Tron Ecosystem - Steemit Crypto Academy Season 4 - Homework Post for Task 1
Hello people, i trust you're fine and steeming, well I'm also fine. Recently I've been able to learn a lot especially from the lectures of dear prof @sapwood. To show for what I've learnt, I'll now answer the set questions as part of my tasks. Enjoy.
Here are the questions:
(2) 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?
I'll take this bit by bit till the end of the task.
Different dApps in the Tron ecosystem
There a different dApps in the tron ecosystem and the crytoverse at Large which has become very impressive as well as profitable but before going further, what are dApps?
First off, dApps is an acronym for Decentralized Applications. I have come to learn from the cryto Academy that when something is decentralized, its removed from central authority, that is no single user or computer has a higher power over others and everyone has equal power and independent decision making in the decentralized system. The same applies for the dApps. These are applications, decentralized, that are built on the Blockchain which render different services and ultimately gives the user control over the activities on the app. Simply take the name for what it is, decentralized applications.
Coming down to the Tron ecosystem and its dApps, there are quite a number of them, I'll just have to review this few; which are generally grouped as follows;
- Exchange
- Games
- Others
Exchange dApps
These includes dApps on the tron ecosystem that allows one to swap one tokem for another on the tron ecosystem so long as they are of the same family (Trc10, Trc20 etc). Generally, you can trade tokens of the Tron ecosystem using these dApps. Some notable dapps in this category includes;
Zkwrapper: This was formerly known as Justwrapper, a trading dapp, but is now upgraded to zkwrapper and independent. It allows users the following benefits; Unanimous transactions, quick transactions, untraceable transactions and the interface is fairly easy to use as well as quick.
Poloni Dex
This is a decentralized exchange of Poloniex, which is also under the tron ecosystem. It give users the following benefits; zero transaction fees, transactions transparency and safety.
Games dApps
Just as your traditional games on your phones or consoles, this is no different as there's lots of fun and knowledge to be gained, but there's more, these set of dApps allows you to mine and or earn rewards in the form of tokens while playing the games especially when you win.
- Chains arena
This contains some tokens like the soul token which you mime and earn as you play. It exists on three different Blockchain; the Eos, the teon and Ethereum.
Other dApps
This includes dapps such as Dlive btt staking which allows one to stake btt and earn about 25% from the transactions on Dlive, Tron scan, a block chain explorer of the tron ecosystem, with this dapp, you can check the transaction details on of a wallet in the tron ecosystem. Details such as the transaction hash, block hash, quantity and time stamp of a transaction can be obtained from this dapp. There's also bankroll dapp, a social gaming dapp on the tron ecosystem where one can play games on the dapp and earn credits ( one credit is equal to one trx). You can also be a lucky winner and earn from the daily randomized airdrops while you can also earn dividends.
Some Defi applications and their uses
Just Swap
This is a decentralized app on the tron ecosystem that allows one to swap tokens of the same family for one another. It has an Automatic market maker model and a user does not have to depend on the liquid of the market at any time. This AMM model has some benefits, which includes the opportunity to pool tokens and earn transaction rewards for doing so. It also make transactions faster as one doesn't depend on the liquidity to perform a swap of tokens.
Just Lend
This is another interesting Defi application. It provides a user the opportunity to borrow/lend token from the system, these tokens can be used for other activities including trading. Although you have to make available some other tokens which serves as collateral for the borrowed assets. This app creates two kind of pools the supply pool and the demand pool. The supply pool has to do with those who produces some form of liquidity to the pool and by so doing earn a floating interest based of the assets APY, while the demand pool has to do with those that borrow from the pool and therefore pays a floating interest.
Sun.io
I'll simply say that this is a Defi app that has a part of every other Defi app on the tron ecosystem. When i say a part of every other Defi app, i mean it can perform what most other Defi apps can do, such as staking, mining etc. There are different pools in this app, pools like 3LP pool, where you have to stake 3 stable coins (Tusd,Usdj and Usdt) to earn Lp tokens and there's the SUN-TRX LP pool where you'll have to provide both the sun and trx token to the pool and earn LP tokens.
Optimization of mining rewards on sun.io
There are different types of staking pool on this dapp.
One is the Stake SUN Pool(2.79% APY). This pool is flexible which means the tokens can be withdrawn at any given time without any hassle. While the other is the Stake & Lock SUN Pool(41.73% APY). Here the case is different, you'll be able to stake your coins but can not withdraw when you like until a given time, which tou must have chosen. The longer the stake, the higher the APY.
To optimize your rewards on sun.io, simply download the tron link wallet and the go over to rhe explore section and select the Sun dapp. Connect your wallet and lock stake your tokens, the longer you stake, the better the rewards.
Conclusion
Tron ecosystem is one for the future with lots of potential and non stop improvement. There's also a lot of opportunities on the ecosystem where one can learn, earn, have fun or simply do all theee.
Well that's a wrap for now, till next class. Thanks for reading through.
Sort: Trending
Loading...