Tron Ecosystem - Steemit Crypto Academy Season 5 - Homework Post for Task 1 by @mbemba2310
Hurry!!! It 2022. Happy new year everyone. I’m glad to be back to the crypto academy after months of break due to some technical issue with my device.
New rules, and new updates. The first thing I did was 150 steem power up to be eligible and I went to read the task 1 fixed course and I’ll be doubt justice to the questions asked.
Without further I do let jump to the task, I’ll be answering the question 2 of the task.
Question 2
What are the different dApps in the Tron ecosystem are you familiar with? What are the uses of DeFi applications like Justswap, JustLend, and Sun.io? How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?.
Q1. What are the different dapps in the Tron ecosystem you are familiar with?
Dapps, or decentralisation applications, are digital applications or websites that run solely on blockchain and use a peer-to-peer network of multiple computers rather than a single computer that can be attacked. Because it is a decentralized application, there is no central authority that may impose restrictions on access to other accounts.
The Tron ecosystem has its own set of dapps, each with its own set of functions. Here are three examples of dapps in the Tron ecosystem that I am familiar with (3). There are a few:
JustSwap
WINK
JustLend
I'll describe them in terms of their applications.
JustSwap:
This is acknowledged to be Tron's first decentralized dapp, allowing users to trade TRC20 tokens and check pricing. When a user becomes a liquidity provider, he can also profit from transaction fees.
WINk:
This is the first decentralized deity on the Tron ecosystem, with the express purpose of connecting or combining the real world and blockchain realm. This is accomplished by providing reliable data streams for smart contact approval.
JustLend:
This is Tron's first lending platform, allowing users to lend, borrow, and even deposit assets in exchange for interest. JustLend's main goal is to create fund pools, and the method they charge is based on a demand and supply mechanism for Tron asserts.
Q2. What are the uses of Defi applications like JustSwap, JustLend, and Sun.io?
Defi is a short form of decentralized finance, and it's a catch-all name for a variety of public blockchain applications that speed up the distribution of finance in the crypto world. The following are some examples of these applications:
JustLend: is a financial dapp that may be used to secure a loan (borrower) or deposit funds in order to build profit (supplier). For borrowers, the loan can be secured by a sale of a short-term asset or permission to utilize money. While lending, users can earn interest on their assets by using the dapp.
JustSwap: As previously stated, JustSwap allows its users or participants to earn transaction fees by providing liquidity assertions that are used to run the program. Liquidity is commission-free to encourage this behavior and help consumers earn more money. JustSwap is primarily used to exchange any TRC20 token without any wait, such as matching order.
Of recent there was a change in the name of JustSwap to SunSwap
Sun.io: Sun.oi was created with the primary goal of supporting the Tron ecosystem. It focuses on Defi and assisting with adoption and infiltration on the Tron network. It functions similarly to the DeFi platform's original token, and it also rewards users who bet different coins.
Q3. How can you optimize mining rewards by staking TRX and other TRC20 token in sun.io?
The reward paid to an active member for efficiently mining a block is known as mining reward or block reward. The proof of stake consensus algorithm is used in Tron mining. A user becomes a node after staking a minimum of one Tron. This user can be promoted to super representative and will receive 32 TRX for validating blocks.
I'll show you how to stake Tron tokens (SUN) with sun.io below:
Step 1: A TronLink application, preferably TronLink Pro, is required. If you don't already have it, you can get it from the Google Play (Android) or Apple Store (iPhone) stores. When you've finished downloading it, open it and look for the "Discover."
Step 2: After clicking Discover, go to Popular and click SUN.
Step 3: Now that we're on the SUN homepage, click the equal symbol to bring up a new half-page with options such as Home, USDC pool, and stake.
Step 4: Click on stake to open a new stake page. To receive veSUN, click on lock SUN and complete in all of the essential information.
Step 5: Review all of the information you've entered to ensure it's correct, then click Deposit.
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Conclusion
After completing this task, I have a greater grasp of the many dapps in the Tron ecosystem, as well as the applications of DeFi, and how to stake TRX and other TRC20 tokens using the sun.io dapp. I tried my best to answer all questions based on my knowledge of professor @sapwood's presentation.
God bless you all ❤️🥰