallet by clicking on the Connect button. It is important that users are login to their TronLink Wallets before this confirmation stage can be shown.
- My TronLink Wallet account was connected successfully. The balance of the wallet was shown accordingly, and the platform was ready to carry out transactions.
Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform.
The initial balance of the connected account was insufficient to carry out a trade, so I transferred few TRX coins from my Binance account to the TRX address in the TronLink wallet. My linked account on JustSwap was updated accordingly. Now I have 19 TRX to work with.
- I would want to exchange 10 TRX for the new SUN Token on the JustSwap exchange. So I first selected the TRX coin in the From input area and SUN in the To input area. I committed 10 TRX for the transaction. The according SUN token conversion was done. The liquidity fee was 0.03 TRX. I clicked on the Swap button to continue with the process.
- Next, I clicked on the Confirm Swap button to carry out the transaction confirmation process.
- Afterward, I confirmed the transaction from the TronLink Wallet by clicking on the Sign button to provide a digital signature.
- The transaction was successful. 10 TRX were exchanged for 33.96 New Sun Tokens on the JustSwap platform.
- The addition of the SUN tokens to my TronLink wallet is shown in the image above.
Include a real example of your interaction with Just Swap, explain How to add liquidity to JustSwap
- To add to the liquidity on JustSwap, Click on the Pool tab and select the Add Liquidity button.
- Select the respective token pair. Mandatory, one of the tokens needs to be a TRX token. The second token can be any preference of the user. I selected the TRX token and the new SUN token. I entered 3 for the number of TRX tokens I want to commit and the respective number of SUN tokens to be added was generated based on the market ratio. Afterward, Click on Supply.
- I approved the transaction in my TronLink Wallet.
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- The signature was confirmed and SUN was approved.
- Next I clicked on the Confirm Supply button to continue with the procedure.
- I again approved the transaction in my TronLink Wallet.
- Finally, liquidity of 3 TRX and 10.24 new SUN tokens were added to the pool.
- The added liquidity is shown on the landing page of the JustSwap platform as highlighted
Conclusion
The JustSwap platform is a decentralized exchange that operates on the Tron blockchain. Exchanges of cryptocurrency assets performed on the platform are instantaneous and come at a minimal fee. It is a decentralized platform, and hence has high security and maintains the integrity of transaction data. There are no intermediaries as traders are directly linked to assets that are made available by other traders through their contribution to the pool of liquidity on the platform. Traders who add to the platform’s liquidity are also rewarded with commissions of transactions involving their selected pair of tokens. The JustSwap exchange is easy to operate whether traders want to exchange tokens or add to the liquidity.
I thank Professor @kouba01 for this masterpiece.
Hello @kwadjobonsu,
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|9/10 rating, according to the following scale:
My review :
An excellent article in which you managed to provide accurate and correct answers, and here some notes:
An excellent explanation of JustSwap platform, which showed its importance in Tron ecosystem, based on a clear methodology in writing, which made reading it enjoyable.
In your explanation of how JustSwap works, you are asked to prepare an illustration.
Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01
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