Decentralized Borrowing & Lending (A JustLend Review) by @swaylee

_{image made using Canva}

Greetings Everyone,
I welcome you all to my blog and today we shall be looking at another blockbuster post from the Tron blockchain. The name of the dApp we would be looking at today goes by the name JustLend and I'm sure we must have all heard about it from one time to another. I shall be showing y'all how to borrow and how to supply token for lending on the platform and for this it would be really helpful if we all had the Tronlink pro wallet. If we don't have it, we can download it through the link in the course of this post. Let's have a look.

Borrowing or lending is never a new thing. I'm pretty sure it goes as far back to when man started communicating. You give someone your shirt to be returned at a later date, you are lending it to him. You collect someone's shirt for a small period of time to return it later, you are borrowing it. Now when it comes to money borrowing and lending, the first thing that comes to your mind is the Centralized banking system where the bank makes use of people's deposit to give out loans to the public at very high interest rate then give the deposits peanuts compared to the interest they gained. The decentralized system decided to up their game and remove banks centralization by making theirs.

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This is simply a situation where one gives out a specified amount of a cryptocurrency to the borrowing party which is to be paid back by the borrowing party with interest as stated in the agreement. Just borrowing like that without collateral would make the borrowing party easily run away with the funds scot free so inorder to take loans in this system, you would have to lock up some of your funds as collateral incase you are not able to pay back.

I swapped some of my TRX to other BTT and JST for this post inorder to give a small tutorial on how to borrow and lend using the popular Tron blockchain decentralized app, JustLend. I have written at length about the dApp in a previous post so incase you want to know alittle about it, I can refer you to the post. It is just before the conclusion of the post.

screenshot from Tronlink pro app and editted using Canva.

Using the approved Tron blockchain application Tronlink pro, enter the app and click on the third icon as indicated in the first screenshot. It would take you to the dApp section where you would see JustLend. Click on it and you would come across something that looks like the third screenshot. That's the Home Page.

in the home screen, scroll down and click on the currency you want to lend	you would be asked to approve JST of which you are to click the approve button

for security purposes, you would see this so click continue	here is the confirmation screen, so you press confirm

After this step you would be asked to include your password to finalize the transaction then trust Tron with it's high speed it would be completed in no time. Once it is finalized, you would be given the space to put how much JST you want to borrow.

put down the amount of JST you want to supply and supply.	you would confirm the details and finalize the transaction.

Unfortunately, inorder to perform this transaction, you need a large deal of energy unless the fees would fall on your Tron balance. If you want to know how to stake TRX for either energy or bandwidth, refer to an earlier post I made in the past.

Borrowing at Subsidized Rates: Unlike borrowing from a centralized exchange, JustLend gives the borrowing party funds at a very subsidized rate simply put their interest on loans are lower than that of centralized exchanges.

Higher APY: from the screenshot above you can see that the APY (Annual Percentage Yield) is quite high for supplying currencies to the pool so if you have a large amount of TRX or TRC tokens you are not using at the moment, you can supply them for a nice stream of yearly income.

Very Fast and Easy borrowing and supplying process: the centralized system makes everything annoying even depositing money in the bank. You would have to stand in line for hours till it's your turn but here with clicking a few buttons coupled with the speed the Tron blockchain has to offer, you can do all this in seconds.

A large variety of currencies to choose from: When you want to borrow or supply, you are given 13 different crypto currencies to choose from and as time goes on they keep adding more cryptocurrencies so you have alot to choose from when you want to supply to the pool or when you want to borrow from the pool.

Transactions are easy to carry out: borrowing with a Centralized exchange like a bank for instance where you would have to come with several documents and a huge amount of collateral and go through a painstaking process of borrowing before the funds can be made available to them whereas on justlend you can complete the borrowing process easily under 2 minutes.

Allows you to partake in the governing process: for users holding their governing token (JST), they can use them to partake in the decision making process of the platform. Those holding JST can also vote for proposals of people who want to arrive at a decision. For example I want them to list Litecoin in the borrowing and supplying pool, I would use JST to put up a proposal and people would use JST to vote for it if they support the idea.

For all those just hearing of This amazing platform for the first time. I hope I've been able to educate you all on the benefits of using this platform and what you stand to gain from supplying your TRC tokens to the pool. For those who might want to supply, I have simplified it by showing how it can be done. Thanks for reading

[10% to @tron-fan-club]
[All images used in this publication were screenshots taken of the authors account on his android device]