Tron Ecosystem - Steemit Crypto Academy Season 5 - Homework post for Task 1 by @nokas
I am excited and glad to have qualified for the crypto academy and to benefit from the vast knowledge from an array of renowned professors. I am grateful to SteamAlive Community and the Greeter team.
I feel happy to be starting this introductory class with Professor Sapwood. Of the three questions asked, I will be attempting the second question.
Tron is a decentralized blockchain founded
by Justin Sun in 2017 that aims to offer an underlying infrastructure of decentralized application.
Many operations may be carried out through the Tron blockchain including Decentralized Applications(DApp), staking, voting, etc.
TRX is the official and first token of the TRON Network created to reward content creators and made to be unique and distinct from other Social networks such as Facebook and WhatsApp.
TRX can also be used as a store of value as it is comparable to other cryptocurrencies such as Bitcoin and Ethereum.
TRON Platform offers safe, effective, and rapid means of transaction and investment opportunities to numerous users.
Question 2
(a) What are the different dApps in the Tron ecosystem are you familiar with?
I am familiar with the following dApps in the Tron ecosystem:
- Polonix DEX
Polonix DEX (Polonix Decentralised Exchange) is one of the most important DApps in the tron ecosystem developed to be used as a wallet for transactions. It is user-friendly and secure.
- Just lend
This is a decentralized platform that allows users to deposit, borrow or lend to make interest. It permits users to transact business in various markets.
- Justswap
Justswap is a TRON- based decentralized
exchange protocol for exchange between TRC20 token Justswap
- Tron Trade
It's a decentralized exchange where you buy and sell a variety of TRC I0 and TRC 20 cryptocurrencies with ease. The platform provides a safe and reliable trading experience with 24/7 customer support.
(b) what are the uses of Defi applications like Justswap, Justlend, and Sun.io?
- Justswap
Is the first-ever decentralized exchange(DEX) of the Tron network that
enables users to swap tokens (TRK, TRC20 tokens
It is also a platform for users to trade tokens with more complex features with relative ease
As decentralized finance, the platform may be used to farm cryptocurrency and trade.
- Justlend
This platform is a lending platform that enables users to deposit assets, borrow or lend from the assets. These assets may be USDT, BNB, ETH, SUN, etc.
In the arrangement, tokens may be exchanged. While the borrower borrows a token from the deposit, the lender may earn interest after lending.
- Sun.io
First integrated platform for a stable coin, swap, stake - mining and self-governance on TRON
It provides a platform for genesis mining and governance mining also known as on-chain governance.
(c) How can you optimize mining reward by staking TRX and other TRC20 tokens in sun.io Examples?
You can optimize staking TRX and TRC20 by staking mining and liquidity mining. This implies sun pool mining where TRX and TRC20 are traded against the Sun: SUN - TRX and SUN - TRC20 .
For example, a liquidity provider in Justwap with the trading pair SUN - TRX and SUN - TRC20 can further increase his LP to receive higher APY(73.2% for SUN - TRX LP)
I am happy to have completed my first task in the crypto Academy. It has been tasking but worthwhile. Many more thanks to the esteemed professor @sapwood for taking me through this interesting lesson.