Crypto Academy Season 4 [ Advanced course ] week 5: JustSwap
Hello steemit coommunity. Welcome to week 5 of the cryptoacademy tasks. I'll be tackling the advance course by professor @kouba01
Tasks
Present the Just Swap platform in your own way, demonstrating its importance within the Tron ecosystem blockchain.
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)
How do I connect my wallet to JustSwap.io? Is there a mobile app? (Screenshots needed)
Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform. (screenshots required)
Include a real example of your interaction with Just Swap, explain How to add liquidity to JustSwap. (screenshot required)
Conclusion:
image edited by me with canva
1.Present the Just Swap platform in your own way, demonstrating its importance within the Tron ecosystem blockchain.
The just swap platform is a decentralized change protocol borne to the tron ecosystem developed by Justin Sun. It operates just like any other exchange platform with the main difference of being based on the tron ecosystem. The Tron ecosystem is a fairly new one that has proven to be a revolutionary one in the crypto space. The justswap protocol being built around the tron ecosystem offers myriad advantages over other exchange protocols, one of which is its considerably lower transaction fees.
Another thing that separates justswap from other similar projects is that it isn't a single product project, it has projects which span across defi use cases.
The platform launched in August 2020 after an initial coin offering which managed to make over 10 million dollars of locked assets supplying liquidity on the poloniex platform. Quite a number for a new project however its native token (JST) had been in circulation since may that same year.
Justswap was founded by individuals from tencent, IBM and other big companies some of which include Elvis Zhang, a senior blockchain developer and researcher. Terance F, a blockchain expert and employee of IBM etc. However the full names of individuals behind the project isn't made public instead it's attributed to TRON CEO and founder Justin Sun since the project overlaps with his development team.
This project has its own native token JST token.
Let's explore some information about the token
This image was gotten from coinmarketcap
According to coinmarketcap this token is ranked at #270 with a price of $0.0934 and a total supply of 9.9 Billion tokens of which 2.26Billion are in circulation.
It has a market cap of $211,105,420 and a 24 hour trading volume of $269,304,120. The token has experienced favourable bullish movements over the past few days.
Importance of justswap in the tron ecosystem
- Enables speedy and efficient transactions without having to sacrifice costs.
- Provides opportunities for users to participate in provision of liquidity and earn rewards from transaction fees.
- With the justswap platform, all trc 20 tokens can be easily swapped for one another at very minimal fees without the need for an order book.
- The platform also provides infinite liquidity for users of its service
2. 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)
The justswap platform supports both trc 20 tokens and trx conversions. In comparison with other similar platforms such as uniswap, sushiswap e.tc. the option to list custom tokens isn't available yet and as such the only tokens available on the platform are TRC 20 tokens. Some of which include:
How is the price of a justswap token determined
In the determination of prices of respective justswap tokens. One major area taken into consideration are the number of tokens in each pool.
As illustrated by the crypto professor @kouba01, in maintaining the accuracy and validity of transactions, it uses the function
X * Y = K
a constant function where X and Y represent tokens being exchanged respectively and K represents a constant. Therefore for K to stay as a constant the prices of X and Y must be constantly adjusted every time there's a change which means their prices would fluctuate to adjust for price changes.
i.e If the price of X rises by a percentage the price of Y would have to fall by that percentage in order to keep K constant. The constant function brings forward the inverse relationship that must exist between X and Y.
3. How do I connect my wallet to JustSwap.io? Is there a mobile app? (Screenshots needed)
connecting wallet using PC (extension)
Users can also access the justswap using a web browser wallet. The steps aren't very different from that of linking with mobile. In order to connect wallet to web, users first have to download the tronlink wallet extension from their webstore. Brave, chrome and Microsoft edge users can collectively get this extension using the chrome webstore(direct download link), alternatively, firefox users can get it from the firefox webstore(direct download link).
Once extension is downloaded and installed. Upon opening the extension, on the first interface
- In the next interface, the user will be required to select a wallet in order to continue with the linking. Click Tronlink since it's already been installed as extension
connecting wallet on mobile
This will enable user have access to the DApps (Decentralization application) function.
Users can access the platform by clicking on it. Similarly, users can make use of the Dapp search bar.
From the search bar, search for justswap and it should show up pretty quick. Finally, once a user accesses and clicks on the justswap dapp using their mobile wallet, justswap will automatically sync and connect to the wallet.
4. Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform. (screenshots required)
For this task ill show a demonstration of how tokens can be traded on the justswap platform. I'll be making a swap from Huobi token (HT) to TRX.
The steps are wholly similar regardless of whether you're using the tronlink application or the web.
I intend to swap my HT(huobi token) for Trx so i'll select the HT token first and input the number of tokens I intend to swap.
Upon selecting the Trx token the amount to be received is automatically assigned with the rate clearly displayed (0.013300... HT per TRX)
Next click on swap
You'll be required to enter your password and confirm swap in the next interface after which the swap will be initiated swiftly.
The transaction details can also be viewed on tronscan
image gotten from tronscan
5. Include a real example of your interaction with Just Swap, explain How to add liquidity to JustSwap. (screenshot required)
How to add liquidity using justswa[p
The process of adding liquidity entails being a buyer and seller at the same time.
As a result of the services liquidity providers give, they are entitled to commissions in the form of fees.
Adding liquidity using just swap
- Next you'll be required to select two tokens from all available tokens you wish you provide liquidity for, One of which would have to be TRX and enter the quantity of tokens you intend to add. I'll be providing liquidity for the TRX/JST pair.
The worth of the tokens supplied have to be the same value so i.e in a situation when you intend to add liquidity for the trx/JST pair, upon inputting a specific amount of trx to pool, the corresponding amount of the other token would be calculated as seen in the image.
Next, click on the supply button below
Once done with this procedure, the transaction will be initiated swiftly and liquidity will be added.
You can confirm this by going to the pool page and clicking the '?' sign.
I already have two liquidity pools now.
Conclusion
Concerning the questions assigned by professor @kouba01 and in adherence to the respective rules highlighted. I've done my research and tried to tackle the advanced course for the week. I was able to learn new things through the course of this task. I'd leave the assessment to the professors.
Thanks to the steemit team for this wonderful learning opportunity once again. It's been nice so far, I'm forever grateful.
Thanks for reading my write up and thanks for your support
Thanks for curating my content :)
NB - all images used in the above post are gotten from just swap unless otherwise stated
Hello @doppley,
Thank you for participating in the 5th Week Crypto Course in its 4th season and for your efforts to complete the suggested tasks, you deserve a Total|6/10 rating, according to the following scale:
My review :
Generally acceptable work in which you succeeded in answering some questions and did not delve into other answers.
The importance of the platform in TRON ecosystem has not been well demonstrated.
In determining the price of the JustSwap token, you are asked to provide your own illustration to explain it.
Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01
Alright thanks :)