How JustSwap Works

JustSwap is one of the leading lights of the DeFi boom with billions of dollars in completed trades. Here is how the platform works.

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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.

Read Also:The Big Breakout of Uniswap, Justswap, Trustswap, and The Incredible ROI As DeFi Unfolds

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.

You Must Read: How Leverage Trading Works When You Use The Binance Cryptocurrency Exchange

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.

Conclusion

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.

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Gb Adolph Obasogie is a Partner at Harrison Global Capital. Follow him on Twitter @lyfbeat

The Big Breakout of Uniswap, Justswap, Trustswap, and The Incredible ROI As DeFi Unfolds

DeFi is unfolding across the globe, and it has shown that crypto and blockchain seems to be bottomless. What can you do with ROI for DeFi projects hitting the roof?

Many people are still trying to come to grips with how the DeFi world works. To the uninitiated, it is the borderless outcome of decentralization that is yielding fruits. Blockchain has brought a new frontier to the global finance landscape, and now, the centralized banking regulators across the globe are scrambling to keep up.

Justswap, Binance Smartchain, Uniswap and Anyswap, are just a few of the major players in the unfolding world of token swap and the unfolding world of DeFi.

Enter Uniswap

Uniswap emerged as the first real proof the cryptocurrencies and blockchain are bottomless. After an amazing three year run of Bitcoin and thee altcoins, 2020 opened a new vista for investors to see first-hand, another side of the crypto revolution. Leveraged trading is an area of crypto finance that reports ROI like DeFi, but it is centralized and far more volatile.

Decentralized finance exemplified by Uniswap makes it possible for investors to access liquidity or trade the same for value when they trade against a smart contract -driven pool of assets. When an investor adds individual assets to the Unipool, they are able to earn a share of profits generated. Payouts are made possible using ether or tokens.

In simple terms, it is akin to bringing your funds to a bank, and you earn an interest for the funds deposited. And in addition, a share of the bank’s dividends. However, the reverse is also true: if the market faces a downturn, the ratio of deposited tokens to the number of requests for liquidity will be tilted, making net earnings to plummet.

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In a scenario like this, the value of your pool deposits will also shrink as deposits outstrip requests within the pool. While such scenarios as above has occurred this year, they were short-lived spasms that soon gave way to positive earnings.

The Uniswap model is very much what obtains with other yield farming upstarts like Anyswap, Sushiswap and others. While there are bits of differences, they are all variants of the same thing. Liquidity pools might differ from one platform to another in terms of rates and charges. Essentially, it is important to say that there are no centralized order books like traditional exchanges.

What DeFi Platforms Trade In

Many DeFi platforms are based on the Ethereum protocol as a result of its ready-to-use smart contract functionality. Smart contracts automatically initiate and complete transactions between parties while accurately ensuring adherence to the terms of agreement.

In recent weeks, other cross platform DeFi projects have entered the fray. Tron ecosystem and the Binance Chain has also launched DeFi platforms that are resourced to seamlessly transact with Ethereum blockchain. Most tokens used are either ERC-20 based or are compliant with other recent ERCs like 223, 777 and 721.

Benefits of Decentralized Finance

What Defi has made possible for yield farmers can be itemized. There are several bright spots to the whole new world of DeFi.

Ease of transactions

Transaction ease stands out as a leading advantage here. No one has to commute or travel to a certain physical location to complete a transaction. With an internet service in place, you only need to navigate to the website, connect your ERC-20 or similar wallet, and start earning.

Seamless returns on investment

There are no bottlenecks to earning here. As the t fixed duration-pools mature, payouts are made to investors.  These payouts go directly to your wallet and whether it is midnight or noon day, you can access your wallet and swap for fiat or use the tokens as you wish.

You can also decide to remove your wallets from the pool and exit with no delays.  

Bureaucracy is eliminated

One of the leading features of the modern day is an increasing intolerance to bureaucracies. DeFi does this so well that you do not have to bother about moving from a table to the other to complete forms or authorization. Smart contracts have made life easier and dismantled bottlenecks on the pathway of productivity.

Must-Read : As The Crypto Spring Becomes Evident,Here Are The Top 3 DeFi Leaders In H2 2020

The Easier Path to Launch Newer Tokens

With DeFi, newer tokens have a short cut to fame and acceptance. For example, YFI made its mark in 2020 not as a traditional crypto like BTC, but rather as a DeFi creation. On YFI platform, the token is used to remunerate investors on the platform. Its initial issuance was done to fund the platform sustenance and governance.

Other projects like Sun crypto was created also to remunerate users of the new Tron DeFi platform which will also run like Uniswap. Binance Chain has launched its service, and this will also incentivize users with its native BNB.

Last Words

As long as there is credibility and clear governance structures, yield farming and related projects open a new frontier for investors around the globe. It is also good to note that in the world of investment, you must never put in more than what you cannot afford to lose.

Recommended: 2020 Has Been The Year of DeFi. Here’s How It Has Given Cryptocurrencies A New Lease of Life