Crypto Academy Week 15 | Homework post for @sapwood | Liquidity Mining (Tron- Sun.io) by @abu78
Introduction
My tron wallet address used
TC1KXM2RpzTsFSYjHajKfg53N6hiYEUKse
Greetings to all steemians on this great platform, It is with great interest that I write to accomplish my homework task assigned by prof @sapwood. I am very honored to have participated in this week's lesson.
This week's lesson covers liquidity mining and I have read everything and understood it perfectly. I would like to commence with my assignment given.
1. How to connect my TronLink Wallet to Sun.io.
Steps:
- Click on the TronLink wallet app pinned from the menu bar of the browser.
- Click on DApp Icon as shown below
- Search for SUN and click on it
- This will automatically connect your TronLink wallet directly to SUN.io
- check to confirm if it has really been connected.
Click on DApps
Click on SUN
My TronLink wallet successfully connected
2. What are the different liquidity mining pools? Which one offers the highest APY? How many different rewards do I get by staking LP tokens? (Screenshots needed)
The different liquidity mining pool pools on SUN are 9 and these include the following;
| Liquidity Mining Pool | Name |
|---|---|
| USDT-TRX LP | Tether Stablecoin-Tron |
| USDJ-TRX LP | Just Stablecoin-Tron |
| TUSD-TRX LP | True Stablecoin-Tron |
| SUNOLD-TRX LP | Sun-Tron |
| WBTT-TRX LP | Wrapped BTT-Tron |
| JST-TRX LP | Just-Tron |
| BTC-TRX LP | Bitcoin-Tron |
| ETH-TRX LP | Ethereum-Tron |
| WIN-TRX LP | Wink-Tron |
The liquidity pool with the highest APY (Annual Percentage Yield) on SUN.io is the SUNOLD-TRX LP which has 35.97% APY at the time of writing this article. This can be seen below from my screenshot;
35.97% APY
How many different rewards do I get by staking LP tokens?
There are five different rewards that one gets when he/she stake an LP token and these include the following;
- TRX (Tron)
- SUN (Sun)
- JST (Just)
- WIN (Wink)
- BTT (BitTorrent)
3. How do I obtain LP Token by adding liquidity in Justswap? What is the quantity(Explore through your wallet/Tronscan)? (Screenshots needed)
Steps:
- Click on the TronLink wallet app pinned from the menu bar of the browser.
- Click on DApp Icon as shown below
- Search for JustSwap and click on it
- This will automatically connect your TronLink wallet directly to the JustSwap platform.
- From the JustSwap homepage, click and switch from Swap to Pool and then click on Add liquidity.
- Then I entered 1.474215 TRX plus 0.116799 USDJ and then clicked on Supply
- Click on ACcept to approve the transaction
- I then clicked on Confirm Supply and clicked on Accept to confirm the signature
- Check to confirm your liquidity added.
My Liquidity
The quantity of LP token I obtained
I used 1.474215 TRX plus 0.116799 USDJ in adding my liquidity and I obtained 2.2137 S-USDJ-TRX
From Tronscan
Transaction type: TRC20 Transfer
Supply: 1.474215 TRX + 0.116799 USDJ
Consumed Bandwidth: 382 Bandwidth
Consumed Energy: 59,905 Energy
Burnt TRX to accommodate energy: 8.24656 TRX
LP Token Obtained: 2.2137 S-USDJ-TRX
4. How do I stake LP Token to earn five different tokens on Sun.io? (Screenshots needed)
Steps:
- Click on the TronLink wallet app pinned from the menu bar of the browser.
- Click on DApp Icon as shown below
- Search for SUN and click on it
- This will automatically connect your TronLink wallet directly to SUN.io
- I then select the USDJ-TRX LP liquidity mining pool.
- Click on Approve USDJ-TRX LP to sign in and participate in mining.
- Click on Accept to continue
- Enter the amount of stake ( 2.2137 S-USDJ-TRX) then click on Stake
- Accept the transaction for confirmation. Click on View on Tronscan to view the transaction details.
My Stake
Transaction details from Tronscan
- Which reward(out of five different rewards) can be withdrawn at any time? How do claim that (indicate that in the screenshot)?
The reward that is withdrawn at any time is the SUN reward which has 33% available SUN rewards for withdrawal. The remaining percentage is under the total undistributed rewards that are distributed weekly for a period of 24 weeks.
How to Claim Rewards from my Staked LP Tokens
Steps:
- Open the sun website and from the homepage click on manage from the staked LP. (USDJ-TRX LP)
- Switch from Stake to Claim
- There was SUN available to claim so I clicked on it to claim SUN
- Click on Accept to confirm the transaction
- Click on view on tronscan to check transaction details.
Transaction Details
6. What is the schedule for unlocking the mining rewards? Indicate the total undistributed/distributed mining rewards in the screenshot?
Among the five different mining rewards, 33% of SUN rewards are always available to be claimed at any time whilst the remaining rewards are locked and are scheduled to be withdrawn on weekly basis for a period of 24 weeks. These remaining rewards include TRX, BTT, WIN, JST, and part of SUN.
Undistributed/distributed mining rewards for my staking in USDJ-TRX LP on Sun
The Sun reward is always available for distribution because it can be withdrawn at any time whilst the remaining rewards are undistributed rewards. They include TRX, JST, WIN, BTT, and Part of SUN. These remaining undistributed rewards have a value of less than $0.001. This can be seen from the screenshot below.
7. Include the real example of your interaction with Justswap and Sun.io as required in this task? Indicate how a "stake"(in Sun.io) function consumes different "Energy & Bandwidth" than "obtaining LP token" (in Justswap)? You should add/remove a small amount of liquidity to obtain/redeem your LP token(as little as 1 USDT worth)? (Screenshots needed)
I supplied 1.474215 TRX plus 0.116799 USDJ and I obtained 2.2137 S-USDJ-TRX LP. The transaction consumed 382 Bandwidth and 58,905 Energy. The transaction also burnt 8.24656 TRX to accommodate energy.
The Sun.io Staking into USDJ-TRX LP
I staked 2.2137 USDJ-TRX LP into the USDJ-TRX LP to earn me the liquidity mining rewards of the five different liquidity pools. that is; SUN, JST, TRX, WIN, and BTT. It consumed 313 Bandwidth and 89,516 Energy. Also, 12.53196 TRX was burnt to accommodate energy to complete the transaction of the stake.
Comparing Between Sun.io staking and the JustSwap.io in obtaining LP
| Resources | JustSwap | Sun.io |
|---|---|---|
| Action | Obtaing LP token | Staking in LP |
| Bandwidth Consumed | 382 | 313 |
| Energy Consumed | 58,905 | 89,516 |
| TRX burnt to accommodate energy | 8.24656 TRX | 12.53196 TRX |
| Amount | 2.2137 S-USDJ-TRX | 2.2137 USDJ-TRX |
Observation and Analysis
The data above indicates that the energy consumed in staking on the Sun.io platform consumed more energy than that of obtaining LP tokens on the JustSwap platform. (89,516 > 58,905 energy). On the contrary, the Bandwidth consumed for Sun.io staking is less as compared to that of obtaining LP token on JusSwap. (313 < 382 Bandwidth)
8. How do I unstake LP tokens and claim mining rewards(Sun.io)?
Steps:
- After connecting your TronLink wallet to sun.io, Click and open the sun.io website from TronLink wallet DApp
- Click on Manage from the USDJ-TRX LP and switch from stake to claim.
- There is 2.213 USDJ-TRX LP available to unstake, 0 SUN available, and other distributable rewards also to ustake.
- I would like to unstake all the 2.213 USDJ-TRX LP so I will click on MAX.
- Click on claim & Unstake
- Click on Accept to confirm the transaction.
- CLick on View on tronscan to view details of the transaction.
Conclusion
I thank professor @sapwood so much for teaching us another great use of JustSwap and Sun.io as well. I have learned that JustSwap doesn't only function as swapping tokens but also it plays a vital role as a liquidity provider in obtaining LP token.
This LP token gotten from justswap.io can also be used in staking on sun.io in the liquidity mining pool to obtain liquidity mining rewards.
Thanks to all for reading and passing by my post. I would like to say a very big thank you to prof @sapwood for such a great lesson and I wish you convenience in your work. Thank You.