Decentralized finance product - Crypto Academy / S4W8- Homework Post for @reminiscence01


Greetings crypto enthusiast.

The professor @reminiscence01 dished out a full package and it really made an impact. We really appreciate your efforts Prof and based on the knowledge I gained I present my assignment.

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In your own words, explain DeFi products and how it is shaping the present-day finance.

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Defi simply, is an acronym for Decentralized Finance, this simply means that any cryptocurrency trader operating on this Decentralized Finance does not need any intermediaries to carry out transactions. The Decentralized nature of Defi made it famous and well known and is used by many cryptocurrency traders across the globe. A trader under Defi is said to be independent as it is Decentralized and the trader does not need prior permission before executing trades.
Defi gives users full control over there assets and the right to carry out transactions whenever and wherever they want to.
Defi products aims at eliminating third party participation. It is safe and secured as the user will be the one in charge and you and you alone has access to your private keys.
Defi products gives it users plenty of advantage as a Defi user can add liquidity and swap one coin for another, a Defi user can as well go into what is called farming, all these in turn brings huge profits to the defi trader.

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how Defi product is shaping the present-day finance.

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Defi products are shaping up our today's finance from all angles, it is gradually eliminating our traditional banking system. Many workers today suffer losses from centralized platforms so most of them really prefer to operate on Defi as only them has access to there assets
Defi is transparent as every transactions can be seen using a blockchain explorer unlike centralized exchanges or our traditional banking system where you must contact a third party for transaction details.
The efficiency of Defi is another key factor, Defi cannot make mistakes when your transactions are carried out.

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Explain the benefits of DeFi products to crypto users.
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The benefits of Defi products cannot be overemphasized, Defi products play a vital role and comes with plenty of benefits which includes the following:

  • Low transaction fees: Transaction fees whenever you buy a Defi product is way lesser since there's no need for intermediaries.
  • Full ownership of assets: on Defi only the trader has access to his asset as only the trader is in possession of his private keys.
  • Transparency: traders on Defi enjoy this feature as Transactions can be checked and validated without soliciting for help from any third party.
  • Freedom: Defi traders enjoy freedom in such a way that they can carry out transactions whenever and wherever they want to without seeking for permission from any third party.

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Discuss any DEX project built on the following network.
Binance Smart Chain
Tron Blockchain

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Binance Smart Chain.

Under the Binance Smart Chain I will like us to look at the Pancake swap which is popular and well known across the globe.
The Binance Smart Chain is actually schemed to enable traders swap Bep-20 tokens with ease and without seeking permission from any intermediary.
It allows traders to be AMM (Automated market Maker). On pancake swap there is no existence of order book. The liquidity used for trading on pancake swap is gotten from what is known as liquidity pool, on pancake swap liquidity is reenergized after completion of a trade.
It provides it users with plenty of benefits like speed and accuracy, low transactions fees, efficiency and so many other things.

Holders of pancake swap native token (Cake) has access to extra services like:

  • Market prediction: This feature gives traders the chance to earn rewards by predicting if the price of BNB goes either high or falls low in a stipulated timing
  • IFOs: This feature of pancake swap gives cake holders capacity to swap their cake token for early project even before they are made public, this makes cake holders one step ahead and brings about huge profits after the project might have been made public.
  • Yield Farms: This feature deals with the process of staking tokens in any yield farm so as to earn rewards at the end of the stipulated time.

Tron blockchain.

Under the Tron blockchain we will be looking at justswap. Just swap is recorded to be the first Decentralized exchange platform to ever exist on the Tron blockchain, it allows the swapping of Trc-20 tokens for other tokens like WBTT, USDT. e.t.c.
Just swap can be seen as an automated liquidity protocol as transactions are executed by smart contracts and does not need any intermediaries. Users are given spots they can use to add liquidity and earn rewards. Just swap is convenient and delivers efficiently and has lower transaction fee.

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

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Based on this question and resources I have, I will be using justswap to carry out my transaction.

  • Firstly I logged into my tronlink wallet.
  • Next I clicked on DApps as seen in the image below.

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screenshot from tronlink wallet.

  • Afterwards click on justswap and I was redirected to just swap

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screenshot from tronlink wallet.

  • I was requested to link my tronlink wallet to just swap so as get my assets and be able to carry out transactions.
    iMarkup_20211025_234117.jpg
    screenshot from tronlink wallet.
  • immediately wallet is linked, you can carry out transactions smoothly without issues. I then clicked on swap, I am swapping Tron for BTT.
    iMarkup_20211030_100342.jpg
    screenshot from tronlink wallet.
  • I input the amount of Tron I want to swap.
    iMarkup_20211030_100139.jpg
    screenshot from tronlink wallet.
  • Afterwards I clicked on confirm as seen below.
    iMarkup_20211030_100057.jpg
    screenshot from tronlink wallet.
  • I will have to sign contract as trades are only executed by smart contracts.

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screenshot from tronlink wallet.

  • My Transaction was confirmed and successful was displayed on the screen.

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screenshot from tronlink wallet.

  • After a successful transaction, I headed straight to link so as to confirm my transaction. Tronscan is a block explorer of the Tron blockchain. All I did was copy my wallet address and pasted it there and I clicked on search.

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screenshot from Tronscan
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screenshot from Tronscan

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screenshot from Tronscan

Conclusion.

In a nutshell Defi products comes with plenty of benefits for it's users ranging from transparency, efficiency and low transaction fees.
CC:

@reminiscence01
@reminiscence01


Comments 1


Hello @offia66 , I’m glad you participated in the 8th week Season 4 of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:


Criteria

Ratings
Presentation / Use of Markdowns 1.5/2 ompliance with topopic 1.5/2 peing and Grammar 0.5/1
Quality of Analysis 1/2
Originality 1/2
#Club5050 0/1
Totall* 5.5/10r>

Recommendation / Feedback:

  • The student have completed the assignment for this lesson.
  • The student also answered all the questions in his/her own words.
  • Your overall presentation is good. But you need to improve your writing skills and also work on your markdown styles.
  • There were some grammatical errors that can be avoided using Grammarly. So I suggest you use it in your preceding tasks.
  • Please spend quality time in performing your homework task.

Thank you for submitting your homework task.

31.10.2021 13:30
0