Crypto Academy Week 11 | Homework Post for @sapwood | JustLend

in SteemitCryptoAcademy3 years ago (edited)

Introduction

It's that precious time to learn again at the academy and I've learnt from professor @sapwood where the professor took us on a ride about JustLend. I will be solving the task given by the professor.

JustLend

JustLend is a market protocol that operates in the Tron cryptospace which is decentralized to allow users to supply crypto assets to different markets on the system and in return earn "Annual Yield Percentage" (APY) based on different asset's APY, and also allow users to borrow assets which can be collateralized with other assets available in the user's wallet.

What are the different Markets available in JustLend, which market offers the best Supply APY, and which market offers the lowest borrow APY?(Screenshot needed)

There are several markets available on JustLend and few of them are; TRX (Tron), USDT (Tether), ETH (Ethereum), BTC (Bitcoin) , WIN (Wink), USDJ (Just Stablecoin), JST (Just), WBTT (Wrapped BTT), SUN (SUN) and others.

SUN (SUN) has the highest Supply APY of 17.04% and USDJ (Just Stablecoin) has the lowest APY of 0.78%. Screenshot below revealed the Supply and Borrow APY.

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Highest Supply APY and Lowest Borrow APY

How do you connect TronLink Wallet to JustLend, and How do you supply a token(e.g. TRX, SUN, JST, etc) to earn Supply APY? (Screenshot Needed)

Before I can supply a token on JustLend, it's important to connect my TronLink wallet and the processes involved will be shown below.

  • Open Tronlink Wallet App.
  • Select Discover from the icons at the bottom of the page to access TronLink DApp.
  • Visit www.justlend.org/ in the DApp.
  • On JustLend landing page, connect wallet by selecting the top-right Menu icon.

iMarkup_20210427_091852.jpg
TronLink- Discover

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JustLend Navigation

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Connect wallet

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Account ready

Supplying TRX to earn 4.59% APY

Screenshot_20210427-094843.png
Markets

I will be supplying my TRX asset to earn 4.59% APY and my earnings depend on how long my asset stays in the Supply pool. The steps will follow.

  • From JustLend homepage, scroll down to see the market.
  • I selected supply on TRX.
  • Inputted the volume of TRX I am supplying (150 TRX) then hit the "Supply" button.

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Supply TRX

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Supply Value for TRX (150)

  • Now, I input my wallet password to proceed and clicked "Done".

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Process supply

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Transaction sent

The process above was successful and the supply history on my JustLend's dashboard will be shown in the screenshot below.

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My Supply record

Fred Br.png

How do you acquire jTokens, after supplying a particular token, check your TronLink Wallet and indicate how much jTokens you have acquired? (Screenshot Needed)

To acquire jTokens, then you must have supplied any of the tokens available in the JustLend market, having your TronLink Wallet connected to JustLend to carry out the supply process. After I've successfully supplied TRX on JustLend, I have the supply details on my dashboard as shown earlier. I closed my wallet and when I reopened it, I have a notification of "Add Assets" on my wallet. I checked the "Add Assets" and saw that I have received 14,995 jTRX. The screenshots below.

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Add Assets

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my jTRX

Fred Br.png

How do you collateralize jTokens to borrow another asset? Borrow any asset of your choice(e.g. USDT), you can borrow a micro amount(as little as 1 USDT), include the entire process with screenshots?

  • Visit www.justlend.org/.
  • I already have my wallet connected.
  • From the dashboard, I switched collateral to "YES". Then, I clicked "Use TRX as Collateral" having my borrow limit to be 14$ which is around 75% of my total TRX supply.
  • I inputted my password to effect the change and it was successful.
  • Now, I have collateralized my jTRX.

iMarkup_20210427_103742.jpg
Enabling collateral

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Use TRX as Collateral

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Input password

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Collateral enabled

Borrowing USDT

  • I will be borrowing USDT on JustLend.
  • Visit JustLend, scroll down to markets.
  • Select "Borrow" on USDT market.
  • I inputted 1 USDT as the amount I'm borrowing with the borrow APY 1.72%.
  • Supplied my password to proceed.
  • 1 USDT received and reflected on my JustLend dashboard.

iMarkup_20210427_105208.jpg
Borrowing USDT

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Borrowing 1 USDT

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Input password

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USDT borrowed

Fred Br.png

How much interest did you pay, under what condition it will trigger liquidation? What is the net APY in your case? What is the Account Status(Risk Value) in your case? (Screenshot Needed)

The interest to be paid on my borrowed 1 USDT is lesser than 0.01 USDT. An account tend to face liquidation if the risk level hit 80% - 100% and as such, it is advised that the user should add more collateral to keep the account safe. My account risk is just 7.08% which means I am safe at the moment.

My Net APY

I initially supplied 150 TRX getting APY of 4.59% and collateralized 75% of my jTRX (0.75 collateral factor) so that I can borrow USDT. I borrowed 1 USDT which is just 7.08% of my borrow limit and having the APY of USDT to be 1.72%. My net APY equals to 4.55% and the risk value is 7.08% which is a low risk.

iMarkup_20210427_114027.jpg
My Net APY

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Account Risk value

Fred Br.png

How do you repay & unlock your asset in JustLend?(Screenshot Needed)

How I repaid the borrowed USDT

  • Visited www.justlend.org/ through my TronLink DApp.
  • I switched to borrow on my dashboard and clicked on the asset (USDT).
  • A repay interface popped up.
  • I inputted the amount of USDT I'm repaying and I selected "Max" because I'm paying all.
  • Clicked "Repay", and supplied my password.
  • Successfully repaid the borrowed USDT. My account returned to 0 Risk value.

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Borrowed USDT

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Repay USDT

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Supplied password

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Borrowed USDT repaid- Account risk value equals 0.

How to withdraw my assets

  • From the JustLend homepage, I selected my supply.
  • Switched to "Withdraw".
  • Inputted the amount of TRX I am withdrawing and in this case, I am withdrawing all "MAX".
  • Supplied my password to proceed.
  • The transaction was successful. I have neither supply nor borrow asset on JustLend.
  • My initial 150 TRX plus fragments was returned to the TronLink wallet.

iMarkup_20210427_131804.jpg
Supply

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Withdraw

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Input password

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No available supply nor borrow assets

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Deposited TRX in my TronLink wallet

Fred Br.png

In conclusion, JustLend is a great decentralized market protocol that has made the process of lending and borrowing asset very easy. I enjoyed exploring the platform and all thanks to professor @sapwood for the wonderful lecture that enabled me to explore this far. Thank you all.

Cc: @sapwood

Written by; @fredquantum

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Wow excellent presentation. I really enjoyed a lot on stopping your post.

On using which application you Edit your Screen shots??

Thanks for appreciating the piece of work from me, I really appreciate the time spared. On the part of the App I used to provide annotations to the screenshots, its iMarkup and you can get it on Google play store. And I guess on IOS store too. Thank you once again.

Thanks for giving details. I must use this application for further needs.

Thank you so much my friend.

You are most welcome.

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