JustSwap - Crypto Academy | S4W5 - Homework Post for @kuoba

Hello Everyone,

Today in this lesson, I'm going to learn about the JustSwap Platform. Let's see how I can cope with the given assignment.

• Introduction to JustSwap

^{https://justswap.io/}

Launched on 18th August 2020 by its famous founder Justin Sun, JustSwap is a decentralized token exchange which allows trading TRC20 tokens instantly in TRON-based blockchain. The vision of the platform, "accessible to all" has attracted many DeFi users within days of the commencement of this platform. Since then, JustSwap has provided fast & cost effective service to its users becoming a credible and affordable exchange protocol.

• Importance within the Tron ecosystem blockchain

JustSwap enables conversion of any two TRC20 tokens based on the system price. As a trading fee, Tron blockchain charges a 0.3% trading fee and there are no other additional fees involved. The trading fees of the transaction paid by traders will be directly distributed to liquidity providers of the protocol as a reward instead of the platform itself. Apart from trading fee rewards, JustSwap users would be able to earn mining rewards as well.

This ensures benefits to the traders such as, Infinite liquidity and Instant execution to many traders. Further traders can enjoy the low cost for their transactions entrusted with smart contracts.

To diversify the TRON blockchain, the development team Just has also launched other TRON-based DeFi protocols such as JustStable (USDJ), JustLend, and Just Cryptos for users to get connected as all-in-one financial solutions. With such improvements and novelty, TRON blockchain has been able to increase there liquidity, volume, and user numbers significantly.

^{https://just.network/}

• Support tokens for JustSwap

JustSwap supports any conversion between two TRC20 tokens. The platform has divided the supported coins into two lists as follows,

In total it is 72 tokens.

^{JustSwap Default List: https://list.justswap.link/justswap.json}

^{Tron Alliance List: https://list.tronalliance.cc/tronalliance.json}

Moreover, if the coin is not listed in both lists, there is a manual option to add the preferred coin to the JustSwap platform by copying the smart contract address of the token.

• Price determination of JustSwap token

To address the shortcomings of the established methods of "order book" for decentralized exchangers, The AMM (Automated Market Maker) model is used in JustSwap platform. This AMM model uses the pool's available liquidity in trading pairs by removing the need for the presence of buyers and sellers at the same time.

There is a smart contract mathematical function to determine the calculation,

in which,
x = token 01,
y = token 02,
k = a constant number.

Since k uses a constant number, every time swap takes place x and y change prices according to the demand and supply of the tokens. Note that the "k" value is always determined by the total liquidity available in the liquidity pool while the token must maintain the ratio of the value with their reserve.

Therefore, whenever we see one token amount rise, the other token always reduces proportionally to maintain the equation. This equation will remain constant until new liquidity providers (LP) add new liquidity to the pool.

^{https://www.tronlink.org/}

Connecting JustSwap.io to the wallet is a one click process. However, we must ensure that we have a chrome extension for the Tronlink wallet is already installed. If not you can go to the tronlink.org and choose the device you want and it will direct you to the right place to download the necessary wallet files. Then log in to the TronLink Wallet extension beforehand.

• Once the wallet is set up Go to JustSwap.io and click "Connect to Wallet" and choose the "TronLink Wallet" from the pop-up window.

^{Connecting TronLink Wallet toJustSwap.io}

• If you are logged in to the TronLink Wallet it will be automatically recognized and asked permission to "connect".

^{Initializing the connection}

• Once connected, JustSwap will show you the wallet balance and the address as shown.

^Connected!

Is there a mobile app?

There is no mobile app developed for JustSwap yet. From the below search result from the playstore you can see a JustSwap mobile app but that is not the one we look for.

^{Search result for JustSwap on playstore}

However, except web portal (https://justswap.io/) we can access the JustSwap dApp (decentralized application) through the Mobile TronLink Wallet. The connection through this way is seamless as it is just two taps. First we have to go to "Discover" and then choose the "JustSwap" dApp. That's it, we are good to swap as we enter to JustSwap portal!

^{Logging to JustSwap dApp through TronLink Wallet}

I have successfully completed the swap. Below is the proof for the transaction with hash,

^{da3e2457b3a35ea5b82a7c5d81d4f8e833762708d2cf7c24c1b9e2020d7f5e49}

^{Transaction details on Tronscan}

To perform this task I'm going to use the JustSwap web portal. Now we know that by default we see the Swap option, but the right next tab we have an option to add liquidity to the pool as well. Once we do that we earn a passive income by providing liquidity to the platform.

⚡ For the next step I had to approve my supply in two steps,

According to what I have experienced during this homework, JustSwap is a really easy to use platform for Swap TRC 20 tokens, as well as TRX tokens with other TRC20 tokens. As of today, the JustSwap platform offers a greater variety of currency pairs, trading more than 70 tokens in total. All the transactions have minimal cost and a high level of security as it operates on the Tron blockchain.

Further, by adding liquidity to the platform pool, we can earn some passive income in just a few clicks on this platform. While writing this, JustSwap has locked assets over $ 1,500,000,000 in total value. That showcases how powerful this platform can be in the future for traders on the Tron blockchain.

Thank you crypto prof. @kuoba for this knowledgeable lesson.