This is my homework submission of the advanced course for professor @kouba01.
This homework is all about JustSwap and interacting with it's environment.
1. Present the Just Swap platform in your own way, demonstrating its importance within the Tron ecosystem blockchain.
JustSwap Platform may be seen as a decentralized (DEX) exchange platform which was built on the blockchain to exchange TRC20 tokens. It is basically a TRON-based automated liquidity protocol which permits users to exchange TRC20 tokens in a decentralized platform. Justswap was launched in August 2020 by Just, Just is the foundation in charge of the development of the Tron based Defi Protocols.
As long as JustSwap is concerned, there is absence of centralized institution in the transaction affairs of the platform. The management of transactions, tokens, liquidity pools and other related activities are done through smart contract. It has a trading fee of 0.3% fee. So a 0.3% fee is paid by users who swap TRC20 tokens om the platform, and the trading fee goes to the liquidity providers on the platform.
The platform uses a constant function of X*Y = K
Where...
X = acts as the first token.
Y = the second token
K = a constant constant
TRON is in the process of developing its own cryptocurrency and to expand its influence, it will need the strong support of JustSwap.
Basically, JustSwap provides unlimited liquidity, gives full rights to users and developers and by taking part in the model, users have the opportunity to earn high profits as they do not have to pay commissions and low transaction fees.
Fast and instant exchange between TRC20 tokens. The exchange of tokens on the platform is so fast and instantaneous without delays, plus a threshold-free profit for traders. This is because there is absence of intermediaries in the transactions on the platform.
Multiple Liquidity For Numerous Traders. JustSwap provides regular services for hundreds of projects to countless participants. The liquidity of this project is unlimited.
There is immediate and quick execution of transactions without delay in matching orders. This is because there is absence of matching orders in the platform, so all transactions are very fast without delays.
It guarantees high returns of profit to traders. This is because of the absence of commission to be paid by traders, as a result of this, the profit generation from the trade of tokens in the platform is on the high side.
The platform is very easy to access by users.
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).
JustSwapp as a decentralized exchange platform supports Tron blockchain-based tokens referred to as TRC20 Tokens. TRC20 tokens are built on the Tron blockchain, and it is the native token of the DApp Projects.
Tokens supported by JustSwap...
JST/TRX : JST is the exclusive token for DApp and other protocols in the TRON ecosystem.
USDJ/TRX : USDJ is JUST stablecoin backed by collateral assets.
USDT/TRX : The USDT token is a stable coin and 1 USDT Token is always valued by Tether at 1 USD.
WIN/TRX :
BTCT/TRX : BTCT which is BitcoinToken, it is also backed by bitcoin.
The size of the liquidity pool determines how much the price of tokens that will change during a particular trade. The more liquidity there is in a pool, the easier it is to make larger trades without much implication on the price rate. Hence the trades of the tokens follows the supply and demand law.
The platform uses a constant function of X*Y = K
( X = acts as the first token, Y = the second token and K = a constant constant)
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From the above screenshot, A is the amount of token x and B is the amount of token y, while K is a constant value.
Assuming Brian wants to trade Token A for B using the Uniswap A/B pool. Brian adds a large number of A to the pool which increases the ratio of A in the pool to B. Since the value K must be constant, it means the cost of B increases while the cost of A in the pool decreases. So the more A Brian puts in, the less B he gets in return because the price of it increases.
3. How do I connect my wallet to JustSwap.io? Is there a mobile app? (Screenshots needed).
In connecting a wallet to the JustSwap DEX, a couple of procedures have to be followed. Meanwhile a TRON based wallet is needed for the operation. Basically, Tronlink wallet is required for the operation.
First go to the official website of TRONLINK to download the app here.
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Click on the TRONLINK wallet icon:
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Click on connect:
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The TronLink wallet is linked to the JustSwap DEX platform displaying the available TRX balance of the wallet, as shown in my below screenshot.
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It takes a little while for the wallet to connect, so you have to exercise a little patience for the connection to be completed. The JustSwap is only accessible via PC, it cannot be accessed on android phone, i tried it and it didn't work.
4. Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform. (screenshots required)
To interact on the JustSwap platform through trading on the platform it is called swap.
Click on Swap
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Select token and amount to be swapped:
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Selecting a token from my wallet.
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I selected a token, but i have insufficient funds on my wallet, so i couldn't swap the tokens, as can be seen from my below screenshot.
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If i had a sufficient balance, the next action is to confirm swap, and then sign the swap.
5. Include a real example of your interaction with Just Swap, explain How to add liquidity to JustSwap. (screenshot required)
To add liquidity to JustSwap is simply locking TRC-20 tokens on the liquidity pool in other to earn profit from swapping activities done by users on the platform.
Click on pool, then click on add liquidity.
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It will navigate you to the next page where you have to choose the token pairs to supply.
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Choose token pairs to supply
As can be seen from my below screenshot, i have added 20 trx to my trx wallet for the first token pair for my transaction.
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Choose the second pair
Choosing the second pair, i wasn't having sufficient token of another pair, so my transaction was not completed as can be seen from my below screenshot.
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Conclusion
As we can all see, the JustSwap platform is very easy to navigate and use for trading transactions. Though this is my first time of interacting with this network, i did not find it difficult to navigate my way around the platform.
It is really a decentralized platform on the blockchain that have been proven to offer instant/quick exchange of TRC-20 tokens with ease.
@kouba01 this is my homework submission, thank you for the teaching, I really learnt a lot from this course.
Best regards
Hello @talktofaith,
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|6/10 rating, according to the following scale:
My review :
Generally acceptable work in which you succeeded in answering some questions and did not delve into other answers.
Explanation of the JustSwap platform and its importance in the Tron ecosystem lacks depth of analysis, causing the answer to lose its critical dimension.
In determining the price of the JustSwap token, you are asked to provide an illustration to explain it.
You should have explained how to use the platform on the mobile.
Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01
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Alright, thank you professor @kouba01 for the grade. I will improve in subsequent homework.
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