TRON ECOSYSTEM - STEEMIT CRYPTO ACADEMY SEASON 5 - HOMEWORK POST FOR TASK 01
Good day Everyone,
My name is Al-amin, and I'll like to welcome you to my first ever presentation in SteemitCryptoAcademy Community which is Task 01 from SteemitCryptoAcademy Introductory Courses. Thank you Professor @sapwood for this profound lecture and On this article, my presentation will be on Crypto Academy Season 5 Beginners' Course - Task 1 : Tron Ecosystem by @sapwood.
QUESTIONS
Explain different dApps in the Tron ecosystem are you familiar with?.
What are the uses of DeFi applications like Justswap, JustLend, and Sun.io?
How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
INTRODUCTION
dApps also known as 'Decentralized applications' are applications or websites that are entirely on blockchain and they function and run within the blockchain technology in which people that make use of this application during transaction processes do not call for any central authority. These applications cannot be manipulated nor controlled that is why it is so unique.
When we talk about dApps surrounding the Tron Ecosystem then it should be understood that these are the kind of Decentralized Applications that function mainly inside the Tron Network and as I've said before, these applications cannot be controlled by a third party agent.
Next on this article, I will be explaining some different types of dApps that I am familiar with as instructed by the professor @sapwood, and they can all be found on the TronLink app.
What are the different dApps in the Tron ecosystem are you familiar with?
As it stands, I will be writing on three (3) different dApps in the Tron Ecosystem that I am familiar with, and they are as follows;
- USWAP
- WINkLink
- TronTrade
USwap
source Inside the Tron Ecosystem is a very popular dApp called USwap, this particular dApp can be used exchanging, swapping and trading on the Tron network. It is accessible to anyone that wants to swap tokens or trade them and it is also user friendly.
USwap generally with the aid of smart contracts is used basically in supplying liquidity automatically. In other words, as soon as demands are placed then every transaction will be executed in no time. For all these to be successful, the user will have to get their wallet connected to USwap dApp.
WINkLink
source Formerly referred to as Tronbet, WINkLink is a dependable dApp inside the Tron Ecosystem as it has multi-purpose functionality it can serve as both a Gaming dApp and a Social dApp. On WINkLink a user has the option to bet or stake WIN coin, WIN coin is the name of WINkLink's coin which can be found on WINkLink | CoinMarketCap.
TronTrade
source TronTrade is a famous dApp in the Tron Ecosystem and it basically is used for trading and swapping TRX token paired against other tokens on the [TRC-10] or [TRC-20] network, this dApp is easy to use as its website is smooth and user friendly. It also processes transactions at a higher speed rate with maximum protection inclusive. Remember, this is a dApp and the user needs to connect their wallet for a successful and stress-free transaction process.
What are the uses of DeFi applications like Justswap, JustLend, and Sun.io?
NOTE: DeFi is short for Decentralized Finance.
JustSwap
source JustSwap now known as SunSwap after it was acquired by the token exchange protocol called SUN.io, is a Tron-based open financial market for decentralized trading protocol accessible to everyone that provides automated liquidity.
This DeFi application is mainly used for trading and swapping various coins and tokens at the easiest pace. Also, its website is very smooth on usage and it can be understood easily.
JustLend
source The DeFi application JustLend is popular for being the first official lending platform on the Tron network, it serves as an open online marketplace where different users can go to lend, borrow, deposit assets, invest and earn interests subsequently.
As the name suggests, "Lend" is for borrowing, and also this application can enable users to earn rewards from investing assets over a period of time and it also has the Peer-to-Peer trading feature.
SUN.io
source SUN.io is a DeFi application that became known to many as the first integrated Tron-based platform that can be used for various functions like stake-mining, coin trading, swapping of coins and self-governance. You can get SUN Token to buy on the Gate.io exchange website.
How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
Mining rewards in the crypto space has to do with the rewards a person gets from mining a particular coin over a period of time. In this part of my article, I will be writing on how we can stake our Tron Tokens in a bid to accumulate extra rewards from it as we will also be looking at how to connect or wallet to SUN.io dApp.
Below are the steps to get it all done:
Proceed to your App Store to download the TronLInk app or alternatively visit the official TronLink website to download the app and open it;
[Screenshot from Google Playstore app]
[Screenshot from Tronlink.org]Inside the Discovery section, click on SUN under Popular as shown in the screenshot below;
Now from the homepage, click on option tab and a menu will show then you can confirm that SUN.io dApp is connected to your TronLInk Pro wallet;
To stake your token, click on the Option tab again then click on Stake;
On this page, click on Lock SUN to get veSUN;
After filling in the necessary information on this page, click on Deposit to finish up;
RECAP
Every dApp on the Tron Ecosystem is mainly used for staking, trading, exchanging, mining, investing, lending TRX assets. These dApps make it easier for users to get access to these features on the Tron network. Now on selecting the perfect dApp for a user, it all comes to the user's personal preferences because these platforms have different ranging features and functionality and the user can choose to select the one that has a better user-friendly UI and smoothness.
In conclusion, I want to thank professor @sapwood for the broad and beneficial course and SteemitCryptoAcademy community for this opportunity.
cc; @shemul21