JustSwap - Steemit Crypto Academy / S4W5 - Homework Post for @kouba01

Hello Steemians!
Hope you all are performing well in Steemit Crypto Academy and enjoying the various courses.
Here I am submitting my assignment for the lesson about JustSwap.
I hope my assignment will be up to the required standard.

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

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_Source

A decentralized exchange protocol, backed by TRON blockchain, for the exchange of TRC20 tokens. Conversion from one token to another is fast and at very low fees. Like any other decentralized exchange, it allows for direct peer-to-peer cryptocurrency transactions to take place securely and without any intermediatory.

Just after launching of JustSwap DEX in Aug 2018 it successfully crossed the trade volume of $10 Million in the first 24 hours. In a short period of time JustSwap has grown big with about $62,848,075 daily trading volume, about $1.45 B TVL, 42 coins and 256 pairs.

Instead of going to the protocol, the trading fee collected directly goes to the liquidity provider to the pool. It is highly beneficial for the traders as liquidity is very high and the fee is very less. Unlike centralize exchanges here orders get executed instantly. Liquidity providers get better rewards for staking and the share of transaction fees.

Ethereum was the first on which many dApps were launched but due to high transaction fees and low transaction speed, it is not scalable. On the other hand on the TRON blockchain, hundreds of dApps have been deployed and growing due to their high-speed transactions and low transaction fees as compared to Etharium.

Importance in TRON ecosystem

Unlimited liquidity is the key to the success of JustSwap. Without enough liquidity, it is not possible to grow any defi project. Other than this important feature of unlimited liquidity there are several advantages of JustSwap DEX.

• High transaction speed

TRON blockchain not only provides low transaction fees but also have a much higher transaction speed as compared to another chain like Ethereum. Other than this there is no waiting system to execute the order as it works on a liquidity pool system so swap between two tokens happens instantly and due to high liquidity high volume trades also executes at lightning speed.

• Low transaction fees

As said earlier Ethereum is the pioneer in defi but due to high transaction gas fees that is not feasible for small investors. JustSwap made it possible by launching a low fee DEX on the TRON blockchain. Due to low fees of 0.3% volume on the exchange has been increased and ultimately helping to develop the TRON ecosystem.

• Center to all TRON projects

There are hundreds of defi projects already working on the TRON ecosystem and all are connected to JustSwap for swapping of tokens and other features. JustSwap has become an integral part of the TRON ecosystem so playing a key role in the entire ecosystem.

Official Telegram: http://t.me/just_defi
Official Twitter https://twitter.com/DeFi_JUST

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)

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As per the official website there are 19 tokens listed on JustSwap as shown below in the screenshot. It also includes some major currencies like BTC, ETH etc.

According to the CoinGecko website, there are 40 trading pairs but mainly 10 pairs contribute to the total trading volume.

Source

Working mechanism

Unlike any centralized exchange here no need to wait to fill buy and sell orders. Instead of buying and sell orders here, liquidity is provided by the users in different pairs that work on the formula X * Y= K

X = Amount of token A liquidity
Y = Amount of token B liquidity
K is a Constant

Source

X and Y are the reserves of tokens A and B contributed by the liquidity providers. If anybody wants to swap his A token with B then he must deposit an equal value of token A in the pool. After the withdrawal of token B the proportion of A and B will be changed and the price of B will increase for the next transaction to maintain the total value.

The fees charged for each token will be distributed among the liquidity providers.

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

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Wallet connect to the website

• The first step is to install the Chrom extension of the Tron Link Wallet.

• The second step is to open the site justswap.io and logged in to the extension wallet.

• In the third step click on the "Connect to wallet" link on the website, a popup window will open.

• After click on connect the wallet will be connected to the website.

Mobile app Tron Link Pro

There is a mobile app Tron Link Pro which can be connected to JustSwap. The app is available for both iOS and Android.

The mobile wallet can be connected to JustSwap in 3 easy steps as shown below in the screenshots.

Login to the app	Select JustSwap	Wallet Connected

• Login to the app, the app will show the address and TRC20 assets available.

• There is an option below Discover, clicked on that. It will show the various dApps available on the TRON ecosystem.

• Selected JustSwap. The site will open in a new window and the wallet will be connected to the site. Now it is ready to do any transactions.

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

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To perform a real trade on JustSwap I followed the following steps as shown in the screen shots from 1-9 below.

1. Opened the app and selected the token and filled the amount I wanted to swap. Here I will swap 10 TRX to get Sun. For 10 TRX I will get about 33 Sun on the current exchange rate.

2. In the advance setting selected the slippage tolerance to be 0.5%.

3. Here it shows that for 10 TRX I will get 33.70 Sun but in case of price fluctuation minimum I will get 33.54. Transaction fees will be deducted 0.3%. i.e. 0.03 TRX. Clicked on the swap.

4. Showing the exchange rate, clicked on confirm swap.

5. Selected the FAST MODE for authorization.

6. Clicked on "confirm"

7. Entered the app password and Done

8. Swap completed.

9. Showing the Sun balance of 33.75 and energy and bandwidth consumed for the transaction.

Thus I completed a trade of TRX to SUN on JustSwap.

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

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Adding liquidity to JustSwap

• Open the website and selected the Pool option. Clicked on Add Liquidity.

• I already have TRX and SUN in my wallet so I am going to add SUN-TRX to the liquidity pool. Entered the TRX amount (10 TRX) for the equivalent value of 10 TRX It will take 33.429 SUN ( at the rate of that time). Clicked on supply.

• I will receive 10.5459 LP tokens against my liquidity supply. Clicked on Confirm Supply.

• In the next step a smart contract transaction was triggered, signed that transaction.

• Transaction was successful and liquidity was added in the SUN-TRX pool.

• Liquidity is showing in the below screenshot.

6. Conclusion

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JustSwap is a low cost and fast decentralized exchange protocol and contributing significant value to the entire TRON ecosystem by providing unlimited liquidity for TRX and TRC20 tokens. Almost all dApps on the TRON blockchain is connected to JustSwap, and providing them liquidity for their growth.

The mechanism of price discovery is the same as any other DEX, it has various pools where liquidity providers supply liquidity and earn decent rewards for their investment.

Practical experience of trading and providing liquidity to the pool was really smooth, hassle-free and low cost.

Thank you Prof. @kouba01 for your informative and interesting lecture.