Justswap: How to use?
One of the main crypto trends of 2020 was decentralized exchanges: Blockchain-based systems that allow people to exchange one token for another in a quick and easy manner, where their reliance on the blockchain itself works as an extra layer of security.
These exchanges are particular because, beyond their main use of allowing people to exchange tokens, they also allow users who are holding cryptocurrencies to use them to provide liquidity, earning a portion of the exchange’s earnings in exchange. This approach has made them popular all over, giving us several stable systems that may well replace the large crypto exchanges in the not too distant future.
Justswap is one of the first such exchanges based in the TRON blockchain. Launched after the overwhelming success of Uniswap, it allows users of TRON to quickly exchange their tokens for one another, including trading for TRC20-based tethered tokens representing the most sought after cryptocurrencies, such as Bitcoin and Ethereum, along with pure TRON-based tokens.
How does it work?
From an end-user point of view, few systems are simpler than Justswap. While there’s a lot going on under the hood, people using it as an exchange should be content with knowing Justwap allows them to exchange TRC20 tokens for one another in a quick, simple manner.
The process can be described as simply filling a form. Yes, it’s simple, and yes, it’s easy. That’s the whole deal with it.
However, there are naturally a few more steps than just that – but said steps are small and simple enough that, after learning of them, you will too consider the process extremely simple.
Steps to exchange your tokens using Justswap
Connect to a wallet
Because you can’t use DeFi systems without having a crypto wallet. In Justswap’s case, a TronLink wallet is required, along with the TronLink Chrome extension. You must first log into the wallet from the Chrome extension, and then confirm the password on the Justswap website.
You’ll know you’ve successfully connected to your TronLink wallet because the system will then show you your wallet address along with your crypto balance.
If you’re using the TronLink app on a mobile phone, you should be automatically connected to your current wallet.
Select the token you wish to exchange
On the main page, select the token you wish to exchange on the “From” dropdown. You’ll be shown a list of eligible tokens along with your balance for each of them.
Once you’ve selected the token, if this is your first time trading that token you’ll need to approve the token for use on JustSwap. This is a security measure aimed at making sure you don’t accidentally trade the wrong token, along with authenticating the wallet a second time. In this case, no password should be necessary – just click “Confirm” on the TronLink popup that will appear.
Perform the trade
Now, fully fill the exchange form. You’ll have to specify a token to trade from, a token to trade to, and the amount of crypto you wish to either exchange from or exchange to. Only one of these fields is required, as the other will be automatically filled according to the current going rate.
Once the exchange form is filled, click on the “Swap” button. You’ll be taken to a confirmation screen detailing the exchange you’re about to perform. Click on “Confirm Swap.”
You’ll now be asked to confirm the transaction on your wallet. Once again, since you’re already logged in, you just have to click “Accept.” You can also enable automatic signature so any further transactions of this type during a set amount of time are automatically accepted.
Once you’ve accepted the transaction, your exchange should happen automatically.
Steps to add liquidity to Justswap
If instead of exchanging tokens you wish to add liquidity and potentially earn some crypto, the steps are only a tiny bit more complex.
Instead of using the “Swap” option, click on the “Pool” option once you’ve logged into your wallet. Then, click the “Add liquidity” button.
You’ll be shown a form asking you for two tokens – the specific trading pair you wish to add liquidity to. One of them has to be TRX by design. Click on “Create pool pair” to add the trading pair to your account. You’ll be asked to confirm this pair with your wallet.
On the “Add Liquidity” form you’ll now see your selected trading pair listed as an option. Click on it, and a form to supply liquidity will appear. You’ll need to add liquidity in both tokens of the trading pair. If the trading pair doesn’t already exist in the system, you’ll be able to choose an amount for both. If it already does, you’ll only have to fill one of the tokens – the amount you’ll need of the other one will be automatically calculated.
Once you’ve filled the form, click on the “Supply” button. You’ll be asked to confirm your transaction with TronLink. After you’ve done so, you’ll have successfully added liquidity to Justswap.
Steps to remove liquidity to Justswap
To remove liquidity, just select the trading pair you’ve added liquidity to and click on “Remove.” You’ll be shown a form letting you know what your current position in the pool is, along with a slider letting you choose the percentage of liquidity you want to remove.
Select the percentage you want, and the amounts in both tokens for the trading pair will be automatically filled. Then, click on “remove”, then confirm the transaction. You’ll once more be asked to confirm the transaction with TronLink. After you’ve done so, your tokens will be removed and returned to your wallet.
We are in the age of decentralized finance, and with the warm embrace that crypto is getting around the world, there is no better time to learn about using DeFi.
Gb Adolph Obasogie is a Partner at Harrison Global Capital. Follow him on Twitter @lyfbeat