[JustSwap]- Crypto Academy S4W5 - Homework Post for professor @kouba01

Question 1

Present the Just Swap platform in your own way, demonstrating its importance within the Tron ecosystem blockchain.

So basically, JustSwap is simply an exchange protocol created based on the TRON and used specifically for the exchanges regarding to TRC-20 tokens. This particular type of systems really ensures a full decentralization and also security as they make conversions between any pair of TRC-20 tokens and this solely based on system price. So basically, what happens is that, all the transaction fee received will move directly to the Liquidity providers of this protocol and not to the protocol itself. This really makes it a full decentralized system.

So, what happens is that, there is a transaction fee that is always charged, and this fee is 0.3% whenever TRC-20 tokens are exchanged and this fee moves to the Liquidity providers. This serves as the reward for the provision of Liquidity in the platform.

This system was released in the year 2018 August. As I mentioned, it is a decentralized cryptocurrency exchange and since creation has been able to lead the TRON entry to the DeFI sector. This idea has since challenged ETH’s UniSwap. As it was recommended by the CEO of TRON, Justin Sun, this said platform has shown some kind of massive improvement and success since creation.

This platform has performed so well as it provides instant trade exchange among all TRC-20 tokens and most importantly, makes room for set out profit for the traders in the market.
This platform also has other unique features like unlimited liquidity or infinite liquidity with regards to traders and its applications. Features like instant execution also help better the platforms usage.

Key Points Of The Platform

1. There is a requisition of a TRONLINK wallet. This would permit or give access for exchange and Liquidity provision to take place in the platform

2. TRC20 tokens in the platform that can be exchanged or swapped are; TRX, USDC, SUN, SUNOLD, NFT, BTC, WETH, WTRX, JST WIN, DICE, LIVE, USDT, USDJ, TUSD, LTC HT. These are the available TRC20 tokens for swap or exchange

3. Before a transaction is carried out, the Bandwidth and the Energy levels should be up to minimum to permit a transaction.

4. You can visit the Site before a TronLink wallet connection is required.

5. As would be done in the subsequent task. There are so many processes of confirmations before a transaction is carried out.

6. The platform has an Android Version, Huawei HarmonyOS version, IOS version and that of a Web Browser version which is an extension in chrome.

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The Importance of JustSwap in the Tron Ecosystem

There are some key factors with regards to JustSwap and the Tron Ecosystem which is what I would be talking about in this chapter.

1. It ensures full decentralization of usage. This system is used at a full discretion of the trader or user without the hindrance or interference of third parties.

2. Also, Liquidity Provision is another importance JustSwap renders to the Tron Ecosystem. The interesting part is, once you add a liquidity, you stand the chance to get rewards from transactions fee charged by the platform from any swap made with regards to that added liquidity.

3. The System ensures security as there are several verification processes with regards to the usage. Once, you initiate any form of transaction you would have to make series of confirmations to be sure of what you are doing.

Question 2

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)

Supported Trading Tokens in JustSwap

I will be talking about the tokens that JustSwap platform supports in swaps. There is an involvement of both nonstable and stable coins. I will display this from the platform with some screenshots from the platform. This tokens include; TRX, USDC, SUN, SUNOLD, NFT, BTC, WBTC, ETH, WETH, WBTT, WTRX, JST, WIN, DICE, LIVE, USDT, USDJ, TUSD, LTC & HT

How is price determined

Th price is determine taken into consideration al tokens in each the pool available. A contant function of the smart contract is maintained which is

X*Y = K.

Where:
X represent token 1
Y represent token 2
K represent a constant number
So, when a Swap is placed, it replaces some of the tokens with a number of other tokens and then K remains the same. It is a constant so does not change. After which, the balance of the tokens available is updated systematically and this brings about change in price.

Lets illustrate this on a diagram

Reference

So what happens is, when there is a change in token1, a certain amount of token must be supplied so as for token2 to be gotten which is token gained.
Changes in tokens are what causes prices changes

Question 3

How do I connect my wallet to JustSwap.io? Is there a mobile app? (Screenshots needed)

The TronLink wallet
You will be able to have access to JustSwap DEX with the help of the TronLink wallet which is widely used based on the Tron blockchain. While you log onto the site it automatically connects you to the wallet with a button click that's if you have it installed already. But if you don't, you also have the chance to download and add it as an extension to chrome.

Once you visit the web page of the site (official) you have the liberty to download the version you desire. Either Android IOS or the web version. I have it already on my phone and also on my web. But for the sake of the cause, I had to go through the procedure again. TronLink

Now Let's Link TronLink wallet to JustSwap

• First, go to JustSwap's official website and click on Connect Wallet.JustSwap

*Secondly, Select the Tron-based wallet, what we have available is the TronLink wallet which connects directly.

• You further connect the TronLink wallet to the JustSwap platform through the chrome web extension plugin. You will then have to click connect after picking the wallet to be used.

• After it has been linked to the JustSwap DEX webpage, you will see the TRX balance of your linked accounts and then the available TRC-20 swapping tokens.

Is There A Mobile Application

This platform, thus the JustSwap platform does not actually have a mobile application therefore it does not have a mobile version. What happens is you will not find the JustSwap mobile application version but instead, they give the option to use the TronLink wallet which has runs on several platforms. IOS, Android, Huawei HarmonyOS, and then the Browser extension.

Question 4

Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform. (screenshots required)

I will be illustrating with a real live trade on the JustSwap DEX platform. We will know how swapping is done on the platform. Before you can perform a swap you would have to ensure that there is an amount of TRX deposited in your TronLink wallet which has already been linked with JustSwap. Let's see the steps below.

• First of all have to visit JustSwap's official website and then click on Swap.

• Secondly, you select the TRC-20 tradable token you wish to swap with TRX and then state the amount

• Here I would like to swap TRX with LIVE as my TRC-20 tradable token and I placed an amount of 20 TRX which gives me a total of 59.681363 LIVE and then I click the swap button.

• The next thing we do is to make confirmations. So you click on the confirm swap button to proceed. You can see clearly in the screenshot the fee charged by the platform. This fee is the Liquidity Provider Fee which is 0.06 TRX.

• The TransLink wallet will request you to sign the swap transaction. You click on the sign button from the TronLink wallet as shown in the image below.

• The swap transaction will be approved after signing it up and the 59.645853 tokens will be added.

Question 5

Include a real example of your interaction with Just Swap, explain How to add liquidity to JustSwap. (screenshot required)

Let's talk on JustSwap DEX Liquidity
So to add Liquidity simply tells us that, you are indirectly trying to be part of the Shareholders. When you Add liquidity you get some rewards from transition fees charged from other people swapping their TRC-20 tokens on JustSwap.

• So in other to add liquidity you can do that on JustSwap platform by going to LP Pool and then selecting Add Liquidity.

• Secondly, you will have to choose a liquidity pool to pair with. I used TRX/LIVE liquidity pool which I supplied 10 TRX and then LIVE equivalence of 29.41698. Click on supply to proceed.

• Confirm the liquidity supply by clicking Confirm supply
  

• ATronLink wallet will require to sign the swap transaction. Click on the sign button from the TronLink wallet

*The liquidity has been added to the TRX/LIVE liquidity pool

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Now let's see how it appears on the LP Pool

So basically, with the liquidity provided, I will receive a reward from any form of transaction made between the two tokens I chose. That is the TRX/LIVE token. I will receive a percentage as a reward for providing Liquidity.

Conclusion

This platform is really an important one as it helps in swaps of tokens. It is decentralized and built on the TRON blockchain and tokens available on Swap are the TRC-20 Treadable tokens. The fact that when you add liquidity to the LP Pool and then you earn some kind of reward from transaction fees is another key factor that makes this platform a very unique one. So ironically, JustSwap is a platform that helps traders to make income.

Above all, the lecture was a great one and I really want to say a very big thank you to professor @kouba01 for this wonderful lecture not. I am much honored as you responded to the question I asked. Your response really gave me a guide to completing this task for the week. Thank you Professor.

Reference
Reference-Lecture Note
Reference - Search
Reference Image Illustration