Crypto Academy / S4W8- Homework Post for @reminiscence01".

Hello my fellow steemians all over the world, its a fresh week for us to acquire some needful intelligence from the steemit Crypto Academy, I'm very happy to be part of this well detailed lesson that was lectured by professor @reminiscence01, Talking about **DIFI PRODUCTS**, Decentralized finance is what everyone into cryptocurrency should know well, all thanks to professor @reminiscence01 for providing such interesting topics, without waisting much of our time, I will proceed by answering all the questions in this lesson,

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Q;1a) In your own words, explain DeFi products and how it is shaping the present-day finance. b) Explain the benefits of DeFi products to crypto users.

Before taking about defi products, we hard to understand the meaning of DEFI from my own understand,

DEFI is equal to decentralised finance and it takes component of traditional finance and Decentralizes them by removing middle man and replacing them with smart contract,
A straightforward example of this is decentralizing loans and earnings interest,
Another thing about defi is about its non custodial finance where you don't need to trust a third party like a bank with your money,
non custodial means that you still hold the keys to your crypto and do not trust them with a middle man like a banker,

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DeFi products

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DeFi products are startups in the crypto space and they are created for the purpose or to induce decentralization in the financial system through rejecting the manipulation of a third-party collaboration in exploring financial services.
DeFi products offers its users the space or allows them to access all they want through making a way into financial services and its systems security is very tight strong, so all customers asset are save in it system,

Why you might consider using DeFi products or services,
Decentralised finance is all about building more complex financial systems on top of the blockchain and enabling them to work with that store value which is the currency and the payment system, the cool thing is that the blockchain support smart contract and it enables you to interact with money and empower you to participate in things like loans, collateralized debt and fundraising, All this being outside the traditional banking system,

What most people do in decentralised finance
Ecosystem, what they do most is borrowing money and supplying money to earn interest,
Well borrowing money in defi is not the same thing as borrowing money from your bank where you essentially bring future cash flow to today,

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b) Explain the benefits of DeFi products to crypto users.

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Like I said earlier about this DeFi products,
That decentralised finance products are dependable and its also easy to access, the best part of it is that it doesn't require the attention of a third-party, which is the bank, I will now proceed by telling us the benefits is this defi products,

• Q;b1} Transparency;
  all transactions in decentralised finance are widely open so every user can easily access them, due to the fact that all transactions are being recorded or taped in the blockchain,

• Q;b2} Permissionless:
  The defi products are produced in a way that ever user has the ability to access every thing,
  And there's no form of restrictions to its users
  And its not the same with the traditional system, before you run or process any transactions, you must undergo a verification process,

• Q;b3} Low Cost:
  Due to the fact that there's no middle man or a third-party manipulation, the defi products pocess low cost in fees and it also elevates its speed of transactions, all thanks to blockchain network for making this possible,

• Q;b4} Decentralisation:
  In the case of traditional financial system, the financial institutions, banks and brokers, these three serves as a third-party or the middle man in any transactions, for this reason, before any transactions must successful, it must be approved by the third party or middle authority, and this is what cause the reduction of speed in transactions,
  However it's not like that on defi products,
  There's no middle authority and only you have access to your personal informations,

Q;2} Discuss any DEX project built on the following network.Binance Smart ChainTron Blockchain

Firstly we have to know what DEX is before going to the main question, DEX Which stands for decentralised exchange,a dex is an asset exchange that is inherently decentralised, traditionally, exchanges have been run by centralised companies, In dex no central authority has any power over it system,

In this question i will like to choose Pancakeswap due to the fact that its somehow popular and it is also constructed with a Smart Binance chain and it is also a DeFi trade system that permits all it's customers so that they can swap their digital assets and tokens at a totally high speed with much less fees Charges with out even undergoing a middle authority,

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Pancakeswap

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Pancakeswap is an AMM deck built on the binance smart chain, it was created by a team of anonymous developers in September 2020, the only funding Pancake swap received seems to have come from binance as part of their 100 million dollars Defi accelerator fund on the binance smart chain,

Pancakeswap received as much as 2.5 million dollars from binance as part of binance ever first group quote in liquidity support with d5 protocols on October 2020, and it was followed up by another two hundred and fourthy thousand dollars from binance in liquidity support and rewards on month later. Pancakeswap permits us to swap Tokens and passive income by providing and even stake coins to earn more rewards,I will explore some features

Let's check how it works by exploring some important features of the Pancakeswap,

According to my research I was able to find out that PancakeSwap permits gaming experience for example if a casino item can permit customers to purchase a price tag with the hopes of gaining huge number of Cake in return due to the fact that the DEX can be selling a severa bunny-subject of NFTs, Let's look into Pancakeswap 👇

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From the screenshot I made above you can clearly see that PancakeSwap enables us to swap any kinds is cryptocurrency, and the best part of it is that there's no middle authority involved in transactions there's, and users also get their own percentage through the liquidity pool, any time their token is been staked,

Let's look at the gaining or earn part

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With the help PancakeSwap many user earner gain much useful benefits without the control of the middle authority, and it also enables user to stake or lock their assets for some period of time, particularly through the farming liquidity pools, to gain massive profit,

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You can also play lottery on Pancakeswap to win more,

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When you click on the NFT icon there you will see a series of gadgets right there with their different volumes and rates,

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It's so clear as we can detect developers
direct in the Binance Smart Blockchain due to the fact of its stady high speed and low cost in transactions as similar to that of Ethereum, 24 hours transaction of PancakeSwap is over
4 billion, like I said it's within a day, The binance decentralised application will attract a lot users in the future, if it actually continues to add up at this current rate,When Ethereum is acquiring alot of charges plus gass fees, with that I'm very sure that the Pancakeswap may be very extraordinarily powerful at some point of exchanges in the future due to the fact many customers will bounce into using it for his or her cryptocurrencies swap,

Q;3} : aIn 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. (Screenshots needed)

For me to executive this task I have to make use of my TronLink wallet to perform this operations,
The image blow shows my TronLink wallet and all required details, both my tron balance,

You have to check your balance to know if you are ready for the swap, then if you are set,
You will see the [swap icon] then click on it.

As I'm swapping tron to usdt, I have to choose or input the amount of tron I wish to swap, after that I will now click on instant swap icon,

After clicking on the instant swap icon, it will require me to confirm the transaction by entering my password,

After confirming my password, I have to go to back to my home page to confirm if my sway was successful, as you can see, it was indeed successful,

For me to complete the transaction, I will now click on the last icon at down part of this home page {my}, then click on history,

As you can see from the screenshot below the transaction was really successful,

For me to prove that this transaction was actually successful, I have to login or visit Tronscan.com from my tronscan .com you can see that the transaction was really successful, all details is complete,

CONCLUSION

All thanks the for the creation of blockchain, making DeFi products was a great thing, And the best part of it is that decentralised finance products are dependable and its also easy to access, Another best part of it is that it doesn't require the attention of a third-party, which is the bank,
Honestly this lecture was so educative for, all thanks to professor @reminiscence01 for this smooth educative lecture,