Crypto Academy / S4W5 - Homework Post for @kouba01 Submitted by @meymeyshops 06/10/2021

It's another week of learning and earning from Steemit Crypto Academy under the tutelage of Prof @kouba01. I hereby make my entry below.

Introduction

Prior to year 2020, DeFi users have face severe challenges in the area of trustworthy exchanges that are also economical. High transaction fees as well as bottle-necked protocols has been the order of the day in cryptocurrency trading. TRON's ecosystem then came with a revolution in the decentralized exchange to resolve challenges aforementioned by introducing a brand new protocol for token exchange known as JUSTSWAP.

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

JustSwap is the brainchild of TRON developed and launched in 18th August 2020 by Tron Team as a decentralized exchange that provides for on-the-go exchange of TRC-20 tokens ensuring affordability and trustworthiness within the Tron ecosystem. Exchanges between any two TRC-20 tokens are done easily while any fee arising from the conversion is forwarded to the providers of liquidity in the protocol.

In JustSwap, a protocol called Automated Market Maker (AMM) is being used to provide liquidity by traders who thereafter become liquidity providers so that all users can leverage on. These liquidity providers are incentivised from the transaction fees charged on traders at the rate of 0.3% per transaction. Transactions executed in JustSwap are based on smart contracts and are trustless meaning that there are no intermediaries since the platform is a decentralized exchange (DEX), so it enhances security of transactions.

The importance within Tron ecosystem

It has been a serious challenge for Tron to enhance its network in the face of other competitive blockchains so designing JustSwap became a way forward bringing a revolution that eliminates mountain-high gas fees experienced by many DeFi users. This brought Tron to the limelight as their many projects create rooms for growth. Among the many benefits of JustSwap to Tron are:

• There is no limit to provision of liquidity needed which in turn is attracting uncountable users to Tron ecosystem
• Conversion of TRC20 tokens are instantaneous eliminating the waiting time taken for matching orders.
• Given the taking away of gas fees, transactions executed yield high returns for traders.
• Users are allowed to make transactions as many times as they wish without any transfer fee but only network fees which are usually very minimal.
• Users of all class can access the platform because it is a decentralized system.

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)

All TRC-20 Tokens are enabled for trade in JustSwap reason being that they are built on Tron blockchain network. The image below shows at a glance some of the tokens traded in JustSwap such as

• JXT/TRX
• USDT/TRX
• USDJ/TRX
• SUN/TRX

How prices are determined in JustSwap

The system itself determines prices of locked in assets in the liquidity pool. It uses the formular of

X* Y = K

Where
X is the TRC-20 token
Y is the TRX token in the contract
K is the constant variance

To explain further, the system determines prices either in ascending or descending order. That is to say that just like in the real world of economics whose principles of demand and supply state that the higher the supply the lower the price of assets, the higher the demand the higher the price.

Illustration

If X (TRC-20) is swapped with Y (TRX), the value and volume of X automatically increases while the quantity of Y (TRX) reduces and its price also decreases. This is also true if the pair is conversely swapped.

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

There are two ways to perform the above task - through a Browser extension and through a Mobile App, I herein apply a Mobile App, thus.
The following steps were followed in connecting my wallet to JustSwap.io:

• Launch the Tronlink App

...

• Click the Discover icon at the bottom of the screen

• There is the option of either to search for JustSwap on the address bar or to tap the icon on the page.
• In the JustSwap interface, confirm that the wallet is now connected.

That is all about the procedure.

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

The following procedures were followed in performing a token swap:

1st Step:

Select the coin to swap

2nd Step:

Add the amount of tokens to swap

3rd Step:

• I entered 50 TRX which gives me 4.60309 USDT
• A liquidity fee of 0.15TRX was charged
• Then click on Swap

4th Step:

• On the next phase, click on confirm swap
• Also confirm the interaction between the Tronlink Wallet and the JustSwap protocol

5th Step:

• Input my password and the transaction is done.

...
Then confirm the transaction from Tronscan, view it on the next page where both the Bandwith used and energy consumed are shown.

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

From the following examples, one could add liquidity to JustSwap, thus:
First connect with JustSwap
Second: Go to Pool and click on add liquidity

Third: My first token to is TRX 40 While the second token USDT 3.698463
Fourth: Click on supply

Fifth: Click on confirm interaction

Sixth: Enter my password

Seventh: Click on Done
Eight: Click on Confirm supply

Ninth: Click on Confirm Transaction

Tenth: Input my password

The process is complete.

Conclusion:

This article has succeeded in presenting JustSwap - a Tron Team designed decentralized exchange developed to resolve and improve the Tron network. It is seen as an answer to the many issues of high transaction fees, delays in performing transaction as well as insecurity bedeviling many centralized exchanges. JustSwap is for everyone to use because one can do transfer of funds as many times as possible without gas fees but only a little network fees which are directly sent to the liquidity providers. The many benefits of JustSwap has been espoused including elimination of intermediaries; instantaneous swapping of tokens and more.

The practical aspect of how to perform transactions was showcased beginning with how to connect Tronlink to JustSwap; how to do the proper swapping of tokens; the minute fees charged; the bandwith taken and lots more. Also showcased is how to add liquidity to the JustSwap Pool which is now running.

Thank you Prof @kouba01 for this simple yet very educative lecture.

I remain yours truly,
@meymeyshops