Crypto Academy Season 2 Week 3 – Homework Post for @sapwood | JustLend: Tron’s Lending Platform
Hi everyone, it’s another promising day for all steemians. I’m excited to have finally completed the assignment given by professor @sapwood over the weekend. The tasks involve using the JustLend platform and experimenting with its services.
JustLend Markets
When you open the website, you’d notice the markets on the homepage. There’s the TRX market, USDT market, BTC market, ETH market, SUN market, JUST market, USDJ market, WBTT market and last but not the least, the WIN market. From the screenshot above, WIN has the best supply rate of 16.99%, closely followed by SUN with a supply rate of 16.78%. On the other hand, USDJ has the lowest borrow rate of 0.69%, and is followed by USDT with a borrow rate of 1.8%.
Hence, for the purpose of this article, I’d be supplying TRX and borrowing USDJ since it has the lowest borrow rate.
How to Connect a Tron Wallet to JustLend
You can connect a tron wallet to JustLend with the aid of web extensions and wallet apps with dApp browsers. I used the SafePal Wallet dApp browser to connect my tron wallet to the JsutLend website. The Trust Wallet dApp browser can also be used to connect the wallet to the website.
I like to keep tokens that I’m not trading in a wallet, so I felt using that wallet would simply be best for me.
How to Supply tokens on JustLend
One way to make money on the website or to supply tokens. As mentioned earlier, when you simply tokens with high APY, you’d earn interest on the amount you supplied.
In order to supply token, simply click on the token that you’d like to supply and input the amount. In my case, I select TRX because I had transferred TRX tokens from my Binance account to Trust Wallet.
You’d receive a confirmation notice. Simply confirm and wait for the transaction to process.
After confirming the transaction, you’d receive a notification.
How to acquire jTokens on JustLend
In order to acquire tokens on the platform, you have to supply your tokens. After supplying, simply click on the button to turn on the amount that you supplied to be used as collateral.
As soon as you confirm that it should be used as collateral, you’d be given some jTokens.
Initially, I was unable to confirm that the amount I supplied should be used as collateral, because I did not have sufficient TRX remaining.
Screenshot from Binance
I had to transfer $10 worth of TRX to my wallet, so transaction charges can be deducted from the amount.
After confirming, I was given 8,997 jTokens. There’s a warning on the website that the JTokens should not be transferred to another wallet as it is the proof of your transaction.
The screenshots above shows that the button to use the funds supplied as collateral have been successfully turned on.
How do you collateralize jTokens to borrow another asset?
Select the market.
Since I want a token with a low borrow rate, I chose to borrow USDJ. I simply click on the borrow button on USDJ and borrow an amount a little below the safe max recommendation.
Like with any transaction on the platform, you have to confirm. As soon at it is successful, you’d get a notification.
The amount supplied and borrowed can be seen in the screenshot above. The TRX initially supplied serves as collateral for the USDJ tokens that I just borrowed.
According to the website, my risk is currently 77.31 – High Risk. It appears that the lower the amount that is borrowed in proportion to the collateral used, the lower the risk. Hence, if I had borrowed a lower amount, my risk wouldn’t be tagged as “high.”
How to Repay a Loan
The process to repay a loan is very similar to that of borrowing. First you need to approve the token.
Then, I simply inputed the amount that I initially borrowed.
There’s also a need for confirmation. So, I proceed to confirm the repayment of amount borrowed.
From the screenshot, you can see that I’m not longer owing the platform.
Conclusion
It has been an interesting task experimenting the platform with tokens, and seeing how it works. I can finally say I have borrowed money from a DeFi project now! :) It’s a smooth process, the transactions were fast and the platform was easy to use.
The only drawback I’d say I encountered on the platform is the high confirmation costs. The total amount in my wallet for the task was around 180 TRX, due to the charges it currently falls below 120 TRX. Nevertheless, it was interesting task and I enjoyed every step. The DeFi ecosystem would definitely continue to grow.
Once again, thanks to everyone for reading. Thanks to professor @sapwood for amazing assignment.
Same thig I also face,after Transferring some I finish my remaining Tasks.
I also agree with you. For complete Trasaction I also loose around 60 TRX its very bad,but compare other Defi lending platforms,Its price is reasonable.
Nice presentation from you. Take care.