DeFi - Crypto Academy / S4W8- Homework Post for @reminiscence01" by @g0h4mroot.

1- In your own words, explain DeFi products and how you are shaping finances today.

Decentralized finance has emerged to eliminate the bureaucracy that exists in finance and help improve and promote a fair exchange between 2 parties, without the need for intermediaries.

Through a defi a direct exchange is made between 2 parties without waiting for the approval of a third party, just pay the transaction fee and that's it.

Each transaction is recorded on the blockchain in the same way as any other transaction.

The big difference:

• transaction costs are minimal.
• no confirmation from any entity or third party is required.
• we don't need to wait for an email with a confirmation link.
• we don't need authenticator.

In a defi we can find many currency options without the need for registration or identity verification, although not being verified is a double-edged sword, we must bear in mind that thanks to the defi many people can use this technology in places where it is prohibited economics of this type.

Explain the benefits of DeFi products to crypto users.

Cryptography has improved the quality of life of many users and has helped many people around the world survive, a web article explains that in the Philippine country, in a very poor town, people managed to survive the pandemic thanks to the nft games read here.

DeFi is a breakthrough in what can be done within the blockchain world.

In remote parts of the world, blockchain and defi have managed to power this new economy.
Defi have been established in countries that have been vetoed or blocked, so in countries like Cuba it is possible to carry out a transaction in foreign currency despite having a blockade for more than 60 years and a totally dictatorial government.

The defi eliminates all kinds of bureaucracy, while in a centralized exchange you must have a minimum amount to change, in a defi you can exchange one currency for another with just a few cents.

The cryptocurrency options are many and you can add a new currency to exchange, whereas in a centralized Exchange we only limit ourselves to the currencies they offer.

the commissions are very low and ultimately cheap, while in a centralized exchange the commission can be double the price.

to exchange two currencies in one defi you only need to pay the fee.

The benefits that defis offers us are unmatched, with a multi-currency wallet we can automatically link and save our purchased coins without having to transfer them between wallets.

2- Analyze any DEX projects built on the following network.

• Binance smart chain

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APESWAP

It is a decentralized exchange based on the intelligent binance chain, where we can carry out exchanges between currencies, connect several wallets, do staking, pool and Farming, where we will find many IAOs.

Its native currency is BANANA with a value of $ 1.74 at the time of this assignment, it has a market capitalization of $ 124,589,913 and a total of circulating coins of 70,437,466 BANANAS and a total supply of 70,437. 466BANANAS.

Most of the transactions on this dex are paid with BNB, and the fee commissions are also paid with BNB.

the BANANA currency is used as the government currency to have a vote within the Stock Market.

• Tron Blockchain

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TRONTRADE

is a decentralized exchange in the tron ​​network, it is a very particular exchange since we can buy with very little money.

Many of the currencies that exist in trontrade are of the type trc-10 and trc-20, most of these currencies are found within some blockchains such as steem and hive and belong to blockchain games, these currencies are difficult to find in another Exchange.

Commissions within the tron ​​network are paid with energy and this energy is obtained by freezing TRX for a few days.

to obtain energy to carry out various transactions it is necessary to freeze at least 50trx.

1. In the DEX projects mentioned in question 3, please provide a detailed illustration of how to trade cryptocurrencies by exchanging any crypto asset of your choice. Show proof of transaction from block explorer. (Screenshots needed)

here is the transaction in bscscan.

hash: 0x0c8abbbbfaa3d5ac2f3dd7ee57a230881ab5047ec33151f0bb5c5068ca56722e

1- we enter the apeswap website here

2- In the upper right part we click to connect our wallet.



here

3- we choose our wallet to connect, In the upper left we click on trade and choose exchange



here

4- after connecting the wallet, we choose the currency to exchange, in my case I chose AIRT.

here

here

here

here

5-we signed the metamask contract.

here

6- we click on exchange and that's it.

here



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Next I am going to carry out a transaction in trontrade.

hash: d228e14d020657c4f87a485abfa6b96e9020ed8cc5f365d62a427b4ca3a6de47

1- we enter the official TRONTRADE website here

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2- we click sing in.

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3- we log in with tronlinkwallet

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4- we choose the currency to change, in my case I chose DEC / TRX.

5- fill in the fields with price and quantity.

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6- we sign the contract and that's it.



source

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the transaction hash.

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CONCLUSION:

The defi are here to stay, the need to replace the centralized market that we know is a priority.
day by day more people are familiar with cryptocurrencies in places where access to this economy is limited and the definition makes it possible.

In this task we learned about defi, we explained two different defis in two different strings.
apeswap in the binance string.

trontrade on the tron ​​chain.

The fee costs on the trx chain seem excessive to me as I burned 46trx for a $ 2 transaction.

Transaction fee expenses in bsc do not exceed $ 1.

It was registered through its own screenshots and the link of the transaction carried out in each chain was attached.



@reminiscence01