Crypto Academy Season 5 Beginners' course - Task 1: Tron Ecosystem

in SteemitCryptoAcademy2 months ago

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ENTIRE QUESTION

WHAT ARE THE DIFFERENT DAPPS IN TRON ECOSYSTEM ARE YOU FAMILIAR WITH?

WHAT ARE THE USES OF DEFI APPLICATIOS LIKE JUSTSWAP, JUSTLEND AND SUN.IO?

HOW CAN YOU OPTIMIZE MINING REWARDS BY STAKING TRX AND OTHER TRC20 TOKENS IN SUN.IO? EXAMPLES?


ANSWERS


WHAT ARE THE DIFFERENT DAPPS IN TRON ECOSYSTEM ARE YOU FAMILIAR WITH?


We have different Dapps in tron ecosystem, which am about to list 3 among them which am familiar with.


USWAP


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Uswap is decentralized application based on tron ecosystem. Uswap is a decentralized exchange platform that is not controlled by any institution or bank which is established on tron tron network. Using uswap, users can be able to exchange pr trade on cryptos, also can swap cryptos.

The unique thing about uswap is that, when making use of it, you are only required to connect to your wallet like tronlink or metamask, no need of creating account and does not kyc or your address.


WINK


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Wink is a decentralized application also based on tron tron ecosystem. Wink was developed by CTO Nathan in 2014 and it's a social media platform that is decentralized which whereby users can place bet or stake with crypto asset. By placing bet or staking crypto, it require low the transaction. Wink coin is it's coin. We can visit Coinmarketcap to see it's full details. Lets look at the wink coin details from coinmarketcap.

Price$0.0008309
Rank122
Trading volume 24h$217,808,484
Marketcap$806,040,300
Fully diluted marketcap$837,585,580
Circulating supply961.74B
Volume / Market Cap0.2721

STEEMIT


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Steemit platform is another decentralized social media platform whereby it's users can blog about a particular content(quality content) and get rewarded through curating their post. Steemit platform works with steempower which allows you to perform actions in the platform, actions like (posting, resteeming and curating). The more you build your steempower, the more influence you have on steemit, also the more you voting rate increases. Steemit platform also reward its users with TRX and SBD. Below are details of steem coin from coinmarketcap.

Steem price$0.599
Rank308
Marketcap$235,941,518
Trading volume 24h$17,968,925
Fully diluted marketcap$244,529,919
Circulating supply393,892,652.24
Volume / market cap0.07725
WebsiteSteemit.com

WHAT ARE THE USES OF DEFI APPLICATIOS LIKE JUSTSWAP, JUSTLEND AND SUN.IO?


Whe we talk about Defi, it means decentralized finance, which works without any third parties or institutions like bank controlling it. This can make transactiom running on it to fast. lets Look at the Defi mentioned above (justswap, justlend and sun.io)


JUSTSWAP


Justswap is a decentralized exchange exchange under tron network network which we can exchange on cryptos by making use of TRC20 network. Justswap work on tron blockchain and can be used in swapping token. Justswap was launch on 2020. Tronlink wallet is needed, so that one can be able to start making use of justswap.

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JUSTLEND


Justlend operates using peer to peer method without involving any third party controlling it. Justlend is a lending platform under trom ecosytem, that allows it users to perform various action like, lending token, depositing token and also borrowing token.

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SUN.IO


Sun.io is a site based on tron ecosystem and is said to be the first ever platform use for swapping token (stable coin). Also, it is a cryptocurrency under tron network.

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HOW CAN YOU OPTIMIZE MINING REWARDS BY STAKING TRX AND OTHER TRC20 TOKENS IN SUN.IO? EXAMPLES?


I will shows steps on how to optimize mining rewards by staking TRX. Now before doing that you will need a tronlink wallet, so that you can connect it with sun.io. install tronlink wallet on your mobile phone. Try to import your tron account on it.

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Aftrt doing that, go to your chrome browser and click the search button, then enter "sun.io" and explore it. Click on the site. Once the hompage displays, click on that "connect wallet" there will be a pop out, asking you to connect using your tronlink wallet. Click on it.

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Then after its been connected successfully, next step is to click on "Stake". After that, select the option on "lock in to get veSUN" located at the top right of the box. So with this steps provided, you can optimize mining rewards by staking with tron.

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CONCLUSION


Professor @sapwood have made a wonderful lecture concerning the tron ecosystem which was very interesting. The lecture was well detailed and i learned from it.

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