Today is one of my happiest day, since i joined steemit, the excitement to join crypto Academy community and to learn about steemit ecosystem was very high and today I finally did.
Today i will be writing on my first homework post task 1. I have read through the lectures of @sapwood and i will be answering question 2
What are the different dApps in the Tron ecosystem are you familiar with? What are the uses of DeFi applications like Justswap, JustLend, and Sun.io? How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
Tron Ecosystem
TRON is a blockchain ecosystem designed and developed by blockchain developers all over the world. There are multiple kinds of products involved in TRON ecosystem includes: wallet client, public chain, decentralized applications(DAPPs). These products are related to each other. this helps to build the stability of the ecosystem as a whole.
Link
Tron ecosystem was founded by Justin Sun and still under his leadership, they acquired Steemit inc in 2020. They are also in collaboration with USDT. TRC20 USDT is the cheapest method of transferring USDT today.
Tron ecosystem remains one of the most secure public chain systems presently.
Tron ecosystem also progressed significantly with DeFi (descentralised finance) which is Tron century mining.
Link
This is a brief overview what Tron ecosystem is all about.
What are the different dApps in the Tron ecosystem are you familiar with? What are the uses of DeFi applications like Justswap, JustLend, and Sun.io? How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
I will split this question into 3 sections so it could better explain.
- what are the different Dapps in the tron ecosystem that i am familiar with?
I will be writing on 3 dApps( decentralized Apps) which are: justswap, justlend and Sun.io.
justswap
Justswap on the Tron ecosystem is now known as "Sunswap". It is the first ever decentralized exchange of the Tron network. It is a dApp which allows users to exchange tokens of thesame family at the system price.
It allow user to exchange TRC10 AND TRC20. TRC20 remains one of the simplest and
It also allows users to benefit commission from transactions fee and reward.
For each transaction made on justswap, a percentage 0.3 is redistributed to its users.
Link
Justlend
It is a DeFi application on the tron ecosystem where the user can lend or borrow money, its like a market where the user can borrow or lend tokens. There's always a fixed interest rate . The supplier (lender) suppliers token and earns a floating rate (interest) while the borrower (reciever) pays a floating rate.
The borrower cannot borrow more than a certain limit thats is what is in his account. And also need to have a collateral before borrowing
Sun.io
Sun.io is a dedicated DeFi that docks or supervise other DeFi projects on Tron. It allows its minners to stake their tokens and also benefit from mining rewards. Its has also introduced a stable coin swapping.
2 What are the uses of DeFi applications like Justswap, JustLend, and Sun.io?
Uses of Justswap
Justswap has the following uses
- It allows traders to instantly exchange between any token and its family example TRC20. This enable market makers to make profit without barriers.
- it also groups and monitors tokens
- it also provides directives on mining
uses of justlend
The main use of Justlend is to lend or borrow tokens from the borrowing and supply pool.
uses of Sun.io
- Used in swapping stable coins
- docks other DeFi projects
- used for self governance
- used for stake mining.
)
3 How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
With Sun.io we have different mining pools that are currently going on: stable coin pool mining, Sun pool mining and SUN-TRX-LP mining . Sun.io has also lunched genesis and governance mining.
Source
liquid pool
Thus to optimize mining rewards is to use this multiple staking options found on Sun.io.
We also have different staking pool which are ;
- Sun stake pool; here you can stake and redraw at anytime.
- stake and lock sun pool: here you stake and lock for a specific period
Source
Sun stake pool
With the above write up and illustrations shows my understanding of what i read. This question was interesting though a tough one but i see it challenging as its my first time learning anything about cryto itself but i believe with time, i will improve. Corrections are welcome.
Thanks for reading.
Cc
@sapwood
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