Decentralized Applications ( dApps) || Steemit Crypto Academy Season 5 || Home work Post For Task 8
Hello Steemit Crypto Academy!
Welcome to this post. I hope that all of you will be righteous and happy and enjoying your life with the blessings and grace of Allah Almighty. Today, I am here to present homework for Activity 8 of the in-depth introductory courses for Season 4 of Steemit Crypto Academy. So, let's start our work without wasting time.
As it is my 1st post to crypto academy so I will try my best to present each and every thing according to my knowledge and research
So let's start up
Design by me
There are three assignments given by the professor and we have to explain only one of them. Therefore, I will explain the number of TASK 2
QUESTION
Look for 2 identical dApps and do a detailed basic analysis and compare the two dApps and explain the results of your analysis. (Screenshots required)
In this work, the professor asked to explain the details of two similar applications. Before discussing them, it is important to have a brief overview of the applications. So, first of all, we will discuss decentralized applications.
Decentralized applications (dApps)
Given that this is a time of blockchain technology and blockchain technology is evolving day by day. Therefore, suspended apps or dApps are just products of blockchain technology. Decentralized Applications are those applications based on a spatial plan. A spatial plan is an independent system for any central authority or control unit.
Decentralized applications are those applications that exist or operate without the involvement of any central authority or central control unit. All application-related activities are performed without the approval of any central authority. DApps users are free to use the features found in those apps. These apps are based on peer-to-peer system and all users of these apps work together to launch the app.
So, for now, I will discuss two of the same basic Dapps for split trades (DEXs). One of them is JustSwap and the second is DODO exchange. Therefore, look at them both separately.
JUSTSWAP
Introduction:
JustSwap is an extended exchange platform based on the TRON ecosystem. This exchange was upgraded in August 2020, about a year ago. But it is one of the most popular exchanges at the time. As this exchange platform is based on the Tron blockchain so the tokens found in this forum are usually at the TRC-20 level.
Tokens found on the JustSwap platform are basically divided into two columns. The first list is named the JustSwap Default list containing 19 tokens. The second list is called the Tron Alliance list containing 53 tokens.
There are also spending pools in this exchange and users can participate in these spending pools by offering tokens. Participants in spending pools are rewarded with a TRON cryptocurrency. It also comes with various wrapped tokens such as WTRX, WBTC, WBTT, WETH, etc Many minds are drawn to these folded tokens.
CoinMarketCap Details:
In checking the decentralized exchanges (DEX) menu on CoinMarketCap I found some basic information about JustSwap trading. The information is follows
All information taken from the CoinMarketCap test can be retrieved in the form of table data. So, look at the following table to explore more about it
| Name | JustSwap |
|---|---|
| Current Position | 91 |
| Type | Decentralized Exchange (DEX) |
| 24h Volume | Rs 17,170,636.08 |
| Markets Share | 0.0004 % |
| Market number | 5 |
| Exchange Type | Swap |
| Upgraded / Launched | August 2020 |
JustSwap functionality
JustSwap decentralized exchange is look like some DEXs and it is also based on the Automated Market Maker (AMM) algorithm Tokens are created and their values are set on the basis of the AMM algorithm. The JustSwap platform allows for the trading and exchange of tokens at a lower cost compared to ETH. The market capacity of this DApp has reached a maximum of $ 1.6 B.
Features
Some of the key features found on the JustSwap exchange platform are as follows.
- Swap: -
The Switch feature can be used to replace different tokens with other tokens. Effective, cheap, and secure exchange of TRC20 tokens can be made from this amazing feature. The transaction fee will be in the form of a traditional currency (TRX).
- Pool: -
Just swap
This feature can be accessed by users to participate in the pools of using the platform by participating with their tokens. This is the best feature of this forum.
- LP Pool: -
LP Pool
The LP Pool option is available to allow platform users to receive liquid tokens in the form of Tron tokens by participating in liquidity pools. The number of users present on the stake also affects the percentage of profits of users participating in the LP Pool.
- Sun Swap: -
Just swap
This is a feature recently introduced on the JustSwap platform. This feature was introduced after resetting the SUNOLD token for the new SUN token. SUNOLD tokens are exchanged for a new SUN token here at a scale of 1: 1000. It means that if a person has 1 SUNOLD token then he or she can get 1000 new SUN tokens by changing them from here.
Connecting Wallet
We can connect our TronLink wallet to this forum as this forum is based on the Tron ecosystem. The steps to connect a wallet are as follows.
First, open the Justswap
field and click the Connect Wallet option in the upper left corner of the homepage
- Now, select the TronLink Wallet option.
Click the Connect option from the TronLink extension window.
Just swap
TronLink Wallet will be connected to the JustSwap exchange As you are seeing in the picture mention
DODO BSC
Introduction:
One of the most popular DEXs based on Binance Smart Chain is the DODO exchange. When it was upgraded, its base was on the Ethereum network but after the development of DeFi products and the increase in its number of users, it was linked to BSC (Binance Smart Chain) and other popular trades.
DODO trading was developed in 2020 and has become one of the top exchanges based on Binance Smart Chain (BSC). It is located in the top BSC trading centers with a maximum 24-hour volume estimated at $4 M.
CoinMarketCap details:
In checking the decentralized exchanges (DEX) menu on CoinMarketCap, I found some basic information about the DODO BSC exchange site The information is follow
Information taken from CoinMarketCap can be displayed in the form of a table, as follows.
| Name | DODO BSC |
|---|---|
| Type | Decentralized Exchange (DEX) |
| Current position | 46 |
| 24h Volume | Rs 836,781,970.27 |
| % of the age of market shares | 0.0335% |
| Market number | 461 |
Performance of DODO BSC :
Most of the space-divided discussions used an algorithm called AMM (Automated Market Maker) but the DODO exchange used the Proactive Market Maker (PMM) algorithm which works better than AMM. Involvement of PMM algorithm in DODO trading improves the purchase price of commodities in trading. Token prices are set on the basis of the PMM algorithm.
Features:
Some of the positive features of this exchange are as follows.
Exchange: -
The most important function of this platform is that we can easily change different tokens here. Exchanges of cryptocurrensets can be done efficiently and cheaply.
Liquidity Pools: -
Users of this platform can access this feature to give money to different currency pairs available in trading and will be rewarded with a DODO token for this action. This way, users can manage their money.
Tools:
There is a tool option in this forum where users can create their own tokens, add money to existing pairs, participate in Crowdpooling, and create their own pool of spending. This is a good aspect of reality. Crowdpooling is a feature that allows a token producer to reduce token prices so that traders can manage large amounts of money at lower prices.
Bridge Feature: -
Bridge option call allows users to access various popular trades such as Binance Smart Chain (BSC) Bridge, Arbitrum Bridge, Celer Network Bridge (cBridge), Polygon Bridge, etc. By working with these amazing chats, users can improve their trading. experiences.
Governance : -
Users who are part of DODO's domain management can participate in forum decisions. They can vote for the nominees and present their own nominations in the Governance elections.
Connecting a Wallet
We can connect ETH-based wallet with this platform So, we must follow these steps.
First, open the official DODO website and click Connect to the Wallet option on the homepage.
Now, agree to the terms and conditions, click on Binance and then click on the Trust Wallet option.
Now, click the Connect option in the Trust Wallet window.
Now, click the Connect option to connect Trust Wallet with DODO switch.
The Trust wallet will be connected to the DODO exchange platform.
Comparison
| JustSwap | DODO BSC |
|---|---|
| Based on Tron ecosystem | Based on Binance Smart Chain (BSC) |
| Works on the basis of the AMM algorithm | Works on the basis of PMM algorithm |
| In particular the TRC-20 tokens are exchanged for them | Especially BEP2 tokens are exchanged here |
| Can be connected via TronLink wallet only | Can be connected to Trust Wallet and WalletConnect |
| -It is a Swap type exchange | It is a crypto exchange platform |
My Analysis
International applications are applications that can be controlled or under the influence of any central authority or central control unit. Users are free to enjoy services in dApps.
The DODO exchange is a limited exchange based on Binance Smart Chain (BSC) where the number of tokens can be exchanged. JustSwap is an exchange based on Tron network. The number of TRC20 tokens and other tokens can be changed easily and effectively.
So, that’s about Task 8 for Steemit Crypto Academy Season 4. I hope you all will love this post.
Special Mention
Created By : @adeelasif
New Crypto Student
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