Crypto Academy Season 4 [ Advanced course ] week 5: JustSwap : Homework Post for @kouba01
Hi friends, Today lecture from @kouba01 I learn more details about JustSwap.
Thanks for making it a beautiful lecture for us.
Present the Just Swap platform in your way, demonstrating its importance within the Tron ecosystem blockchain.
JustSwap is a Decentralized Exchange Platform for Exchanging TRC 20 Tokens.
It's similar to our daily use of Pancakeswap, Uniswap like those but Justswap work on TRX BLOCKCHAIN.
Here we can exchange from one TRC 20 token to another TRC 20 tokens at a low cost with high speed.
At the same time on providing liquidity, we earn additional income also from our holdings.
Its Website address is https://justswap.io/
And its Volume in the last 24hours was $27,091,747.75 nearly 562BTC.
Here are nearly 31 different TRC 20 Tokens we can trade. All having good time and liquidity, so without any Transaction fail we can do a swap here.
Simply we say JustSwap is TRON-based automated liquidity protocol so here we trade all TRC 20 Tokens.
JustSwap was launched by Just foundation committee for developing all Trin based Defi Protocols and providing all-In- One service to them.
Based on this SmartContract, JustSwap Trades Work.
x*y=k
Here k does not get any changes, but X and Y are getting changes.
For Example, If you like to swap ETH to USDT through Metamask.
After clicking the swap tab, Metamask tries to provide the best price by scanning available AMA's like 1inch, Uniswap like those, then after it gigiveshe the best price to us. After checking all those we permit to swap.
Here 1 inch, Uniswap treated as X and Y.
Here The constant function(k) determines the price according to the available liquidity of tokens in the pool.
Like that JustSwap work based on it, after checking the price in available liquidity pools, it provides the best price to us at finally. All these processes work internally, so we do not need to do anything.
After providing it's the best price, just accepting and swap that trade is enough. Like that we can trade TRC 20 Tokens to other assets very easily.
JustSwap fees
JustSwap Trading fee is 0.3%. This means in every swap in JustSwap we need to pay 0.3% as a trading fee from our each TRC 20, Transactions.
Here also those trading fee goes to Liquidity Providers.JustSwap Platform doesn't charge any additional fee.
In this sense, the fee mechanism of JustSwap is overall similar to that of other liquidity protocols such as Uniswap and Mooniswap and many more.
JustSwap supported wallets
JustSwap is a Decentralized Tron Blockchain Platform. So to access this platform we must need Tron Link Wallet.
Without Tron Link Wallet not possible to access this Dapp.
So we can add Tron Link extension from Downloding Chrome Web Store.
Its application is also available in Playstore. On downloading in our mobile we can access Justswap both Browser and Mobile also very easily.
Importance of JustSwap in Tron ecosystem blockchain.
Before arriving JustSwap, we cont access any Dapps on Tron Blockchain. Because we don't have those features in Tron Blockchain.
On seeing a huge Transaction fee on Ethereum Network for accessing Decentralized Transaction needs, the Trin Blockchain Team launch JustSwap on Tron Blockchain.
From this, they reduce Transaction costs and Transaction fees for accessing Dapps.
On using JustSwap, now users access all Tron based Dapps at a lower feel. It allowing small investors to use Dapps For their needs.
JustSwap was officially launched on August 18, 2020. Within a short period, it gets a huge success. Now it having and currently average over 100,000 daily active users. 1,400 dApps have now been created on the TRON network, with a daily transaction volume of over $12 million.
After launching JustSwap in Tron Blockchain, now it supporting the world's largest distribution network for the entertainment, gaming, trading, and file sharing industry.
It attracts new users into Blockchain Industry.
Along with JustSwap having some other features like:-
Here we get Infinite liquidity for different trading pairs needs.
Here we get Infinite liquidity for different applications needs.
Here orders execute instantly due to their infinity liquidity so no need to wait for an order match.
We access this platform very easily, very attractive UI.
For providing liquidity here, we get high returns to compare to other Decentralized Platforms in other networks.
Here Transaction fee is very less.
All those making Justswap Importance in Tron Blockchain.
Without Just swap, we cont access any Dapp application in Tron Blockchain. For accessing Dapps we need Just swap.
Here is showing its importance in Tron Ecosystem.
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 supported Trading Coins
JustSwap is Decentralized Exchange in Tron Blockchain. So here we can trade all TRC 20 tokens to TRX. At the same time TRX to other TRC 20 Tokens here.
As per CoinMarketCap at present nearly 31 assets we trade in the JustsSwap platform.
Along with some newly launched Dapps which is built on Tron Blockchain, also we trade here.
Price Determination in JustSwap:-
In JustSwap Asset prices determine based on the number of tokens in each pool.
Based on this formula, we get the price.
X * Y =K
Here X determine token 1, Y determine Token 2.
And K is Constant, it doesn't get any change. Because its output value is always constant.
As per the smart contract of X * Y =K, here one coin is replaced with another one, based on those pool prices we get our final price.
Here smart contract maintains a constant function: x*y=k, in which x = token1, y = token2, k = a constant number.
For Example, I wish to Swap TRX to USDT in Just Swap.
So here as per the smart contract
x = TRX
y = USDT
Now I want to swap 50 TRX to USDT.
so I go JustSwap, then give all needed details.
After giving our details, JustSwap Shows the present pool price of USDT*TRX as per the present market.
It showing for 50 Trx we get 4.66 USDT.
Because for 1 USDT we getting 10.72 TRX.
So our TRX equivalent USDT we get her. And our TRX added to Pool JustSwap Pools Automatically.
Here Traders and Liquidity providers both get profit. Liquidity providers get liquidity providing rewards, Trades get good liquidity for their trading needs.
How do I connect my wallet to JustSwap.io? Is there a mobile app?
JustSwap is One type of Dex like Uniswap, moon swap like those for accessing those we need supported wallets, then only possible to do trading there.
It doesn't have any specific apps for its alone, on using supported Decentralized wallets, we can access those.
For Uniswap access, we use Trustwallet or Metamask wallets.
Similarly for JustSwap access, I must use Tron Link pro Mobile wallet for Mobile users or Tron Link Extension for Desktop users.
Because JustSwap is Tron Blockchain DEX, So it supports only Tron wallets.
In Mobile, we cont add Tron Link Extension only through Mobile Application we can access JustSwap.
But on using Kiwi Browser we can add Tron Link Extension to our Mobile Devices also. Then after like Desktop here we can connect Just Swap very easily.
How To Connect My Tron Wallet To JustSwap Through Mobile Application.
For this needs first, we need to Download Tron Link Pro Application through mobile using link
After Downloading Just opens this application.
After opening, If you a first time using this application, then set up your wallet first. Then go further steps.
I use this application for the last 6 months, so my wallet has already been created here. So I just open my application.
After opening, we get this window.
Here you get all balances in my wallet,
Now select the Discover tab.
After selecting the Discover tab, We get all Dapps and other Details here. From this Select JustSwap
Now my Tron Wallet is Automatically connected to JustSwap.
Here you see my Wallet address, my Balance and many more details.
Then after in JustSwap, I do trades as per my need.
Like That we connect our Tron Wallet to JustSwap Through Mobile Application.
How To Connect My Tron Wallet To JustSwap Through DeskTop.
First add Tron link Extension to Your Web browser.
Now go through Your Wallet.
- Now Select the Dapp option in Top left.
- After selecting you to get this window. From this select JustSwap
- Now we get this screen from this select Connect Wallet tab. In Top left corner.
- Now we get this window, asking permission to connect our wallet to Just swap. So just select the Connect tab.
- Now Successfully My Tron Wallet was added to JustSwap.
Like that we connect our Tron Link wallet to Justswap through our Browser also very easily.
Then we can do our needed trades here very easily.
Include a real example of your interaction with Just Swap, demonstrate how you can trade on the platform.
You do tradings in Justswap very easily on paying less trading fee instantly.
For trading just go to your wallet, connect your wallet to JustSwap.
After connecting you get this page, here enter from which token to which time you need to Swap.
For Example, here I wish to trade my TRX to USDT.
Here you see in my wallet I have nearly 185 TRX.
From this, I wish to swap 50 TRX to USDT.
So I set my Trade Like this.
Now giving all details select the swap tab.
After clicking Swap Tab you get this Window for Conformation. So just select Confirm Swap.
Now again we get this window for asking Safe Mode or Fast Mode transaction needs. I always select SAFE MOD for reducing Trading fees. In Safe Mod We need to pay a little bit higher trading fee. So here I selecting SAFE MOD after selecting Click on Continue Tab.
Now again we get this screen for final confirmation needs. So just select the Confirm tab.
Now again we get a window, where we need to give our wallet password, after giving the password just select the Done tab.
In few Seconds my Trade get finished.
Now my USDT is added to my wallet.
Like that we can do our tradings here.
For this Trade needs, I don't pay any additional TRX here, This Transaction finish with my Bandwidth and Energy which is available in my wallet.
Bandwidth is updated every 24 hours, but Energy we get is based on our TRX lock in the wallet. I lock some TRX already, so I don't get any additional fee for this Transaction.
If I don't have sufficient Bandwidth and Energy in my wallet, then equivalent TRX burns from our Wallet Automatically.
Like that we can also reduce the Trading Fee here on locking our holding TRX here. Those are helpful for further trades needs.
How to add liquidity to JustSwap.
For liquidity providing, we need two different coins. On providing both 50% each supply those in liquidity.
I already having TRX and USDT in My Wallet. So I providing liquidity TRX- USDT combination here.
In JustSwap itself we can provide liquidity here, From providing liquidity we get additional income.
Just holding in our wallet, we don't get any extra income, so on providing those in liquidity pools we earn additional income from our holdings.
- For this first, connect your Tron Wallet To Just swap.
- Now Select the Pool tab here.
- Now You get This Screen. From this select Add Liquidity tab.
- Here I providing the TRX-USDT combination, so I fill in all needed details as per my wish. Then select the Supply tab.
- Now it asks for confirmation, just select ***Confirm Supply****
- Now again we get this window for asking Safe Mode or Fast Mode transaction needs. I always select SAFE MOD for reducing Trading fees. In Safe Mod We need to pay a little bit higher trading fee. So here I selecting SAFE MOD after selecting Click on Continue Tab.
- Now again we get this screen for final confirmation needs. So just select the Confirm tab.
- Now again we get a window, where we need to give our wallet password, after giving the password just select the Done tab.
- In few Seconds my Trade get finished.
Then after I get rewards based on my share.
For further additional rewards on staking TRX-USDT LP In Just lend, we get some more.
For this Trade needs I pay 4.31 TRX as a fee. Because in my Wallet I don't have needed Energy For full fill this trade. So for Energy Needs, I took 4.31TRX from My Wallet.
Like that, we can provide any TRX 20 assets combination liquidity in JustSwap very easily.
Conclusion:-
JustSwap is Tron Based Decentralized Exchange Platform.
Here we can trade all TRC 20 tokens along with can provide liquidity also. From this, we get additional rewards based on our quantity.
JustSwap having a very simple User Interface, Very easy to access. Even on Mobile, we can access it very easily.
Here Trading fees are very less and we get very fastest Transactions. No need to wait for finishing trades here. All Trades finished within a fraction of seconds.
Here we get Free Bandwidth and Energy for using this wallet based on our holdings. On using those we can fo trades here without Trading fee also.
JustSwap is playing a big role in developing Dapps in Tron Ecosystem.
Thanks For Reading My Post
@tipu curate
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Hello @lavanyalakshman,
Thank you for participating in the 5th Week Crypto Course in its 4th season and for your efforts to complete the suggested tasks, you deserve a Total|9/10 rating, according to the following scale:
My review :
Excellent content, in which you succeeded in presenting an organized and useful work. Only one note I want to bring to you is:
Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01
Thanks for feed back.