Update: Steem-Tron Liquidity Pool on JustSwap October 12th, 2020 : WST-TRX
Hello Steemit Community!
I wish to post an update on the first Steem-Tron Liquidity Pool on the decentralized exchanges Justswap.
Graphic Courtesy of @anikearn
The wrapped Steem TRC20 Token WST is of a product of @projectw and I thank that development team for giving us on the Steem platform to take part in decentralized finance on the Tron blockchain, as Liquidity Providers.
#Liquidity Provider
The definition of being a Liquidity Provider...
one who deposits dollar equivalents of trading pairs into the trading pools in exchange for a portion of the transaction fees paid by traders who trade or swap assets on these decentralized exchanges. Providing Liquidity is profitable and safe, so it is attracting investors from outside of cryptocurrencies usual ranks, and it has resulted in billions of dollars moving into DEFI this year.
WST-TRX this is the Steem-Tron trading pair.
I increased my investment and support for this pair, and I have almost 1000 Steem invested in this trading pair.
Performance
As you can see there are over one million Tron (TRX) invested in this liquidity pool. 1,117,000 plu
And there are over 179,000 wrapped Steem (WST) invested in this Liquidity Pool
I am excited that volume increased by over 10,000 % in the last 24 hours!
This is the pool graph
Steem Price Graph
This graph shows a positive rise in the price of Steem. There is a positive ROI for the week.
Steem Coinmarketcap is also improving, as we moved up from 159 to 128. Top 100 here we come!
Here’s 159
Here’s 132!
Here’s 128!
Hurray!
Enjoy every win in life, we are not in the Top 40 #yet, but every journey starts with small steps
Life’s a journey, not a destination, enjoy the ride !
Thank you for your support!
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Is there a tutorial that details how this works? How we can do this?
Hi @myklovenotwar
Yes, I have written a few articles explaining this process and I will try to list those and others for you to read.
@shortsegments
Good information! It's helpful for someone who is interested in the projectw.
Thank you. I am happy to see all the activity on Steem and hope it signals an increase in popularity, interest and ultimately price.
That is nice to see, though I don't think it has any impact on the price of STEEM whatsoever. The volume is simply too small to impact the market price. That being said, it is trending in the right direction. I am a bit skeptical of contracts like this one after what happened with wLEO on Uniswap, and idea what the security of this contract is like? Are you participating?
Good questions. It seems there is a weakness in the Uniswap code that exposed sensitive parts of the smart contract allowing its replication and this event. I don’t know if that same weakness exists in JustSwap, it’s code is derived from Uniswap, but may have been altered enough to protect against this exploit. I am participating, and I agree the Liquidity is good at over 50 k, but not enough to bring any notoriety to the token or our chain. Only volume por hype does that and we have neither at the moment.
I know see things differently. After seeing several wrapped Steem projects. I think they may need to wrap Steem on Ethrteum and create a trading pair with an appreciating coin like Ethereum to affect the price. Even then I suspect incentives will need to be made.
Interesting to watch the progress of this.
How much scope is there, do you think, for helping the price of STEEM from this?
Is the price of WST fairly stable or is it moving a lot?
Is there an easy place to see graphs of the WST price etc?
It is a shame that on the Project W website they link to Medium not to Steemit !
Good question, so far only positive appreciation in price of Steem, but no doubling or tripling like some coins.
WST price is stable, the number of TRX one WST buys has increased a little bit with the price of Steem, but varies in small range as TRX rises and falls in its range.
Unfortunately I haven’t found a place where WST price data is recorded or graphed. It would be a nice feature for the Projectw website though!
I will ask them on their blog.
Yes, I don’t know much about Medium, but it appears to be a popular posting site. In regards to Steem and wrapped Steem it would be nice to post first on Steemit.
Thanks for your support.
@shortsegments