Hi steemians, welcome to week8 of the cryptoacademy beginner's course, Am happy to participate in this course. Thanks prof.@reminiscience for the well explanatory lecture post, you really thought to my understanding as have learnt alot about defi product through your lesson. Once again I will be expressing my understanding of this topic through the lecture course question below.

1a) In your own words, explain DeFi products and how it is shaping the present-day finance.
b) Explain the benefits of DeFi products to crypto users.
2) Discuss any DEX project built on the following network.
Binance Smart Chain
Tron Blockchain
3)In the DEX projects mentioned in question 3, give a detailed illustration of how to swap cryptocurrencies by swapping any crypto asset of your choice. Show proof of transaction from block explorer. (Screenshots needed)

1a) In your own words, explain DeFi products and how it is shaping the present-day finance.

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Before explaining what a defi product is, let first understand what a defi itself means, with this it will give us a better and clear understanding of what it product is all about.

A defi is an abbreviation of decentralized finance. From the word decentralized in decentralized finance we should be able to understand that a defi talk about the method of providing financial services like swapping, buying,selling,borrowing and lending to crypto trader/investors without any third party or central authorities involvement.

Decentralized finance(defi) is a system by which financial services are carryout by crypto users on a decentralized blockchain network. For the fact that this financial services are performed on a decentralized blockchain network means that their services doesn't requires third party or intermediary when performing transaction, by this, the are open to anyone's use rather than going through intermediaries like the brokerage,exchange and other crypto financial institutions.

This defi uses financial platform application or technology to achieve their goal of decentralization(peer to peer financial service). This financial application and technology are called the defi product.

Defi product are protocols or technology, developed to remove intermediaries or third party between two transacting parties which bring about decentralization in the financial crypto platform.
The defi product provides users with more control over their funds through personal trading service and wallet with the aim of securing user funds and also providing services for individuals users instead of the central authority or finance institutions.

Rather than using centralized exchange to perform transaction defi product encourage it crypto user to form liquidity pools in exchange for transaction fee that are charged when crypto users swap token in and out of the liquidity pool.
Finally this defi product provides services in a decentralized manner all this are done while the crypto users still have full control of their funds, this defi product is completely governed by it user.

How defi product is shaping the present-day finance.

This defi product has created alot of positive impact in the modern day finance when considering the fact that it provides a decentralization method of providing financial services to it users by making funds accessible for it users at anywhere and anytime without the involving fee levied by thirdparty or any financial institutions, and also help in speeding the transition of cashless policy.
It shapes the present-day financial by reducing cost of transactions, increasing speed and easily financial services and lastly, providing high level of security to crypto users funds.

Generally, it shapens the present-day finance by enabling crypto users to performs token exchange and trading without intermediaries.

b) Explain the benefits of DeFi products to crypto users.

Transparency in the system:-
this is one of the most important pros of a defi product. This defi product ensure better transparency as it distribute ledger features information about the activities and transactions on the blockchain network and are made public to users.

Crypto users could benefit from this transparency by simply identifying and avoiding any financial scam and fraud business transactions practices. By this, with proper audit trail, defi product can make it very easy to identify and trace who made any fraud transaction, when it was made, at what time it was made. with all this information being open it will reduce the percentage of scam and fraud in financial services.

Easy and Permissionless access:-
unlike the centralized or traditional financial system which requires approval to withdraw even a penny, crypto users can get financial services without the permission from any intermediaries.

Defi product is open to any crypto user to access without any forms of verification, like KYC verification etc, before accessing it financial services. so it has no reason to depend on any central authority in other to access the crypto market. In defi the crypto user can access the financial services from anywhere and anytime so far the have an internet connection, without any permission.

The unverified indicated there, means that I can't access any financial services on my binance exchange which is a centralized exchange, unlike the defi product I dont need any verification to access the services.

Decentralization and low transaction fees:-
Cause the defi product operates on a decentralized system it gives the crypto user the right to own their private key with mean there are in full ownership of their funds, by this way security of funds are certain as crypto user now has the responsibity of securing their funds,with this no third party or intermediaries can temper with your funds as we all know who owns the key own the funds.

Cause of the nature of decentralization which eliminates third party, it simply helps increase the speed of transactions and make transaction easy cause of it peer to peer transaction process which do not need any approval and charge from intermediares.

1. Discuss any DEX project built on the following network.
   Binance Smart Chain
   Tron Blockchain

Binance smartchain

Pancakeswap is a project that is built on binance smartchain(BSC) specifically for Bep20 token running on binance smartchain, it was founded in September 2020 by a group of anonymous developers with the aim of swapping tokens without an intermediaries and also earning liquidity pool,staking reward and entering lotteries etc.

Pancakeswap is a decentralized exchange were token are trade or swap without the centralized intermediary and also take care of a crypto user token.

How pancakeswap works
Pancakeswap is a project that relies on crypto users to fueled liquidity pool to allows them trade and swap token via liquidity pools between token pairs.
Here crypto user are allows to exchange their token for another without an intermediaries and those who stake their token in liquidity pool stand a chance of earning a share of reward generated by transaction.
Pancakeswap also allows crypto users to stakecoin in syrup pools which provide growing reward.
For example, staking pancakeswap traditional coin called cake you can earn more cake by just letting it stay in the syrup pool over a period of time, you can even restake them by using auto-stake to restake your cake per hours.

Features of pancakeswap

• pancakeswap project doesn't requires third party of any centralized exchange for transactions that makes the users get all the reward instead.
• pancakeswap doesn't support fiatmoney so you just need your own crypto wallet to use this pancakeswap in making trading, wallet like trustwallet, binance wallet.
• unlike the centralized exchange you don't need any verification or input of personal data to use pancakeswap since it a decentralized project it permissionless.
• finally, it offers a cheap network and transactions or swap fees, as low as 0.2%.

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Tron blockchain

Justswap is a project that is built on tron-based network, it was lauched by justin sun who is the ceo of tron in the year 2020, with the aim of conducting instant exchange of two TRC-20 token at a system price, allowing crypto users to gain profit without any obstruction or intermediaries.

How justswap work
Justswap makes exchange between TRC-20 tokens for crypto user easily and fast without any third party.
Justswap is managed by smart contact which each trading pool support the exchange of token, it also add liquidity and maintains functionality to bring about security and scam free transaction. It allow crypto user to make profit through transaction fees by providing liquidity and also getting commission fees from the justswap exchange, in other words, it allows users to earn transaction fees and also mining rewards.

Features of justswap

• Justswap project allows crypto market marker to make profit without any verification process.
  That means it permissionless and bring about instant exchange between any TRC-20 token.
• For the fact that liquidity is one of the important aspect of a crypto project, justswap offers crypto traders and the project with liquidity.
• It is highly profitable owning to the fact that crypto users get processing free without any commission and it also offers availability without any restrictions to cryto user. Finally, it offer instant exchange without matching order.

3)In the DEX projects mentioned in question 3, give a detailed illustration of how to swap cryptocurrencies by swapping any crypto asset of your choice. Show proof of transaction from block explorer. (Screenshots needed)

Tron blockchain

Due to 'out of energy' in my personal wallet I had to use my brother's tron wallet in performing this transaction swap.
Here are the steps I used in swapping TRON to USDC.

Step1
First, I log on to tronlink wallet then click discover button as seen below, since am performing my transaction on justswap project, I then click on justswap as indicated below.

Step2
Immediately I click on the defi project a swap page pop up, then I now set the token am about swapping and then set the amount of token am swapping.

Step3
After inputting the token and the amount, I now proceed by clicking swap.

Step4

Then I confirm my transaction after verifying that my transaction details are correct. Immediately I click on confirm swap an authoriizing page requesting to give my consent for safety purpose,I then proceed by clicking continue.

Step5
Once again I confirmed my transaction as requested, then input my wallet password to proceed.

Step6

And inputting my password the swap was successful and completed as see below.

Step7
As requested on the question, I move to tronscan to confirm my transaction by copying my transaction hash then input on the search column to display the transaction details.
Here is the transaction details.

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Binance smartchain

Below are the brief steps I made while performing transaction swap of BNB to USDT through my trust wallet.

Step 1
I log in to my trustwallet then click on dapp which it will open a page containing different types of defi project but since am working on pancakeswap I will click on pancakeswap, immediately I click on pancakeswap a page will pop up then I input the amount of token and the token, am about swapping which is BNB to USDT as seen below.

Step2
After proceeding by clicking swap, a page will popup requesting for confirmation of swap. I will then confirm and approve my transaction.

By trusting the site I approve my transaction.

Step3
Finally, my transaction was approved and confirmed as seen below.

conclusion

Defi is a decentralized system where financial service can be rendered to crypto user without the involvement of third-party or intermediaries. In other words, eliminating third-party involvement as middleman in the process of transactions. This defi consist of tools or we say protocol, that is used to bring about the possibility of decentralization in the financial industry and also help in accessing financial services in a decentralized system.

Once again thank you prof @reminiscence01 for the well explanatory lecture post, have learnt alot from it.