Steemit Crypto Academy – Season 4 - Week 5 - Post for @kouba01

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steemit crypto academy - JustSwap.jpg

Question 1 - Present the Just Swap platform in your own way, demonstrating its importance within the Tron ecosystem blockchain

Justswap has gained a lot of growth since it was created and has grown to become one of the top protocols in the DeFi space. JustSwap is basically a decentralized exchange protocol and automated liquidity protocol that operates on the tron blockchain for exchanging between tron-based tokens. Users can easily convert between any tron-based TRC20 tokens. On justswap, liquidity providers who provide liquidity on the DEX protocol collect the trading fees directly as it ensures that it is secure and decentralized.

The JustSwap platform which is also an automated market maker that was created with the aim of developing DeFi protocols that operates on tron and also provide its users with all-in-one solutions in finance. Justswap earns the reputation as one of the top DeFi protocols on the tron blockchain network and that is why it is one of the most used DeFi protocols on tron. One of the main benefits of the Justswap protocol is that is decentralized, which means that there is no central authority that dictates what happens on the exchange. Also, anyone can have access and make use of the protocol and as I mentioned already, Justswap protocol utilizes smart contracts on the tron blockchain and the protocol is based on the concept of AMM and liquidity pools.

Liquidity Providers who provide liquidity on Justswap earn a portion of the transaction fees paid from all swap transactions on the justswap protocol. Any user can become a liquidity provider on Justswap by adding assets to the liquidity pool and start earning rewards from the transaction fees. Users can add tokens into the pool at a ratio of 50/50. This means 50% of each token will be added. Any time a user performs a swap transaction to swap tokens on Justswap, the user pays 0.3% fee which goes directly to the liquidity providers. This fee is split proportionally and distributed to the liquidity providers based on the quantity of tokens each liquidity provider has provided.

Features of Justswap platform

The justswap platform has its main features such as the swap, LP pools, scan, SUN swap, WTRX and WBTT.

Swap

The swap feature is basically the exchange section where all the swap transactions are done. Users can swap between TRX and tron-based tokens on the swap section.

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Pool

The pool section allows anyone to add liquidity and become a liquidity provider on Justswap. Liquidity assets is added at a 50/50 ratio of both assets.

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LP pools

The LP pools feature allows for justswap mining where users can stake their LP tokens on JustSwap platform and earn rewards. Users can select from the different LP mining options to stake and earn rewards based on the APY.

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Scan

The scan feature is basically for exploring the statistics and details of the different justswap trading pairs. Users can search the name or address of a justswap trading pair. On the scan section, users can view transactions, trx price, new pairs, trading pairs, liquidity, volume etc.

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SUN swap

This feature allows tron users to swap their SUNOLD token to the upgraded SUN token.

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WTRX and WBTT

This feature allows tron users to exchange TRX to WTRX or WRTX to TRX at a ratio of 1:1. Also, exchange BTT to WBTT or WBTT to BTT at a ratio of 1:1.

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Help center

The help center section is for enquiries and for users to get more information about the justswap platform.

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The importance of Justswap within the Tron ecosystem

Fully Decentralized

Justswap is a fully decentralized exchange protocol which means that there is no third parties involved and no centralized authority, allowing users to have full control of their activities and while interacting with the protocol.

Users have full control of their funds

Tron users who make use of the justswap protocol to swap between different tron-based trc20 tokens have full control of their funds and assets. Justswap runs on the tron blockchain network and this is one of the main benefits of using decentralized exchange protocols, users have full control of their assets and funds in their wallets.

Utilizes smart contract

This is another importance of the Justswap protocol as it utilizes the smart contracts functionalities and capabilities of the tron blockchain to interact with the liquidity pool and execute transactions on the Justswap protocol.

Earning passive income

Users can earn passive income from the justswap protocol by becoming a liquidity provider or staking their LP tokens to earn rewards based on the estimated APY.

Secure

Justswap is a secure decentralized exchange protocol that provides security to user funds and assets. Since justswap is a decentralized exchange, it means that transactions are fully controlled by the users and not any third party or centralized entity, ensuring security when making use of the protocol.

Low transaction fees

The tron blockchain is known for having low transaction fees, this means that all transactions on justswap protocol which runs on the tron blockchain will also have low transaction fees compared to making use of a lot of centralized exchanges to trade the tron-based tokens.

No account creation

Since Justswap is a decentralized exchange, there are no account creation, instead, users connect their tron wallet to the protocol and begin exchanging between the tron-based tokens. Also, transactions on the tron blockchain is very fast which helps users to quickly swap between any tron-based tokens.

Peer-to-peer

As a decentralized exchange protocol, it means that the transactions are peer-to-peer without any third party. Users trade on the justswap protocol in a peer-to-peer way without any order book or centralized entity. Users perform transactions directly from the liquidity pool added by other users as the liquidity providers who earn rewards for adding liquidity to the pool.

Earning passive income

Users can earn passive income from the justswap protocol by becoming a liquidity provider or staking their LP tokens to earn rewards based on the estimated APY.


Question 2 - What tokens does JustSwap support trading? How is the price of a JustSwap token determined? Use an illustration to explain it

Justswap tokens

The JustSwap platform supports a number of Tron-based TRC-20 tokens. The default list of the supported tron-based TRC-20 tokens on the justswap platform are; TRX, USDC, SUN, NFT, BTC, WBTC, ETH, WETH, WBTT, WTRX, JST, WIN, DICE, LIVE, USDT, TUSD, USDJ, LTC, HT. Also, users can add tokens that are not on the list.

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How the price of a JustSwap token is determined

The way price is determined on the justswap protocol is one of the main factors that differentiates the Justswap DEX protocol from the centralized exchanges. On Justswap, there are no order book that determines the price of the tokens. Instead of order book, Justswap determines the price of the tokens by dividing the size of the two sides of the LP of the assets. This is gotten from the number of tokens deposited in the liquidity pool. It makes use of smart contract to maintain a constant function which is;

X * Y = K

Where;
X = Token A
Y = Token B
K = Constant

Each swap transactions occurs by replacing some of the tokens being swapped with a certain number of the other token in the pool. The constant K remains unchanged. The tokens balance becomes updated and causes a change in price.

Where;
Token A = TRX
Token B = TRC-20 token

how price is determined - justswap.jpg
[Design created by me]

From the illustration, we can see the swap transaction where a user buys Token B with Token A. This swap transaction causes the supply of Token A to increase and the supply of Token B to decrease. There is an increase in price of Token B. For instance, if a user makes use of the justswap protocol to swap TRC-20 token with TRX, then the supply of TRC-20 token in the pool would decrease and the supply of TRX would increase in the pool. This causes the increase in price of TRC-20. Also, if the user makes use of justswap to swap TRX with TRC-20, then the supply of TRC-20 in the pool would increase and the supply of TRX would decrease in the pool. This causes the price of Token B to decrease.


Question 3 - How do I connect my wallet to JustSwap.io? Is there a mobile app?

For this demonstration, I will be using a desktop device to connect my tronlink extension wallet to Justswap. To do this, I will first visit the justswap protocol at https://justswap.io

On the justswap.io protocol, I clicked on “connect wallet. On the desktop version, there are two connect wallet buttons. Any button can be clicked.

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Next is to select tronlink wallet to proceed with the connection to the tronlink wallet extension

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Next, the tronlink wallet extension will be launched and accept the connection clicking on connect.

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Justswap is now connected to my tronlink wallet.

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Is there a mobile app?

At the moment, there is no mobile app available for the Justswap decentralized exchange protocol. Instead, Justswap supports the use of mobile tron wallets. The Justswap protocol is web-based and can only be accessed through the web. To access and interact with the Justswap protocol, users need to connect their tron wallets such as tronlink to the Justswap protocol so as to interact with the Justswap protocol.


Question 4 - Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform

When it comes to trading on DEX, Justswap is definitely up there are one of the best and one of the easiest and fastest decentralized exchange protocols to use. SInce it runs on the tron blockchain, it is part of the tron ecosystem and is used to swap between tron and tron-based tokens. Making use of Justswap to swap between TRX and TRC-20 token is an easy and straightforward process. To demonstrate this, I will be swapping TRX to WIN token.

Visit the Justswap protocol and connect the wallet. I already explained the process of connecting the Justswap protocol to tronlink wallet above.

Click on select a token to choose a token you want to swap to from the list of available tokens

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From the list, I selected WIN because I want to swap some TRX to WIN tokens.

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Input the amount of TRX you want to swap to WIN and click on swap

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Next, the details of the swap transaction will pop up, review the details and click on confirm swap to proceed with executing the transaction.

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Next is to sign the execution of the smart contract on the tronlink. It will display the details of the transaction and the estimated fee and resources needed to execute the transaction.

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Swap completed

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Question 5 - Include a real example of your interaction with Just Swap, explain How to add liquidity to JustSwap

On Justswap, any user can add liquidity into the pool. This is done by adding assets to the liquidity pool at a 50/50 ratio. Liquidity providers earn rewards from the transaction fees. Adding liquidity on Justswap is a straightforward process. However, users need to have the assets in their wallets to be able to add liquidity.

On Justswap, enter the “Pool” section and click on add liquidity

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Next is to select the assets to use to add liquidity. For me, I selected WIN token because I have both TRX and WIN tokens in my wallet.

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After that input the amount of the two assets to be added. For me, I inputted 50 TRX and 7772.796334 WIN

Next, click on supply to proceed with adding liquidity to the pool

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Next, the details of the supply will be displayed and the amount of liquidity pool tokens to receive. For me, I added liquidity on the TRX/WIN pool and will receive 1602.048843. TRX deposited is 50 and WIN deposited is 7772.796334. The rates are 1 TRX = 155.455927 WIN and 1 WIN = 0.006433. Click on confirm supply

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After that, sign the transaction on the tronlink wallet to execute the transaction.

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Liquidity of TRX/WIN has been added to the pool.

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Conclusion

Justswap protocol is of the most popular protocols in the tron ecosystem and has proven to be a very good and secure decentralized exchange for swapping between TRX and other tron-based tokens. Justswap has gained a lot of growth since it was created and has grown to become one of the top protocols in the DeFi space. On justswap, liquidity providers who provide liquidity on the Justswap protocol earn rewards from the trading fees, ensuring that it is secure and decentralized. In my opinion, Justswap is amazing and because it runs on the tron blockchain network, it means that all the transactions on justswap have very low fees and is fast which makes it a great tool to drive more adoption in the world of DeFi.

@kouba01

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Hello @chimzycash,
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|9.5/10 rating, according to the following scale:

OriginalityCompliance with topicConsistency of methodQuality of analysisClarity of structure & language
(1.75/2)
(2/2)
(2/2)
(1.75/2)
(2/2)

My review :

Excellent content, in which you succeeded in presenting an organized and useful work. Only one note I want to bring to you is:

  • You should have explained more how to use the platform on the mobile version.

Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01

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