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

Meaning of DeFi products

DeFi simply means Decentralized Finance and before handling our assets in this system, we do not necessarily need to pass through third parties because it's a Decentralized system. This has made the DeFi well known worldwide because of the Decentralized Finance which had open a new path of financial independence unlike that of the financial centralized system where it's the bank is in control of the central governance by taking sole responsible in controlling and making any decisions if need arises

Now talking about DeFi products, it simply means each user simply have the full right to do what so ever thing with his/her money by simply choosing the amount he/she wishes to invest, where to invest and which type of cryptocurrency he/she wishes to his exchanges upon without necessary doing it in the central Bank because with the central bank, an individual doesn't have much power to do certain things with his/her money Since it's simply control by the governance of the central bank

So we can see that this DeFi products simply enables users to be able to register on their platform and this platform has a safe space for all it's user's so that they csn be able to carry out all exchanges of different types of cryptocurrencies in a very high secured and transparent way because it's user's knows exactly where their assets are going which inturn also enables it's users have full control over their money because they can do what ever they wish to do with the money

DeFi products are usually executed under a smart contract by taking a good advantage of executing the network protocol of the Blockchain. This always enables it's users to be able to save their funds, credits, financial and have access to their loans without necessary going through a third party since the smart contract enables the DeFi as a Decentralized system which is independent of the intermediaries system. This has made the traditional finance system losing attraction from its own users since the DeFi financial network system doesn't really need to go to a central entity before carrying out transaction since all it requires is the computer and the internet or even a smart phone to create it's user's account.

Image source

We can see how Nigeria Launched their own cryptocurrency just few days backward simply implying that money is gradually turning into a digital currency. This is just to proof how how the DeFi products are shaping our present day positively today because many countries will soon also be launching their various cryptocurrencies.

We have also seen how the cryptocurrency is taking advantage in the market and it's rapidly growing world wide. This is directly implying that a DeFi financial system is becoming more attracted worldwide because of its numerous advantages it provides to all it's registerd users more than the traditional finance system

2. Explain the benefits of DeFi products to crypto users.

Advantages of DeFi products to it's user's

As I earlier discuss about the DeFi products, we saw how it's reliable and easy to use since it doesn't really requires a centralized Bank governance unlike that of the traditional system. I will now be discussing on it's numerous advantages to it's user's.

1. Transparency: It offers a hundred transparency to all it's users since each user knows exactly where their funds are going to Since the all the codes and the Hashes of the operations are generally viewed by all it's users

2. Control your Funds: Since a user doesn't really needs to pass through third party before doing anything with his/her transaction, a user here have all the full power and control over his funds as he can chooses what ever he wishes to do with his/her funds, he can choose where to invest it and what type of cryptocurrency to invest

3. Highly Secured: A users private key is use to access all his funds and this private keys are extremely secured with a cryptographic code that can't be hacked by cyber criminals unless the individual dispose or mistakenly show his private keys to the public

4. Free Access: This system is very easy to have access and start using since everyone that has a phone or computer will need just the internet in other to connect and register so as to have an account without necessary going to the bank with an ID card to create a bank account. Even little children can register here and have his or her account and start earning and controlling his/her own funds unlike the banking system that is extremely difficult for a child to creat and control his own account because he/she will not have an ID card

5. High Speed: Transactions carried out here are extremely very speedy ranging from per-seconds to minutes depending on an individual's rate of network

6. Low Cost: The cost of transactions here are relatively very low since it doesn't requires any third for paperwork

3. Discuss any DEX project built on the following network.

I will be performing this task with a Pancakeswap because I'm familiar with it and it's also build with a Smart Binance chain and it's also a DeFi exchange system that enables all it's users to be able to swap their currencies plus tokens at a very high speed with less fees Charges without necessary going through a third party

PancakeSwap

We should know that Binance doesn't own PancakeSwap even though it controls all it's exchanges. But the services here usually have similar looks like that of UniSwap which is an Ethereum DEX. PancakeSwap is mainly build only to a BEP-20 coins operating on Binance despite the fact that other tokens from different platform can be send through Binance and Wrapped as BEP-20 tokens

Let's explore some features of PancakeSwap

Trade
PancakeSwap enables gaming experience for instance if a lottery item can enable users to ti buy a ticket with the hopes of winning huge some of Cake in return as the DEX will be selling a numerous bunny-theme of collectible NFTs

We see in this PancakeSwap how users can be able to swap crypto tokens into other digital currencies without the intervention of an intermediaries. We see how users can be a able to get a percentage from a liquid pool when ever they stake their tokens

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Earn

PancakeSwap can allow other users to earn by gaining a lot of benefits without necessary going through an intermediaries and a user cab be able to freeze and lock up his tokens for sometime especially from the farming and liquid pools for a substantial return

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Win

Users here can play and win lotteries

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NFT

We can view a collection of items here with their respective volumes

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Developers

We see here how developers are navigating to a Binance Smart Blockchain simply because of its constant speed and low cost of transactions as compared to that if the Ethereum. It had once transaction over 4 billion transaction just in a single day which is approximately 3 times that of the Ethereum transactions have never been completed in a single day.

If the Binance DApp continue to grow at this rate, it will continue to attract so many users and developers then in a scenario, if the Ethereum is consuming more network congestion and gas fees, then I can say that a Pancakeswap will be capable of being extremely very effective during exchanges in future since many users will jump into Using it for their swap of cryptocurrencies

4. 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)

I will be performing this task by Using my TronLink wallet for the operation.

Here is my TronLink wallet below with all the details 👇

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I then navigate and click on swap as seen below 👇

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I then input my amount of token I wish to

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After inputting the amount of token, I now insert my password and then confirm the Swap as seen below 👇

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I now navigate back home and see that my swap was successful because I have successfully Swap TRX to have USDT

To futher check the transaction history, I navigate and click on the icon as seen from my screenshot below 👇

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My transaction history was indeed a success as seen from my screenshot

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In other for me to futher confirmed my transaction proof, I will need to log in to Tronscan.com and search for my wallet then see all the details and proofs of my transactions

Conclusion

So far we have studied the DeFi products and we said that a DeFi products always enables its users to be able to register on the platform and this platform has a safe space for all it's user's so that they can be able to carry out all exchanges of different types of cryptocurrencies in a very high secured and transparent way

We have Also seen how this DeFi product is shaping our present day because of its numerous advantages over a traditional finance banking system

I have discussed about a Pancakeswap project and I have even carried out really example of swapping. During the swapping process, we saw how it's very fast and reliable with very little fees that was charged.

Thanks alot professor @reminiscence01 for this beautiful lessons for I have really benefited a lot from the class and I have gained experience by demonstrating real swapping of my TRX to USDT

CC:
@reminiscence01

NB: should be noted that all my screenshot source are taken from

PancakeSwap

Tronscan