Steem Cryptochallenge entry: What’s my favorite exchange?
My favorite Exchange is JustSwap and these are the reasons why I chose it.
What is JustSwap
JustSwap is a protocol for automated liquidity provision.There’s no need for making offers or matching orders, and there’s no intervention of any centralized institutions or facilities in transaction.Managed by smart contracts, each transaction pool supports token exchanges, adding liquidity etc.,and essentially maintains the function x*y=k to ensure the legitimacy of transactions.
JustSwap is fast
JustSwap is an application or exchange platform based on the Tron blockchain. The Tron Blockchain which is 100 times faster then Ethereum, and has 200 times cheaper host a anchor DeFi platform Just.
JustSwap is inexpensive
You need to pay token liquidity providers a 0.3% trading fee. For example, when you are exchanging token 1 for TRX, 0.3% of token 1 will be charged as the trading fee. 0.3% of TRX will be charged as the trading fee when exchanging TRX for token 2.
JustSwap’s “gas” is not Ethereum at $400.00 USD per token
Transactions on Tron are paid with in Energy, bandwidth which you earn everyday, so you don’t buy them, they just appear in your wallet everyday. You use them and get free refills daily, just for holding Tron and having some of it “frozen” in your Tron wallet. And if you do spend Tron on transactions it’s really, really cheap.
You can do several transactions a day for less then one tenth of a Tron Token or 1/10th of 2 cents.
Compare that to 30-60 dollars USD on Ethereum!
One dollar usd = 100 pennies
Ten dollars is 1000 pennies
Thirty dollars is 3000 pennies
Tron cost about 0.02 dollars, or 50 Tron per dollar and 1500 Tron for 30 dollars.
Tron transactions are more 1500 times cheaper then Ethereum Transactions.
JustSwap is scaleable
Third party auditors have audited the chain and found it uses less then 10% of its current transaction per second capability, which means it currently can scale up ten times during a record number of transactions. This is in contrast to Ethereum which functions near 80-90 percent of its transactional capacity on a normal day meaning it can scale up by a factor of 0.1 versus a Tron’s 10x capability. A difference of 100 times as much scaleability for a Tron. Plus Tron’s blockchain can further scale 10-100x with server and other hardware modifications at will, so no HardFork and potentially Community fracturing changes will need to be made in the future.
JustSwap is concerned about scaleability
We watched a recent announcement of a partnership with a platform dedicated to further scale ability of the Tron DeFi ecosystem. This suggests that although the Tron blockchain is currently hundreds of times faster the the world famous Ethereum blockchain, Justin Sun’s Tron Foundation looks into the future for ways to avoid the current situation on Ethereum with regard to lack of scale ability. After all when Ethereum was created it was the fastest blockchain of its time and it was more scaleable then its predecessors Litecoin and Bitcoin.
Justswap is decentralized and Democratic
JustSwap provides peer to peer trading and exchange listings for free, unpermissioned, truly democratic and decentralized. JustSwap is a decentralized exchange with TRC20 minting capabilities, which will allow multiple altcoins to participate in the DeFi anchor Just, plus be involved in other great DeFi investment tools on JustSwap, like Liquidity pools and because it’s a DEX or decentralized exchange the customers really determine what coins can be swapped there. A very democratic or market driven process. And by all indications the faster transaction time and cheaper fees on the Tron blockchain are attracting customers to the Tron DeFi ecosystem as indicated by the quick run up to one billion transactions recorded on JustSwap in the first 14 days.
JustSwap is concerned about security
We have also seen Justin Sun announce partnerships with platforms dedicated to the safe storage (cold/ off internet?) of TRC20 tokens. Justin Sun announcing partnerships with Oracle platforms, which are dedicated to monitoring market value of coins locked up as TRC20 coins in smart contracts on Just and JustSwap.
Justswap is convient.
JustSwap is linked via Tron Link to a creditdebt facility.Just a “Credit debt facility” or “cryptocurrency bank” an essential start to a DeFi ecosystem. So you have access to collateralization loans to aid your investing in liquidity pools, while you are still holding TRX.
Tron has partnered with Bitgo
This means wrapped Bitcoin and wrapped Ethereum will soon be available on JustSwap and your TronLink wallet. Which means soon you will be able to hodl your Bitcoin or Ethereum, while using them as collateral for stablecoin stocks invest in stablecoin liquidity pools, which have some of the highest yields and transactional volumes on decentralized exchanges.
Do you feel the excitement in my voice
These are the reasons JustSwap is my favorite exchange!
What do you think?
What is your favorite exchange?
Are you starting to think JustSwap is pretty good?
I hope so!