Crypto Academy | Season 4 Week 5. Homework Post for |@kouba01| - JustSwap
Hi buddies and welcome to week 5, season 4. It is my honour to go through the lectures of our dear professor @kouba01 on JustSwap and I will be taking the homework here.
Question 1. Present the Just Swap platform in your own way, demonstrating its importance within the Tron ecosystem blockchain.
Since the introduction of Blockchain, we have seen massive improvements being made and we have also seen quite a number of Blockchains being created. Here, we will look at a particular Blockchain project that is built on the TRON network, and that is the JustSwap.
Introduction To JustSwap
JustSwap is a decentralized trading protocol that is built on the TRON (TRX) network for the provision of automated liquidity which also provides open financial market for users. In other words, JustSwap allows users to trade TRC20 and TRX Tokens. Simply put: JustSwap is a DeFi platform specifically created to enable users perform activities like trading and liquidity provision in the TRON ecosystem.
For the uninitiated, TRON (the ecosystem on which JustSwap is created) was launched in the year 2018 as a smart contract platform based on the Blockchain technology that facilitates the building of decentralized apps (DApps). As a matter of fact, JustSwap is the first ever DEX (Decentralized Exchange) platform that is built on TRON. There are many things that have made JustSwap uniquely different and have distinguished it from similar other platforms and we will take a look at them.
Unique Features of JustSwap
1. Unlimited Liquidity: The importance of liquidity in DEX cannot be overemphasized. The creators of JustSwap understood this and have made provision in which unlimited liquidity is provided to enable users to seamlessly utilise the platform.
2. Easy Availability: JustSwap has become widely and easily accessible and has maintained a very fair and open financial market for TRON users.
3. Instant Exchange: JustSwap allows its users to instantly swap or exchange their TRC20 tokens without market barriers.
4. Convenience And User-friendliness: The interface of JustSwap has been tailored down with ease, to enable even new users to easily work their way through the platform with convenience.
5. Increased Profitability: Liquidity providers earn from the processing fees as a remuneration for providing liquidity.
Advantages/importance of JustSwap to the TRON ecosystem
Since the launch of JustSwap, it has seen increasing user-base because of its numerous importance and advantages to the TRON ecosystem, these include:
1. No order match delays: When a trade is initiated, you will not have to for orders to be matched before the trade is executed, it is executed instantly using automated market. As at the time of making this post, JustSwap has a 24hrs trading volume of $25,798,931.26.
2. Token Bridge: JustSwap has also blazed the trail for being the first TRON-based project to provide a Bridge Oracle which will allow for external data (third-party data) to be incorporated into TRON network. With this, other decentralized projects can build their DApps and DAOs on it.
3. Compatible with TRX wallets: JustSwap has compatibility with commonly used TRONLink Wallet.
Question 2. What tokens does JustSwap support trading? How is the price of a JustSwap token determined (how it works)? Use an illustration to explain it.(screenshot required).
The tokens supported in JustSwap are TRX and TRC20 tokens because the platform is built on TRON network. These tokens include; but not limited to; TRX, SUN, WBTC, JST, USDJ, LIVE, DICE, WIN, SUNOLD. As shown in the screenshot below. More so custom TRX tokens can also be added using the contract address.
Principles and practice of JustSwap - How is price determined?
In JustSwap, there is no centralized authority or any third-party interference as related to pricing. The service provided by JustSwap is entirely based on smart contracts which is the major driving force of price determination. More so, the price valuation takes into consideration the number of tokens that is contained in each pool with a contract function that is based on the principle of "x*y=k". Now let us look at the meaning of this:
- X represents token 1
- Y represents token 2
- K is known as the constant of proportionality
This means that when a token swap is made, an equivalent number of token is replaced by another one because, from the above smart contract equation, K should be constant. Now, this will lead to the determination of pricing in relative to this. This smart contract holds true for the swapping between 2 TRC20 tokens or between TRC20 and TRX tokens.
Trading fees and transparency
Conversation in JustSwap is done with ease and with maximum transparency to increase user experience. The trading fee has been pegged in a minimal fee of 0.3% which is still returned back to the providers of the liquidity. This has resulted in a platform with a combination of transparency, user experience, and security.
Furthermore, with the removal of matching orders in JustSwap, users will not be worried about third-party interference on their trading activities - thus, increasing the transparency of the platform.
Question 3. How do I connect my wallet to JustSwap.io? Is there a mobile app? (Screenshots needed).
JustSwap has a Chrome extension plug-in for PC users. But for the purpose of this homework, we will be using the Mobile platform. However, JustSwap does not support just any type of mobile browser as shown in the screenshot below.
In view of this, we will be installing the TRONLink mobile app. Using this app, connection and interaction can be facilitated with JustSwap.io. TRONLink can be gotten from https://www.tronlink.org or from playstore/Apple Store for Android and iPhone users.
I have installed the TRONLink App on my mobile and for the sake of this homework, I will transfer 70 TRX which I will be using for transactions.
Now let us look at how to connect JustSwap.io to wallet (here we are using TRONLink mobile wallet). The first step you have to take is to go to the DApp browser of the wallet and select "JustSwap" but in case you cannot locate it, you can manually input https://justswap.io.
Once the JustSwap has loaded, you will see a button for "connect wallet," you have to click it to connect JustSwap to the wallet if it did not connect automatically.
Once the wallet is connected, you can now see the balance of the wallet from the JustSwap platform.
Note: All these were done with the Mobile TRONLink wallet, and connected to JustSwap. PC users will need to install TRONLink chrome extension.
Question 4. Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform. (screenshots required).
Here, I will perform a real interaction with JustSwap with part of the 70 TRX I had initially transferred to my TRONLink wallet.
Step 1: You will need to connect JustSwap to your wallet, which we have shown earlier. Then we will move over to step 2.
Step 2: You will select the tokens you want to swap. Here, I will swap some TRX to USDT. It is worthy to note that the pricing is totally automated, so we just need to enter the token and the quantity to swap. I will swap 40 TRX to USDT.
- Step 3: After you have inputed the token and quantity and had clicked on "swap," it will lead you to the interface where you will confirm the transaction in order for the exchange to be initiated. You will then click on "confirm swap" button in order for you to proceed.
Once this step is passed, you will then need to authorised the transaction.
- Step 4: There is an added layer of security which you need to pass. So you will need to authorise the transaction by clicking on "continue."
- Step 5a: After you have passed the authorisation stage, you will then be directed where you will do the final confirmation of the transaction.
- Step 5b: Once the confirmation is made, the transaction will be executed. Here, we have successfully executed our swap of 40 TRX to 3.67 USDT. The transaction is completed.
Question 5. Include a real example of your interaction with Just Swap, explain How to add liquidity to JustSwap. (screenshot required).
Here, I will lead you through the step-by-step approach to provide liquidity in JustSwap. First of all, click on "LP Pools" from the menu options.
- Step 1: You will need to select the Liquidity Pool of your choice and then add the liquidity. Here, I will select the "USDT-TRX LP."
- Step 2: You will input the quantity of each token you want. This will be TRX and USDT in this particular pair. Here I will select 15 TRX and it will give me the complementary USDT value, which is 1.36 USDT. After which you will click on "supply."
- Step 3: Once you have clicked on "supply," you will need to confirm it by clicking on "confirm supply."
- Step 4a: After you have click on "confirm supply," you will need confirm the transaction from your wallet portfolio. By clicking on "confirm," the transaction will be signed.
- Step 4b: After the confirmation has been made, you will receive a notification indicating that the liquidity has been added.
Conclusion
JustSwap is a decentralized trading protocol that is built on the TRON (TRX) network for the provision of automated liquidity which also provides open financial market for TRX and TRC20 tokens.
There are many features that have distinguished JustSwap and we have seen them. We have also shown some real interactions within JustSwap and how to exchange tokens and add liquidity.
From this, you will notice that JustSwap is easy to interact with and the interface is very user-friendly. More so, the fees are also transparent and very minimal which, of course, users will find attractive.
Thanks all for reading, and special appreciation to @kouba01.
Thanks for reading
Hello @samminator,
Thank you for participating in the 5th Week Crypto Course in its 4th season and for your efforts to complete the suggested tasks, you deserve a Total|8.25/10 rating, according to the following scale:
My review :
Good content in which you tried to implement what was asked of you to explain it with distinction. Here are some notes I give you.
The importance of the platform in TRON ecosystem has not been well demonstrated.
In your explanation of how JustSwap works, you are asked to prepare an illustration.
Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01
Thanks for the review buddy.
That's right. But you can still arrive at the "Pool" from the "LP Pools" route, though it is bit long and complex.
Thanks for the review buddy