If you missed the boat on Uniswap, don't fret.
There's still TRON, Polkadot, and other blockchains.
New swap sites will be mimicking exactly what Uniswap did for the Ethereum blockchain.
Today, we're gonna be discussing one of those.
That's right.
Our boy, Justin Sun, is at it again.
Just a few days ago, we talked about the new feature, Sun Mining, announced for the TRX tokens,
and today, we'll dig into the latest namesake knockoff,
JustSwap.
Let's get it.
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Alright, guys. Today, we are going to discuss JustSwap, a TRON equivalent of Uniswap
that allows you to swap all of your TRX tokens.
If you missed the Ethereum DeFi action, you may be able to redeem yourself with TRX’s DeFi giant, JustSwap.
JustSwap was recently launched in August and saw a massive trading volume of $10 Million in the first 19 hours.
That ain't no chump change.
But the first $10 Million is nothing compared to the number of accounts that TRON now has.
8 Million
Within just days of release, TRONSCAN reported that TRON account holders had grown
to over 8 Million members.
To celebrate the launch, Justin Sun, CEO of TRON held a livestream that attracted 763,000 viewers
on the Chinese Periscope variant, Yizhibo.
And we didn't even get an announcement of an announcement.
Sun's YouTube channel also posted a one-minute video explaining JustSwap.
Sun promoted JustSwap as accessible to all and an alternative to Uniswap.
You can see the competitive nature.
JustSwap is TRON’s first decentralized exchange protocol that allows users to trade TRC-20 tokens instantly
without commissions to the exchange.
Users can earn transaction fees, just like on Uniswap, by providing liquidity to the decentralized exchange,
as the introductory video explains for JustSwap.
Users can exchange TRC-20 tokens with infinite liquidity.
There is unstoppable liquidity for thousands of traders and hundreds of applications.
Instant execution is fast and convenient without having to wait for a buy match in the queue.
On the other hand, market makers can make profits without any barriers.
JustSwap is an access tool for all.
The launch of JustSwap comes at a time when ETH gas fees have skyrocketed due to the DeFi boom
on the Ethereum network.
Justin Sun pointed out the efficiencies of TRON over Ethereum in a recent tweet.
The coming of this new tool is amazing for developers and users, yet it comes with some tradeoffs.
By decentralizing the trading process, as Uniswap has seen,
hundreds of scam tokens can pop up seemingly overnight.
Primitive Crypto’s founding partner, Dovey Wan, advised caution to potential investors,
even going as far as referring to Sun as a fraudster and questioning the decentralized nature of the DeFi sector on TRON.
The tweet said OG scammer like Justin can only keep things under control in a highly centralized setup.
In a real permissionless setup, anyone can front-run, anyone can hack,
so you can't just manipulate the market in the old way.
Wan also put out a warning to the crypto community about possible scams using the JustSwap protocol.
Wan claimed that fake tokens were listed that can pose an investment risk.
We've never seen that before in DeFi!
As can be seen in the picture in this tweet.
Many of these fake investments try to imitate popular tokens on Ethereum’s DeFi, such as YAM, LINK, and YFI.
But this is a great example of how TRON gets attacked and specifically targeted unfairly.
I've never been a fan of Dovey Wan.
She got popular due to a tweet thread stating that we were going into the worst bear market winter ever.
It was normal by the way.
And the insider’s total, the bear market would last years and years and years.
Fear-mongering is her specialty.
And this is yet another example of this.
Like, where were you, Dovey?
Putting out tweets about all the Ethereum scam tokens.
Here she is unfairly targeting TRON for it's shocking allowance of decentralization.
Guys, you gotta take the good with the bad in this space.
The fact that scam tokens can use JustSwap to trade is actually evidence,
is in fact decentralized.
I know this is too much for your tiny brains,
but calling Justin Sun a scammer for allowing a DEX is pretty low, even for a fear-mongerer like Dovey Wan.
Despite the risk of scams, TRX’s price took off to 4.7 cents,
almost hitting a high of a nickel before it coming back to earth and trading currently at 3.4 cents.
So, how do you use JustSwap?
Well, I'm glad you asked, fellow TRONian.
First, like Uniswap, you are going to have to connect to your wallet to use the swap interface.
To do this, you'll have to use TronLink’s chrome extension,
as MetaMask is only for Ethereum based tokens.
Once you have TronLink installed on your Chrome browser, you're ready to connect your wallet
you create on TronLink to the JustSwap interface.
After you enter the password and log into your TronLink Chrome,
choose the account you want to connect to on JustSwap.
You will see your wallet address and TRX balance after connecting successfully.
But wait, TRON heads.
There's some more important things you need to know before you jump right into things.
Tokens in your account need to be signed and authorized by your wallet when you swap them,
create liquidity, or add liquidity for the first time.
So, how do I do that, BitBoy?
First, click “Approve XYZ”, XYZ is going to be the token name, to perform the authorization.
Second, authorizing a token requires confirmation from your wallet.
Please click “Accept” in the "Request Signature" pop up window.
Am I done?
Can I jump in now, BitBoy?
Well, aren't you an eager beaver, Billy?
No, there's still some more things that you need to know.
Like how to actually use the swap function.
Stick with me here.
Choose the token you hold and the token you want to swap it for.
After you enter the amount, JustSwap will automatically calculate
the corresponding amount of the other token, then click “Swap”.
Then confirm the details for your swap in the confirmation window,
and finally click “Confirm Swap”.
Who would have thought?
Once this process completes, a window will pop up inside your TronLink.
You want to click “Accept” in the "Request Signature" pop up window
to accept a transaction or to decline a transaction.
Easy enough, right?
Next, we're going to talk about how to add liquidity pools to TRX tokens.
Select “Pool” and click “Add Liquidity” to be presented with a way to add tokens into a pool.
Now, choose two tokens you want to add liquidity to,
which as a side note, one of them should be TRX,
and enter the total amount of funds you want to add.
Then click “Create Pool Pair”.
Creating a pool pair doesn't mean to buy two hookers to put on both sides of you at the pool.
It requires confirmation again from your wallet.
Click “Accept” in the "Request Signature" pop up window.
You aren't done yet though.
After the token is authorized, click the “Supply” button to add liquidity to your newly created trading pair.
You might have those hookers before you know it.
Finally, we'll talk about the DeFi legendary technique known as yield farming.
Farming for yield returns is the heart of DeFi and JustSwap is no different.
Choose a fun pool and add liquidity or choose the liquidity you have already added from the pool
and click “Add”.
After you've chosen to add liquidity for the two coins you selected,
one of them should always be TRX,
then enter the number of funds you want to add and click “Supply”.
Once again, to add liquidity, make sure to click “Confirm Supply” in the confirmation window.
You need to click on this window and authorize a transaction from your TronLink wallet.
So, let's go over the key features one last time of JustSwap.
Number one: infinite liquidity for numerous traders and applications.
Number two: instant execution and you don't have to wait for order match.
Number three: easily accessible by all via JustSwap to take part in the open fiscal market.
Number four: guarantees high returns.
And I don't know about you, but I certainly love guaranteed gains.
If that's a real thing or not.
But now it's your turn.
What do you think about JustSwap?
Will it be as successful as Uniswap?
Will you be using TRX to yield farm?
Let me know what you think down below in the comment section.
I hope you enjoyed this video.
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Thank you so much for watching.
Have a blessed day.
BitBoy out.