Crypto Academy Homework for @sapwood - JustLend
Here I am giving you @sapwood my homework from your Crypto Academy Course dealing with JustLend, a Defi platform running on the Tron blockchain. It was a challenging lesson and I truly had to do lots of things I had never done before in order to succeed with my homework, but I do hope you will find my answers pleasing!
Markets on JustLend
Currently, there are nine different markets available on the JustLend website. The most popular market is the BTC market, followed by the TRX and the USDT market. You can also find Ethereum, SUN, JUST, USDJ, WBTT, and WIN on the platform. The best APY is given if you supply WIN tokens (17,53%) or SUN tokens (16,72%). The lowest borrow APY is 0,60% and this is coming with the USDJ (JUST stablecoin).
Connecting TronLink to JustLend and supplying a token!
It is really easy to get started with JustLend. All you need is to have TronLink installed in your browser. If you are a Steemit user, then this is really useful, considering that you earn TRX tokens whenever you earn Steem (SP) tokens. Make sure to have TronLink installed and have your wallet ready. Now visit the JustLend website.
Here I will become a supplier of TRX tokens. I click the Supply button. The interface will now connect with my TronLink wallet to see my balance that is available.
I decided to use 300 TRX tokens for this purpose. After I have selected the number of tokens I want to use, I click the supply button. I have to accept the contract, and then it will all be confirmed and ready within seconds (due to the incredibly fast Tron blockchain)!
As I return to the JustLend interface, I can see my 300 tokens in the system.
That was easy! I am now earning a nice APY simply by supplying Tron tokens to JustLend. But, let us take it even further!
Acquiring jTokens on JustLend
Now it is time to heat things up. In order to acquire jTokens (which is needed to borrow on the platform), I will have to change the settings of my supplied tokens and allow them to be used as collateral. For this to happen, I will click the collateral option.
When you click this, you will see a pop-up showing you how much of your tokens can be used to borrow using JustLend.
Once again, the contract is super fast, and you can return to the interface and see that the changes have taken place. You need to open your wallet, and you will see a little red dot telling you that new token(s) have arrived. Click this, and then select new assets. I see the following when I do this.
I have received almost 30,000 jTokens.
Now that I have my jTokens, I am ready to actually borrow another token on JustLend.
Borrowing a token on JustLend using my jTokens!
Now I return to the JustLend main page and I decide to borrow some USDJ tokens. I click the Borrow button and I decide to borrow the Safe Max.
Once again, as I confirm this, I have to confirm the contract (accept), and then the business has been made. I have used my collateral to get a USDJ loan.
What now?
As I maximized my loan, I am currently running it with a risk level of 80. It will be liquidated if it reaches 100, and my net APY is 4,23%. It is actually quite straightforward. And if I want to, I can even use my USDJ to supply USDJ to JustLend, and thus I will make it even more interesting. But, more about that later sometime! :)
But, instead of playing around, I decided to cancel my loan and make it all return back to normal.
Repaying and unlocking my asset!
Now it is time to finish my little experiment on JustLend (which has been very interesting)! I click the My Borrow option in the menu, select my USDJ loan, and I decide to pay it all back.
That was it. My loan has now been returned, and I am back to ground zero.
It has been a quite fantastic lesson, and I have learned a lot about how JustLend and other Defi platforms actually work. One of the greatest joys has been to see the speed of the platform, seeing that everything happens within seconds, and at no cost at all (especially compared to those who are used to do transactions on the Ethereum chain).
Thank you once again @sapwood for this challenging lesson!
Thank you for attending the lecture in Steemit-Crypto-Academy- Season 2 & doing the homework task-3.
No.
The moment you supply a token (listed in JustLend), you get jTRX tokens. When you want to borrow another token you need to collateralize it(by sliding it to YES). In that interface you see TRX, but when you slide it to YES, you actually collateralize jTRX.
That's correct, and also consider the volatile price of TRX. That is why it is advisable to keep the risk value below 50.
Your net APY is 4.23%. See you have taken a loan, yet you are earning interest! (Because the net APY is positive).
Feedback/Suggestions:-
Thank you.
Homework Task -3 accomplished.
[9]
Thanks a lot for your feedback and your fantastic mark! :)
Wow amazing work you give. Nice explanation with real exampls.
Thanks for sharing us.
Glad you found it to be useful and that you liked it. Was a lot of work, but absolutely worth it! :) Helps your understanding so much when you actually go through the hard work yourself!
Yes i understand very well. Preparing my submission too. Soon i published.