Steemit Crypto Academy Week 11: Homework Post for Crypto professor @sapwood | JustLend
Dear, Steemians. It's another learning moment at the crypto academy. The lecture from professor @sapwood is a wonderful one and I will be working on the task associated with the lecture.
Question 1: What are the different Markets available in JustLend, which market offers the best Supply APY, and which market offers the lowest borrow APY?(Screenshot needed)
The available markets on JustLend that offers supply and borrow will be listed below:
- Tron (TRX)
- Bitcoin (BTC)
- Ethereum (ETH)
- Wrapped BTT (BTT)
- SUN (SUN)
- Just Stablecoin (USDJ)
- Tether (USDT)
- Wink (WIN)
- Just (JST)
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The market that offers the best supply APY of 16.20% is SUN (SUN) and the one that offers the lowest borrow APY of 0.73% is Just Stablecoin (USDJ). I will be giving a screenshot below to prove the claim. WIN supply APY is very close to SUN supply APY but SUN wins the race at the moment.
Markets
Question 2: How do you connect TronLink Wallet to JustLend, and How do you supply a token(e.g. TRX, SUN, JST, etc) to earn Supply APY? (Screenshot Needed)
Connecting TronLink wallet to JustLend
- Launch the Tronlink App.
- Click on Discover at the bottom of the App's interface.
- JustLend is already suggested under Popular, click on the JustLend icon to visit justlend.org
- The wallet will be connected automatically and you can see that.
How to supply any market on JustLend
- Select any market you are supplying (In my own situation, I will supply TRX).
- And choose Supply on the TRX market.
- Put the amount of TRX (in my situation, 80 TRX at 4.60% APY) you are supplying and continue by clicking Supply, put your TronLink password to complete the transaction.
- The supply transaction went through.
Question 3: How do you acquire jTokens, after supplying a particular token, check your TronLink Wallet and indicate how much jTokens you have acquired? (Screenshot Needed)
- When you supply to any market on JustLend, you will receive a certain amount of jTokens which is determined by the amount of your supply.
- If you supply TRX, you will receive jTRX and if you supply BTC, you will receive jBTC and so on.
- I have my acquired 7,997.47185389 jTRX in my TronLink wallet after supplying TRX on JustLend.
Question 4: How do you collateralize jTokens to borrow another asset? Borrow any asset of your choice(e.g. USDT), you can borrow a micro amount(as little as 1 USDT), include the entire process with screenshots?
- To collateralize my acquired jTRX, I will turn on the collateral section on my supply which was initially off.
- When you have the new page displayed, click on Use TRX for Collateral.
- Put the password to complete the transaction.
- The transaction was completed.
- To borrow with my collateralized jTRX, I will select the market I want to borrow from and click on borrow.
- I am borrowing on USDT market, 1 USDT at 1.82% APY from my borrow limit of 7.36 USD and that means I am utilizing 13.58% of my borrow limit.
- Put password to continue and the 1 USDT is successfully borrowed.
Question 5: How much interest did you pay, under what condition it will trigger liquidation? What is the net APY in your case? What is the Account Status(Risk Value) in your case? (Screenshot Needed)
As seen from the screenshot of my borrowed 1 USDT, the interest section revealed an interest < 0.01 USDT (less than 0.01 USDT).
After supplying 80 TRX, borrowed 1 USDT with my collateralized jTRX then I have my net APY equals 4.42% and my account status (risk level) equals 13.58%. My JustLend account faces liquidation if the risk level reaches 100%. I have the screenshots of my APY and account status below:
Question 6: How do you repay & unlock your asset in JustLend?(Screenshot Needed)
- To repay the borrowed asset, I have to select the market which is USDT market and click borrow.
- Move to repay on the next window.
- Paying back all borrowed USDT by selecting max.
- Click repay and Put in password to complete the repayment transaction.
Conclusion
JustLend is with no doubt a wonderful platform where users can supply to a market and earn, and also allows users borrow from any available market. This lecture brought me closer to JustLend and I appreciate crypto professor @sapwood for this opportunity.
Thank you for attending the lecture in Steemit-Crypto-Academy- Season 2 & doing the homework task-3.
The collateral factor in the TRX market is 0.75, which means you can take a loan up to a max of 75% of your asset's worth. If it is a coin other than stablecoin, then you should keep a risk value below 50% and also keep monitoring the market, because a fluctuating coin during volatile condition could very well trigger liquidation of your collateral.
Feedback/Suggestions:-
Thank you.
Homework Task -3 accomplished.
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Thank you so much professor @sapwood for the review. I look forward to learn more from you.