JustSwap - SteemitCryptoAcademy S4W5- Homework post [kouba01]

This is my submission for the Assignment provided by Professor @kouba01. The session was about JustSwap which is a DEX developed on Tron Blockchain.

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1. Present the Just Swap platform in your own way, demonstrating its importance within the Tron ecosystem blockchain.

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Before jumping on JustSwap let's understand what is Tron Ecosystem is. Tron is a Advance Decentralized ecosystem build on Blockchain to provide Developers from all over the world to develop Decentralized Applications (Dapps). Tron is founded by Justin Sun in the year 2017 and the ecosystem has shown very good growth so far. Tron ecosystem offers Proof of Stake (PoS), Smart contract functionality, High-scalability, High-availability & Fast transaction, Low fees. I personally use TRC20 tokens to make any transaction because it takes less time also offers very little as compared to any other blockchain.

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JustSwap is a Decentralized Exchange (DEX) built on the top of Tron Blockchain. JustSwap allows us to trade all the TRC20 tokens with respect to each other like TRX/USDT, JST/TRX, BTT/JST etc. Also, it provides opportunity to Tron holders to get some return on the Capital by providing Liquidity in the Pool where they will get 0.3% of reward on each trade on JustSwap.

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In order to provide liquidity on the Exchange, we need to select two TRC20 tokens like TRX+JST and one can get gain on their capital also you can get your money back from the Liquidity Pool anytime. This is the best thing for Tron Hodler to get Capital gain on their long-term investment.

Importance of JustSwap in Tron Ecosystem:

• Having a DEX is always a great idea for any blockchain as it allows users to Swap/Trade their tokens on the native platform rather than going on any Centralized exchange.

• It increases the User Interaction with the Tron Blockchain also helps Tron Ecosystem to grow.

• JustSwap doesn't require any kind of difficult KYC process as we can simply connect our Tron Wallet with JustSwap and trade TRC20 tokens.

• Security is an issue in the Centralized Exchanges, I will tell you about my own story, I had held NCT tokens in Bilaxy exchange and it got hacked still I have no clue where is my Hard money earnings and not even the platform is doing any kind of compensation. In such a case having a DEX is really important because you are the owner of your own tokens and you can access it using your Private key at any time.

• JustSwap also brining attention to Long term holders of Tron can participate in the Liquidity pool and can get passive income/capital from this contribution. In this case, their tokens are safe and producing some money instead of sitting idle in Wallets.

2. What tokens does JustSwap support trading? How is the price of a JustSwap token determined (how it works)? Use an illustration to explain it.

JustSwap supports most of the TRC20 tokens developed over Tron Blockchain. Apart from these tokens it also allows us to Swap with some Cross-chain tokens like BTC-TRX LP, ETH-TRX LP, LTC, etc. As per CoinGecko currently, JustSwap supports 42 Tokens and it has a total $52,077,641 24 hr volume.

There are some unverified tokens as well having low liquidity on the platform in the gray shadow.

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You can also see the Liquidity Pool from most of the popular tokens on Tron Blockchain.

How is the price of a JustSwap token determined (how it works

In Centralized exchanges they use Order book system where Buyers & Sellers offer their respecting prices and if the buying price and selling match with two parties then the Trade get completed.

In Decentralized exchanges we are not going to trade against any buyer or seller here we used to trade with the Liquidity Pool it allows us to buy/sell any tokens and the best part of it is you do not need to wait for the order match. You can see when I am buying there is the Min Amount that I will be getting no matter what and it will be deposited from the Pool.

Formula-

A*B= K

where,
A= First Token
B= Second Token
K= Constant value (The amount of tokens in the Pool)

Whenever someone starts buying more and more then this liquidity pool will charge you more and whenever you will start selling this Liquidity pool will give you less. This is how investors make money here they get the return on every transaction over the Pool. This price decides from Supply and Demand if the demand for particular tokens is increasing the price will increase vice versa.

3. How do I connect my wallet to JustSwap.io? Is there a mobile app?

I will expaling everything how we can connect TronLink wallet with JustSwap Dex and make trades.

Step-1: First we need to install TronLink extention in the browser, I will be using Brave/Chrome.
Step-2: Please click on this link- Add Tronlink to Chrome
Step-3: Now we need to click on "Add to Chrome" and you need to give the permission to add.

Step-4: Click on the Extention and setup the Tron wallet, incase if you already have TronWallet like me then you can click on Restore & simply Setup Wallet Name and login using Memonic Phrase, Private Key etc.

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Step-5: Please click here- https://justswap.io/#/home

Step-6: Click on Connect to Wallet then select TronLink Wallet.

Step-7: if you are able to see the Wallet Balance on Just swap, Congratulations you have successfully connected JustSwap with the TronLink wallet. Happy Trading :-)

4. Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform.

Once our wallet is connected with the JustSwap we can easily Swap any TRC20 token with respect to other TRC20 tokens. I will Swap TRX into JST tokens which is the platform's native tokens.

Step-1: Select the Amount of Tron that you want with other Tokens, I will swap 20 TRX with JST here.

Step-2: Once you enter the Amount of TRX you can how much JST tokens you will get with 20 TRX. You can click on the swap in order to proceed further.

Step-3: Please click on "Confirm" in order to proceed further. It helps users to avoid Swapping by mistake.

Step-4: After Confirming a new Pop-up will open from TronLink wallet and we need to click on "Sign in" to complete this transaction.

Step-5: Congratulations, the swap is completed.

Is there a mobile app?

I tried to find JustSwap app on AppStore and Playstore however there is no Mobile app is being developed for JustSwap even I can't find any information related to JustSwap app on Dex. The Justswap app you can see is different not the DEX.

We do have Mobile App for TronLink Wallet even I am using it from a long time to monitor my asset on the go and it makes management simple and easy.

5. Include a real example of your interaction with Just Swap, explain How to add liquidity to JustSwap.

Liquidity is really a great concept on Decentralized Exchanges that allows Investors/Holders to get some Capital gain on their holdings. We can earn a 0.3% commission from the pool on every transaction so if you are holding Tron in your Cold wallet then don't let it idle, you can provide liquidity and earn some money on it. On Justswap we need to provide liquidity into two TRC20 tokens, for example, if I want to provide liquidity for JST then I need to provide equal amount of any TRC20 token apart from JST. I would like to go with JST and TRX.

Step-1: Click on "Pool" Then click on "Liqudity"

Step-2: As we can see I am providing 25 JST liquidity and an equal amount of TRX too in the pool. You can see other details as well how much gain we will get after providing the liquidity. Once we are satisfied we can click on Supply Button to proceed further.

Step-3: It will ask for the double confirmation. So after approving JST we need to Sign the Contract that you are taking part in the Pool.

Step-5: Congratulations, You have successfully taken part in the Liqudity Pool.

Conclusion

JustSwap is a Decentralized Exchanges and they are really great for the Platform and here are some of the major problems that dex is solving right now. Also, they are providing an opportunity for the Holder to earn some capital gain with the help of the Liquidity Pool.

• No KYC is needed
• No Central Authority and you will owner of your own money
• Faster and safer than CEX
• Small Fee especially Blockchain like Tron.

Well, nothing is perfect so we do have some downsides as well and here it is

• No Support
• You might buy a Scam Coin
• We need to use Hot Wallet that means we need to connect our wallet with internet all the time either through a laptop, metamask, online, etc.
• We can only swap tokens of the Same blockchain
• Low liquidity can be useful and make big difference in prices.
• Open source code, the hacker may experient the code and if he finds any bug then it might lead to Attack.

Nowadays the development is on rock and we are working on the concept of Bridges to connect Cross-chain assets on a single platform. I really enjoyed doing this assignment and will look for the next session from Professor.

If you have any query then feel free to discuss with me in comment.

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Don't get Stressed, Stay Blessed.