Good Day steemians, trust you are doing pretty good. This is my homework post for the first task of the fixed introductory courses. I want to appreciate professor
@sapwood for a job welldone on this course.
For the Homework given to us, I will be answering the question number 2 which is :
HOME WORK QUESTION
WHAT ARE THE DIFFERENT dAPPs IN THE TRON ECOSYSTEM ARE YOU FAMILIAR WITH ?
WHAT ARE THE USES OF DEFI APPLICATIONS LIKE JUSTSWAP, JUSTLEND, AND SUN.IO ?
HOW CAN YOU OPTIMIZE MINING REWARDS BY STAKING TRX AND OTHER TRC20 TOKENS IN SUN.IO ? EXAMPLES ?
In the Tron Ecosystem, there are different DAPPs but before talking about the ones I'm familiar with, I will like to talk briefly on the Tron Ecosystem and the DAPPs.
TRON ECOSYSTEM
Tron as a cryptocurrency was founded by a man called Justin sun, he is the CEO of Tron foundation. He is the pioneer of this great project and so far Tron has been successful. Tron was first listed on the coinmarketcap on September 13th, 2017. One of the success recorded in recent times is the acquisition of the STEEM decentralized social media platform. According to the course I read, I understand that :
Tron Blockchain is a smart contract - based platform and a decentralized one. The Tron Ecosystem also consists of products like public chain, wallet client and decentralized applications popularly known as DAPPs
WHAT ARE DAPPs ?
DAPPs is the short form of decentralized application, they function just like our mobile Apps but one distinguishing or unique difference they have is that they are run on a p2p (peer to peer network) such as the blockchain and as far as I know, no one can have total control of the DAPP network. The TRON ECOSYSTEM also has different DAPPs which has been developed. We have quite a number of them but i will be discussing about the ones I'm quite familiar with
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DAPPs IN THE TRON ECOSYSTEM
There are several DAPPs in the Tron Ecosystem, among them we have : JUSTSWAP, TRON GLADIATOR, TPUNKS, TRX HARVEST, TRONSFORMER, JUSTLEND, USWAP, WINk, TRONTRADE, POLONI DEX, SUN.IO, FORSAGE ETC. All these DAPPs are supported and can be accessed on the TronLink. From this Task course, i understood that :
TronLink is an ideal web 3.0 wallet that is compatible and seamlessly integrated, powered by the smart contract, enabling users to interact with the DAPPs.
I will love to discuss about the DAPPS I'm familiar with which are Poloni DEX, JustLend, JustSwap and TronTrade
POLONI DEX
The poloni Dex is a decentralized exchange under poloniex that was launched in 2018. They offer a lot of special features like negligble trading fees which gives crypto traders an advantage, also their withdrawal fees are quite minimal compared to other exchanges, another amazing feature they have is their flexible deposit method which permit wire transfer and credit card, not only that they also have one of the best trading view. They are one of the very best exchange site out there and their exchange facilities extends both basic trading outlets (exchange, lending etc) and Advanced trading outlets (Margin, Futures, etc)
Another juicy offer poloniex provides to traders is that they can trade with as little as 1 USDT worth crypto, hardly can you find that anywhere else.
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JUSTLEND
JustLend is a Defi powered application on the Tron blockchain, it is a decentralized lending system that helps to establish supply pool and borrow pool (fund pools). JustLend gives users the opportunity to lend, borrow, deposit and also earn interest rates. On JustLend we have 13 different market namely :TRX, USDT, USDC, JST, SUNOLD, ETH, BTC, SUN, WBTT, WIN, TUSD, USDJ, NFT, etc
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JUSTSWAP
JustSwap is the first ever decentralized exchange (DEX) or trading protocol. On this platform, one can easily exchange any Token majorly TRC20 tokens. Another amazing thing about Just Swap is that you don't need to depend on the liquidity before you can swap your TRC20 token. You will need a TronLink wallet to be able to use Justswap and connect your acct to it.
This is how the trading view of the Justswap looks like
TRONTRADE
TronTrade is a decentralized App which serves as exchange where TRC10 and TRC20 coins can be bought and sold by traders, It is a very safe trading platform. Example of TronTrade coins are TronWin, OctoCoin, Vision, Klever, 888Tron, Parsi, JUST etc.
According to
https://trontrade.io/about :
TronTrade’s goal is to be the safest, most user-friendly and reliable decentralized exchange for TRC10 and TRC20 tokens. We achieve our goals by offering a platform with high quality tokens, 24/7 technical support and a strong community focus.
The picture above is the screenshot of the trade view of the Tron Trade webpage on my mobile device
WHAT ARE THE USES OF DEFI APPLICATIONS LIKE JUSTSWAP, JUSTLEND, AND SUN.IO
Before discussing the uses of this Defi Applications, I will like to talk briefly on what Defi is
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DeFi (Decentralized Finance)
Is a system run on the decentralized blockchain technology which aims at disrupting the traditional finance world. It is usually run by decentralized Apps also known as DAPPs. I will be highlighting some uses of the Defi applications such as : JustSwap, JustLend and Sun.io
JUSTSWAP
It is used to exchange any TRC20 tokens and this exchanges are normally executed instantly. This platform also offers unlimited liquidity. Another beautiful thing about Justswap is that, they allow users to earn a transaction fee by being a liquidity provider hereby ensuring full decentralization and optimum security
The screenshot above is the market value of Justswap on the coinmarketcap.
JUSTLEND
It provides a fundpool avenue whereby both the depositor and borrower can interact with the market protocol and they either earn or pay the floating interest rate. According to an article on bulliscoming.com/justlend the strength of JustLend was discussed as follows :
Strengths of JustLend
On JustLend, tokens from the TRON family can be used as collateral for higher rewards.
An open and transparent lending environment, quick response and low fees all make it easier for users to use JustLend.
Decentralized lending in the TRON ecosystem will also inject confidence to the TRON DeFi ecosystem, and this low-risk borrowing by staking TRON assets will introduce a new way of financial management to TRON users.
Powered by the superior speed of the TRON network, JustLend is able to provide loans in seconds.
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SUN.IO
This DeFi allows users to earn a premium in the sun network through stake mining and liquidity mining, It enables users to mine TRC 20 tokens. SUN main purpose is to serve as a support system for the Tron Ecosystem.
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HOW CAN YOU OPTIMIZE MINING REWARDS BY STAKING TRX AND OTHER TRC20 TOKENS IN SUN.IO ?
In the Cryptocurrency Ecosystem, one of the ways through which users earn mining rewards is through staking. As a stakeholder, you will be rewarded with tokens.
In the year 2020, the Tron foundation came up with a staking plan for people who are holding TRX. TRX holders who participated in this staking will be able to earn SUN which was a new token. This staking feature was made available for everyone who is a holder of TRX and it can be done exclusively on the sun.io website. But to be able to stake TRX in the sun.io website, I will need a compatible TRX wallet, this is where TronLink comes In, TronLink is a compatible wallet that can serve this purpose.
Still talking about optimizing mining rewards again :
Now let's take a look at how we can stake TRX to earn SUN on sun.io using this systematic approach highlighted below :
STEP 1 :
Download and install TronLink wallet from Google playstore
STEP 2 :
After downloading the app, sign up for a new acct and log in
STEP 3 :
Transfer the amount of Trnx you you want to stake into the TronLink address.
STEP 4 :
open sun.io on the DAPP browser and connect to the wallet. After it has successfully connect, you will see something like this :
STEP 5 :
now click on stake as seen in the pic below :
STAGE 6 :
once this windows pops out, you can now input the amount of TRX you want and after that click on deposit
CONCLUSION
I really want to appreciate professor
@sapwood for coming up with this course, it has really enlightened and broadened my knowledge about the Tron Ecosystem, DAPPs, DeFi applications and staking. I will definitely build more on what have learnt in this course which will be of immense help to me in this crypto space.
