" [Defi Product] - Crypto Academy / S4W8- Homework Post for @reminiscence01".

Hello noble minds,
I am glad to be among the participants of the 8th week of the steemit crypto academy and with joy in my heart, I welcome you, and I assure you that you will enjoy it.

This week we shall be discussing on the topic "Defi Product".
In this topic, we shall be exploring the definition of Defi Product, it's advantages and many more of it's characteristics.

Please follow along as usual as we dive into this topic fully, we do this by examining the first question;

1a)
IN YOUR OWN WORDS, EXPLAIN DEFI PRODUCTS AND HOW IT IS SHAPING THE PRESENT-DAY FINANCE.

To gain the main gist of Defi Product, we need to first understand what Defi means.

Defi which is an acronym for Decentralized finance is a form of finance that is built under a blockchain technology, and it doesn't depends on any centralized authority to act as intermediary for financial transactions.

It mostly makes use of smart contract built on the blockchain technology

Defi platform provides crypto users with the opportunity to borrow or lend funds, trade cryptocurrency and wealth management.
It also helps traders to insure against risk and make profits.

The decentralized application that runs on a blockchain technology is relied upon by Defi.

These blockchain technology was first initiated by Bitcoin, and from then onwards, it has been used by different platforms.

It is also good to note that transactions in a Defi are made directly between two crypto users without the interference of the third party.

Unlike the Decentralization of currencies using BTC, Defi aims at opening a financial service open to all, in which it's users needs no permission to carryout financial transactions.

Now Defi Product happens to be the tools used in a Defi system to aid the accomplishment of the goal of a Defi system.

Defi products are widely available to anyone with an access to the internet, and it is mostly sustained by users.

From history, millions of people have used and are still making use of the Defi products, in a sense, cryptocurrencies worth billions of dollars have passed through the Defi apps.

The use of Defi products has really helped our financial system today in so many ways.
It has help it's users to have maximum control over their funds and it has also help to prevent the financial crisis that erupted in 2008.

Defi products, also assures users today of absolute security of funds.

(1b)
EXPLAIN THE BENEFITS OF DEFI PRODUCTS TO CRYPTO USERS.

There are numerous benefits of Defi products, below are a few;

• IMMUTABILITY:
  Defi products attains through immutability through the smart use of consensus algorithm.

This inturn guarantees the impossibility in the manipulation of the system.

In a sense, it is impossible to remove a transaction from a Defi system once it has been carried out.

• SECURITY:
  Being built using a blockchain technology is enough guarantee of it's level of security.

The Defi apps are very difficult to hack as it runs on a decentralized system.

• TRANSPARENCY:
  As popularly known, associated with a Decentralized system is it's transparency.

All activities recorded on a Defi app is open to everyone, and it can be monitored by all.
With this, it is impossible to hide any transaction once it has been verified.

• PERMISSIONLESS:
  Just as is the aim of Defi system, a Defi app is open to all who have access to the internet.
  The Defi app provides equal financial services to all irrespective of age, experience, and net worth.

It doesn't require a special permission to make use of a Defi system, and to perform transactions on it.

• DECENTRALIZATION:
  Decentralization as we all know, is the freedom from the control of a central unit.

A Defi app/Product runs on a Decentralized system, so in a sense, users are in full control over their funds.
They wish to do as they please with their funds without being queried.

• LACK OF INTERMEDIARY:
  The Defi products runs transactions without the interference of a middle man, and this, in a sense, reduces the cost of transaction.

The absence of middlemen also helps to aid speed in financial transactions.

There are numerous importance of the Defi system to our financial world today, but the above are the few I'll mention.

Here are some differences between Defi and traditional finance.

DEFI	TRADITIONAL
Users are in full control over funds	Users funds are being controlled by a central unit
Quick transfer of funds	Transfer of funds may take couple of minutes
It is open to all	It is open to registered members
Protection of identity when making transfers	Identity is tightly coupled with all transactions
All transaction is open to the public	Transactions are hidden from the public

Having examined this section of the task, please hang along as we consider the next.

DISCUSS ANY DEX PROJECT BUILT ON THE FOLLOWING NETWORK.

• BINANCE SMART CHAIN
• TRON BLOCKCHAIN

Source

As seen above, their are several Dex project built on the binance smart chain.
I will be discussing on the highest ranked which is the most popular, it is pancake swap.

Source

Pancake swap can be referred to as an automated market maker that gives room for the easy swapping/exchange of tokens on the binance smart chain network.

Pancake swap is not selective in terms of it's users, it allows all to partake in the exchange of tokens.

Pancake swap give traders the opportunity to trade also, as it happens to be the leading decentralized exchange with the highest market trading volume on pancakeswap.

It also helps users to make transactions at a very low or sometimes no fees.
When compared to the Ethereum blockchain, we would see that it is cheaper to run transactions on BSC using pancake swap.

Pancake swap gives traders 100% percent control over funds, unlike Centralized exchanges.

There's also this interesting activity done on pancakeswap, it is called the win.

It is a game open to all where participants that emerges as winner earn something big.
One can also earn BNB by actually predicting correctly the next price move of BNB.

Pancake swap makes earning money fun and easy.

Below are some screenshots I got from exploring the pancakeswap.

When I visited the site the below appeared

Source

The above screenshot is the enables onebto swap from a token to any other token, all a user need to do is to input the tokens he is swapping to.

The pancake swap is of two versions, the old which is labeled v1 and the new labelled v2.

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Pancake swap, also made it possible to adjust the slippage tolerance of a transaction.

As seen above, the higher the speed of transaction the higher the fees.

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A user needs to connect his pancakeswap to any of the wallet shown above, those wallet help to store the tokens once it has been transferred.

In our later discussion, we will learn how to make use of trust wallet.

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As I earlier explained, pancakeswap give opportunity for the earning of tokens, and this can be done through the farm or pool methods.

Below are screenshots to show how it is like and how it operates

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Below are examples of farm tokens that can be earned.

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Below is a screenshot of a preview of the pool method

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There exists the win features too, where one wins by guessing right the next price move of BNB, below are screenshots of it's platform

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Source

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Here are screenshots of it's lottery platform, where you win by getting a ticket

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We also have the NFTS, below are screenshots to their platform on pancakeswap

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The above screenshots have been explained before the Screenshot were given.

TRON BLOCKCHAIN

There are numerous Dex project built on the Tron blockchain, for example;

• Justswap
• Kraftly
• Luminous
• Wink.

For the sake of this lecture, I will be discussing on justswap.

Justswap is an exchange used for swapping trc-20 related tokens.
In justswap, all fees generated goes to liquidity providers of the protocol instead of going to the protocol itself.

This serves as a guarantee of full Security, below are screenshots from justswap.

^{Screenshot from justswap}

Justswap contain features like that of pancakeswap, the above screenshot depicts the stage where one can easily swap from a token to another on trc-20 network.

^{Screenshot from justswap</sup}

From the above Screenshot, it is seen that we can set our slippage rate, and this is necessary to carryout a successful transaction.

If the Slippage rate happens to be lower than supposed, it might lead to lost of funds or an unsuccessful transaction.

Here's also another feature of justswap, it's a mining feature.
This mining feature comes with some rules.

^{Screenshot from justswap}

Below are some major features on justswap

^{SCREENSHOT FROM JUSTSWAP}
All features seen above has distinct functions.

^{SCREENSHOT FROM JUSTSWAP}
Here's the graphically summary of it's liquidity.

^{SCREENSHOT FROM JUSTSWAP}
We can also swap from TRX to WTRX , this can be seen above.
Really there are lots of adventure to make on justswap and I encourage all to do so , as they are fun to explore.

Having done this, shall we proceed to the next task

IN THE DEX PROJECTS MENTIONED IN QUESTION 3, GIVE A DETAILED ILLUSTRATION OF HOW TO SWAP CRYPTOCURRENCIES BY SWAPPING ANY CRYPTO ASSET OF YOUR CHOICE. SHOW PROOF OF TRANSACTION FROM BLOCK EXPLORER.

To participate on this, I visited my trust wallet

^{SCREENSHOT FROM TRUST WALLET}

And I clicked on dapps icon below the wallet

^{SCREENSHOT FROM TRUST WALLET}

After clicking on dapps, I clicked on pancakeswap

^{SCREENSHOT FROM TRUST WALLET}

After I clicked on pancakeswap, the below appeared and I proceeded to swap my tokens

^{SCREENSHOT FROM TRUST WALLET}

^{SCREENSHOT FROM TRUST WALLET}

I swapped 0.0001 BNB smart chain for 249107 safemars token as seen above.

I then proceeded to confirm the swapping, and I got the following screenshots

^{SCREENSHOT FROM TRUST WALLET}

^{SCREENSHOT FROM TRUST WALLET}

I then proceeded to approve the transaction from my trust wallet and I went to confirm if the token has reflected, and it did reflect.

^{SCREENSHOT FROM TRUST WALLET}

Here's the transaction hash to confirm my transaction.

From the above, it shows that I had successfully swapped tokens on pancakeswap.

Having done that, I proceed to carryout swap on justswap.

I did this by visiting my tronlink app

I then clicked on discover icon below and I then clicked on justswap

^{SCREENSHOT FROM TRONLINK APP}

After clicking on justswap, the below appeared and I then clicked on pool to add liquidity inorder to facilitate my transaction

^{SCREENSHOT FROM TRONLINK APP}

After that, I clicked on add liquidity

^{SCREENSHOT FROM TRONLINK APP}

And I proceeded to add liquidity of 10trx which was equivalent to 1.012002.

^{SCREENSHOT FROM TRONLINK APP}

I then proceeded by clicking on the confirm icon whose function was to approve the transaction

^{SCREENSHOT FROM TRONLINK APP}

^{SCREENSHOT FROM TRONLINK APP}

I now clicked on confirm again, this time around, it's function was to add liquidity to the transaction.

^{SCREENSHOT FROM TRONLINK APP}

And finally, the liquidity was added

^{SCREENSHOT FROM TRONLINK APP}

I now proceeded to swap my tokens

^{SCREENSHOT FROM TRONLINK APP}

I added the number of TRX I wanted to swap for USDT and I confirmed the required transactions

^{SCREENSHOT FROM TRONLINK APP}

^{SCREENSHOT FROM TRONLINK APP}

^{SCREENSHOT FROM TRONLINK APP}

And my swap was completed and I visited it's tronscan to get the link to my transaction.

Here's the tronscan link to my transaction.

CONCLUSION

Indeed, Defi system is taking over the financial condition of the world, and this will assist to decrease Centralization and it will give all the opportunity to have absolute control over their funds.

Also, it was indeed fun to explore the pancakeswap and justswap, as I have learnt a lot on how to swap tokens on those platforms.

I thank Prof @reminiscence01 for this lecture.
I eagerly look forward to your next lecture Prof