Good day prof @reminiscence01, how are you doing today? Hope you are fine☺️? Hope the disaster in our state is not affecting. I must say you never stop amazing me with your lecturing skills, i must say you are good and you deserve to be a Professor in the real world. I enjoyed your lecture sir, so therefore i believe you will enjoy my assignment.

Questions

In your own words, explain DeFi products and how it is shaping the present-day finance.

Explain the benefits of DeFi products to crypto users.

Discuss any DEX project built on the following network.

Binance Smart Chain

Tron Blockchain

In the DEX projects mentioned in question 2, 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)

Answers

In your own words, explain DeFi products and how it is shaping the present-day finance?

Before i start to discuss about DeFi products, i feel it's nice to write about or discuss DeFi to avoid confusion.

DeFi

DeFi (decentralized finance): as the name implies it is a decentralized financial system that is it is a financial services that was built in a decenterlized system where's the transactions that are made are known by only the sender and the receiver. This are financial system where the owners of the account have full authority over their account activities. Financial activities like lending, staking, liquidity.
DeFi can also be defined as Financial Project built on a Blockchain technology to solve the problem faced in a traditional finance institution. They are financial application build on a Blockchain with awesome attribute like smart contacts and Peer-To-Peer networking.

DeFi products

DeFi product are tools used in financial service built on a DeFi system, there are tools used to in a DeFi system, Used to perform financial activities like lending, swapping etc. They are designed to help users especially crypto traders, perform financially activities, without interference from third parties of any type, instead the make use of smart contacts to automatically perform activities and automatically verify transaction without cheating one party or the other party. There are built on a Peer-To-Peer network, that is transaction made on DeFi products are known to only the parties involved in the transaction.

Benefits of DeFi Products to Crypto Users

Transparent activities:
Evey Transaction that will, is and going to take place on a DeFi product, are no hidden or secret. That is every transaction is made public, that is all transactions can be seen by all user of the DeFi product by any time, the wish to check.

Security:
Due to the fact that transactions are not controlled by any admin, or any center node, the important details of a user account like keys are kept safe from third parties. As long as a key maintain confidentiality no third party can alter, change or create any transaction on a DeFi product

Smart contact:
This is the process whereby verification and other activities done by the admin of a Centralizing exchange are done automatically. All thanks to Artificial intelligence that makes use of source codes or byte codes to program systems that verify transactions and perform activities done by admin of centralized exchange, faster and easier.

Decentralisation:
All DeFi product are running on a decentralized system, meaning it means DeFi product don't have admins and center node that control activities. Here on DeFi product, owners of account are their own boss and make majority of decision made on the account.

Cheaper and faster:
Due to the fact that DeFi uses smart contacts to make transaction. The wouldn't be need employing an admin to run financial services or financial application. This would reduce the cost resulted from paying salary. Also unlike humans AI system don't get tired so easily, so therefore making Smart contact more effective, smart, fast and cheaper and efficient than traditional methods

Discuss any DEX project built on the following network.

Source

Pancake swap Isa defi product developed on Binance smart chain, its one of the most popular DeFi application known in Binance smart chain. I s a defi designed to trade and exchange assert especially BEP20 tokens.

Like other defi Pancake make use of smart contacts to verify transaction, which help increase the speed of the transaction and reduce risk of third parties interference.

Pancakes native coins is known as Cake, it is used to perform important activities like yield farming and voting

Features of pancake swap

• Yield farming:
  A trader can gain rewards on pancake swap by adding staking to support liquidity provider tokens in any of their available yield farm on pancake swap.

• Governance :
  An account owner who has cake token partake in voting to Select governance on on Binance smart chain. The higher the token an account the more Influential
  their voting power.

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Source

JustSwap

Justswap is on of the numerous DeFi project built on Tron blockchain, it also known the first decentralized exchange on the tron blockchain, which permit crypto traders to swap or exchange TRC20 tokens.

Advantage of using justswap

• It is Easy to access : justswap is open for all traders to exchange their TRC20 token, very awesome user interface.

• It permit unlimited liquidity:
  In justswap, liquidity is not limited to any amount or time, instead it's unlimited and has no restrictions. Users can perform liquidity as much as they desire.

• Instant exchange:

As a DeFi product that's is meant for exchange, it perform exchange transactions very fast, without disruptions or distraction, as long as the desired tokens are available in the DeFi product

• Security:
  it's difficult to gain unauthorized access to a DeFi product, because it is built on a Blockchain which run on a decenterlized system. Verification of transaction and other important activities are done using Smart Contact, and are not done by humans who can be biased and sell important information about the transaction

• Peer to peer:

JustSwap was built on a peer to peer network, that is it transactions are made without the help of a middle man. The transactions are only know to the two parties that performed the transaction (the sending and receiving).

Some tokens found on Justswap are:

• USDC
• WTRX
• NFT
• SUN etc.

In the DEX projects mentioned in question 2, 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)

• When you open your TronLink application
• click on discover
• click on Justswap
• Go to swap
• Select the tokens to be swapped
• then click on swap
• Then you confirm your swap
• input your password and you have successfully Swapped the token

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Conclusion

Thank you very much prof for your lecture, I have successfully known fact about about DeFi application. Hope you enjoyed it