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Here is What You Need to Know About the Tron Foundation’s “JustSwap”

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The burgeoning DeFi space has garnered significant attention over the last few months. Let’s dive into one of the most popular platforms in the decentralized finance world that’s been making quite a buzz. Yes, we’re talking about JustSwap.

In Brief:

Since its launch in 2018, Tron has counted many milestones. Tron is a blockchain-based smart contract platform for driving decentralized applications [DApps], as well as competing with its rivals such as Ethereum, Tezos, Cardano, and EOS. In its newest venture, the Tron ecosystem has jumped into the DeFi bandwagon and rolled out a decentralized trading protocol – Just Swap.

JustSwap is based on Tron for automated liquidity provision, which happens to be an open financial market accessible to all. It is also the first exchange protocol on Tron for exchanges between TRC20 tokens. Here, the conversion between two TRC20 tokens can seamlessly happen based on the price determined by the system. With the primary focus being decentralization, the trading fees collected are directed to the Liquidity Providers as a protocol incentive.

How is the price determined?

It is the number of tokens in each pool that determines the price.

The smart contract maintains a constant function: x*y=k, in which x = token1, y = token2, k = a constant number. With each swap, some of the tokens get replaced with a certain number of the other token. Since ‘k’ remains unchanged, balances of the tokens will be updated accordingly, which leads to changes in prices.

How can users access JustSwap?

Users can enter JustSwap through APP following which they will be connected to their current TronLink account. There is no need to register an account for using JustSwap. Users can use a decentralized wallet to log in and access JustSwap. Currently, the protocol supports TronLink.

How to Swap?

For the purpose of swapping, the users need to click on ‘Swap‘ on the top left of the navigation bar. Users can choose the token they hold and the token they want to swap it for. All that needs to be done is for the user to enter the amount of tokens that the user wants to sell. The system will then automatically calculate the estimated amount of the corresponding token by its price.

Slippage and Deadline can be set on “Advanced Setting“. In the case of Slippage, a transaction will revert if the price changes unfavorably by more than the percentage the user sets. Transactions that are kept pending beyond the set Deadline will be voided. Users can then confirm the details of the swap in the confirmation window by clicking “Confirm Swap”.

The swap requires confirmation from the user wallet and hence by clicking “Accept” in the “Request Signature” pop up window. Once a confirmation message stating “Confirmed” appears on the upper right corner of the page, the swap is completed.

Conversion between two TRC20 tokens and between TRX and TRC20 token is currently supported.

How to Add/ Remove Liquidity on JustSwap

Anyone who deposits two TRC20 tokens into the liquidity pool within a pair can be a liquidity provider. If a user happens to be the first liquidity provider then the ratio of the tokens that the user adds will set the price of the pool. If a user wishes to provide liquidity for a trading pair that already exists, then an equivalent value of two TRC20 tokens needs to be added into the liquidity pool within a pair.

By adding liquidity, users can earn pool token representing their position. These tokens automatically earn fees proportional to the user’s share of the pool and can be redeemed at any given point in time.

A user can choose a fund pool and click “Add Liquidity“, or choose the liquidity that the user has already added from Pool ->Your Liquidity and click on “Add”. Two tokens need to be selected and one of them has to be TRX. After entering the funds that the user wishes to add, the system will add the corresponding amount of the other token based on the relative price of the token pair in that pool. Once this step is done, the user can click “Supply”.

In the confirmation window, the user needs to click “Confirm to supply“. Similar to the last steps of Swapping which requires confirmation from your wallet, the user has to click “Accept” in the “Request Signature” pop-up window in the case of adding liquidity as well. The pop-up box will then show that the transaction for adding liquidity has been submitted.

When removing pool tokens, the user’s position will be converted back to the current price of the underlying asset based on the pool share. The amount received by the user will already include transaction fees. When a user adds liquidity, pool tokens are given which essentially represents its position. Pool tokens are based on the user’s percentage out of the total pool. When the user removes liquidity, pool tokens convert the position back into underlying tokens at the current price.

For this, a user needs to select “Pool“, then click “Your Liquidity” and then after finding the trading pair pool that needs to be removed from the liquidity pool, then select “Remove”. After the user chooses the amount of liquidity that needs to be removed, the confirmation steps can be executed in a similar manner as stated above.

Uniswap Vs JustSwap

Ethereum has been one of the largest contenders in the current DeFi race. For the most part, it was Uniswap that has been stealing the DeFi swap protocols. But the concerted push by Tron Foundation to bolster its DeFi initiatives came with the launch of JustSwap, TRON’s alternative to Ethereum’s success Uniswap.

The Tron-affiliated platform recently emerged as the second-largest DEX on CoinGecko’s website.

JustSwap enables swap and trading between TRC-20 tokens contrary to Uniswap that is between ERC-20. In addition, as mentioned above, the trading fee on the platform goes back to the liquidity providers, unlike Uniswap that shares the fees between the liquidity providers and the protocol.

Anyone to create trading pairs and provide liquidity without paying any listing fee among other features such as simple user interface. Interestingly, the launch of JustSwap comes at a time when Ethereum gas fees have skyrocketed due to the DeFi boom on the network. Tron’s DeFi protocol is expected to offer competitive fees which may be significantly lower than the current ETH gas fees.

After SushiSwap exit, Will DeFi Listing be more Filtered on Exchanges?

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The biggest strength of the digital asset industry is sometimes its biggest downturn. DeFi has been a prime example of the recent SushiSwap dilemma. When the collective valuation of all assets was high, Yield Farmers and the new DeFi projects were talking to the city. As their bubble burst over the past week, SuShiSwap-associated proponents were the first to fold their cards on September 5.

According to an announcement made by Sushi’s anonymous developer Chef Nomi, he claimed that he was relinquishing his admin control of the ‘MasterChef’ and relinquishing his address to the MultiSig address behind the timelock.

However, what happened before the announcement was the key reason behind the enraged community. Prior to the release of the statement on Twitter, it was identified that Chef Nomi had an ETH / SUSHI liquidity pool. In a single transaction, SUSHI registered a withdrawal of SUSHI 2.5 million from the pool and exchanged these SUSHI tokens for ETH 18,000. It was found that his address was close to 35,000 ETH after the transfer.

Such an exit from the founder of a token did not fit well with the community, and people began to criticize the legitimacy of DeFi, particularly its listings of major exchanges.

Binance’s CZ faces backlash over DeFi listing

Taking the blame game to the next level, the community began to argue whether these DeFi tokens should have been listed first. Considering that Binance was one of the first major exchanges to introduce Sushi to potential users, the community indirectly questioned the work of Changpeng Zhao and the Binance team on the evaluation of DeFi projects before listing them.

During the outcry, CZ responded that he did not know the founder of SushiSwap and reasoned that if Binance did not list new DeFi coins, the traffic would flow into other exchanges, making Binance ‘obsolete.’ The Block’s Larry Cermak responded to his statement. He said,

He also added that such centralized exchanges should take credit for scam projects when they go wrong and take fundamental steps to minimize the chances of project exit scamming in the future.

Will DeFi listing get better after the SushiSwap conundrum?

Although there is no guarantee in this respect, the SushiSwap incident highlighted the major impact of DeFi, which was evident from the outset; these projects are still subject to huge market risks.

Now the reports suggested that Chef Nomi had transferred the admin control to Sam Bankman-Fried, CEO of FTX. The CEO of FTX has gained a reputable name over the last few months and there is a growing hope that the Sushi project will undergo a successful migration of tokens from Uniswap tp Sushiswap.

DeFi’s Latest Project KIMCHI Locks $500 Million Hours After Launch

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The Decentralized Finance [DeFi] wing of the cryptocurrency ecosystem has been under the spotlight for some time now. Even though the pandemic quashed almost every other market, the DeFi market has been on an uphill journey. The benefits that the community sought from DeFi were beyond their expectations this further led to several venturing into the space. While the crypto community is exploring the existing DeFi projects, yet another DeFi farming token made an entry into the DeFi space.

From SUSHI To KIMCHI

KIMCHI is more than just a spicy Korean dish to the crypto-verse. This new DeFi project made its way into the ecosystem after Yuno and Uniswap forked project, Sushi forked earlier today. While other projects have been working their way up, KIMCHI has already turned heads. The project locked a total of $500 million, just hours after its existence. A Twitter user tweeted about the same,

Similar to other DeFi projects, KIMCHI caught the attention of the community by displaying high digits, however, it wasn’t too long until it tumbled down to $150 million. This nascent project seems to be eager to get on top as the “About” page of the official website of KIMCHI failed to give users more insights about the project. But it rather stressed on,

“KIMCHI could be the next hot DeFi farming token. Who knows?!”

The official website of the token revealed that users could farm and trade KIMCHI with Ether [ETH], SUSHI, TEND, and even the largest stablecoin Tether [USDT].

While the market cap of the KIMCHI token is still uncertain, the price of the token witnessed a 46.7% rise in the last 24 hours. The price of this DeFi token went on to hit a high of $12.26, just a few hours after its launch. However, during press time KIMCHI was trading at $7.26 with a 17.7% plummet in its price in the last 1 hour.

Capture 1

DeFi’s One Way Ticket To The Top

While more projects have been making an entry into the DeFi space, the number of people investing in the market has also increased. Ever since June 2020, the total value locked in DeFi has been going up the ladder without looking back. Recently, DeFi’s value hit an all-time high of $9 billion. It certainly won’t be long until DeFi locks $10 billion as the current numbers are at $9.46 billion, which is its latest all-time high. With Uniswap accounting for $1.65 billion, it continues to dominate the DeFi space.

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What is Yearn.Finance Token and Why is it Worth Over $30,000 Right Now?

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Step aside Bitcoin, there is a higher valued crypto-asset in town at the moment! 

Yearn.Finance, a governance token that was created to power the decentralized finance protocol yEarn is worth over $30,000 at press time. Clocking in at $32,300 at the moment, the asset’s valuation has risen by 139% over the past week, and close to 67% over the past day.

The sheer growth of DeFi has been there for everyone to see that the YFI token is taking its value to the next level. There is no doubt that YFI is a speculative asset, but its utilization has been central to the “yield farming” method, where various DeFi lending protocols distribute governance tokens as incentives for using them.

In simple terms, yEarn is a yield aggregating platform on Ethereum where users can decide and compare yields between different DeFi lending protocols and earn incentives by placing their crypto in “vaults”.

Now, since YFI is the governance token of this platform, users want to hold more of it so that they can cast their votes on policies and proposals that dictate the future of the yEarn network.

How is it Yearn.Finance surviving and growing so fast?

Now, one of the main reasons why YFI’s value has undergone a price explosion is due to its limited supply of only 30,000. Close to 29,680 are already in circulation, making it a very scarce asset in the ecosystem. Each vault allows users to deposit a particular token and the protocol yields farms with it.

However, it is important to note that Andre Cronje, founder of Yearn.Finance emphasized that YFI is to be provided to liquidity providers who supply other ytokens and be used for voting.

Cronje stressed multiple times that YFI token is valueless but after being listed on Binance and Uniswap, and presently on AAVE, the token has been bought by at a frightening rate on exchanges.

Partnerships with AAVE has certainly helped as after being listed on 28th August, the price has been up by 75%, and right now, the momentum does not look like to slow down anytime soon.

However, people and potential investors should vary from YFI tokens because the sole purpose of the token is to manage the platform and not hodl. Once Yield Farming runs its course, YFI tokens may undergo an unceremonious price dump and there will be no-one to recoup the lost value. Andre Cronje mentioned it from day one, that YFI is “valueless” and people should keep that in mind.

 

Ethereum is Significantly Undervalued , Says German Crypto Analytics Firm

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New research by a cryptocurrency research firm based in Germany, Blockfyre, suggests that Ethereum is significantly undervalued. The study shows that the price of Ethereum has yet to keep up with the development of the network.

On May 26, the German analytics firm Blockfyre published an analysis of the development of four key metrics of the Ethereum blockchain. The progress of the metric means that Ethereum is significantly undervalued at its current price. These metrics include the use of gas, the development of the ecosystem, the mean dollar of investment age, and the balance of the miners.

https://twitter.com/blockfyre/status/1265252762553548800

Gas usage indicates Ethereum is significantly undervalued

According to Blockfyre, Etherum could be heading for a bullish run. In fact, daily gas usage on the network reached a new record high on May 23, reaching 16.67 billion. Gas usage is the most powerful indicator that the use of the network is being used at a very high rate.

Every time a user makes a transaction through any Ethereum-based Dapp, the gas is burned. The higher the  gas usage, the higher the use of Dapps. For instance, interacting with NFT games or trading on Crypto Exchange Platforms. Indeed, all this activity is good at the price of Ethereum.

In addition , the development of the Ethereum ecosystem has remained consistently strong since 2018. This means that, despite the daily price of ETH, the development of power is still in progress. For example, DeFi products such as Uniswap and Balancer are popular Ethereum developers introducing new attributes, increasing the value proposition of Ethereum.

The average age of invested dollars

The average age of invested dollars on the Ethereum blockchain , and the ETH balances held by the validators are surging to record highs after bottoming during the crypto bubble two years ago. Additionally, the miner balances have multiplied twice since early 2018, as per the German analytics firm

According to Blockfyre co-founder, Simon Dedic: 

“It’s really interesting that both miners and investors have been holding ETH since 2018. It seems like a majority agree that these prices are just not worth selling ETH.” 

Furthermore, he says the price decline since the 2018 rally is contributed by ICO selling vast amounts of tokens for capital in dollars, as they continue building their products.

DeFi-enabled Crypto Card Verified by Visa for EU and UK

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Spending bitcoin or other digital currencies in day-to-day life is not straightforward as traders prefer to avoid the volatile nature of digital currencies. To link the traditional financial system to the new age of digital assets such as Bitcoin, a Swiss-based cryptocurrency startup, Eidoo, has launched a new DeFi-enabled crypto card that uses stablecoins for fiat-to-crypto conversions.

The new De-Fi enabled crypto card was approved for operation by the major payment company, Visa. In addition, the card, dubbed the Eidoo Card, will now enable more than 40 million Visa merchants to accept crypto payments from fiat currencies such as the UK Pound and Euro.

DeFi-enabled crypto cards to facilitate cryptocurrency payments

The CEO of Eidoo, Thomas Bertani noted that the latest confirmation by the payment giants is a part of his firm’s collaboration with Contis, which holds a UK’s e-money license and a principal member of Visa Europe. According to Bertani, the payment giants verified all cards to be issued by Contis and UK-based financial services firm Moneyfold. 

Meanwhile, Contis will act as the issuing firm of the Eidoo Cards same way cards like Monolith work. Meanwhile, Moneyfold’s stablecoins based on the Ethereum blockchain,  Moneyfold Euro and Moneyfold GBP, will open up a greater deal of transparency and decentralization while converting between fiat and crypto. 

“People have a given crypto token, they sell it for the stablecoin via DeFi DEXes like Uniswap. Then the regulated stablecoin obtained from there is topped up with a 1:1 exchange rate; (1 Moneyfold EUR = 1 EUR) on the crypto card when the payment occurs,” Bertani explained.

Decentralizing debit cards

Moreover, the co-founder and CEO of Moneyfold, Nikola Tchouparov highlighted the special nature Eidoo Card which is stablecoin-based. “It will be the first time the back-end of a crypto card is done via stablecoins and DEXes,” Tchouparov stated.

Furthermore, Eidoo users are required to stake or burn their EDO holdings before pre-ordering the Eidoo Card. EDO is the native token of Eidoo platform. The terms state that a user should burn 100 EDO tokens to get the card or stake 25,000 EDO tokens.

Lendf.Me Lists Out Redistribution Plans for Hacked Funds Amounting to $25 Million

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Since its inception, the cryptocurrency industry had to deal with scams and fraudulent activities. Reports claimed that 2019 was a crucial year for these events as the industry witnessed a surge in the number of people using weak security gateways and ignorance.

Lendf. Me, the popular cryptocurrency lending platform was attacked on April 19, leading to more than $25 million in losses. Almost all of the stolen funds have recently been recovered with Chief Executive Officer [CEP] Mindao Yang thanking partners, investors, and law enforcement agencies for their efforts.

In a new release, Lendf.Me claimed that all hacked funds from the exchange were moved to a separate recovery account. The recovery account has an address of 0xc88fcc12f400A0a2cEbE87110dcDe0dAFD29F148 with a current balance of 512.62 ETH. The organization’s development team has been working on auditing asset data through internal data and third part cross-checking, important aspects of ensuring proper safeguards.

The officials close to the developments added that they were also planning to establish an asset distribution plan and corresponding risk management procedure. This will ensure that the accuracy and security of the distribution process are maintained. Lendf.Me is also working to finalize a post-asset-redistribution action proposal to put the qualms of people at rest. According to an official release from the company:

“The Lendf.Me smart contracts were compromised during the attack. As a result, we indefinitely paused the Lendf.Me contract and built a new Asset Recovery System to return the stolen assets to users. Following the return of the stolen funds, all assets have been stored in a cold wallet. The funds are secure, and we’re eager to return them.”

Since the hackers were only able to exchange a few of the stolen assets, Lendf.me has decided to rebalance a majority of the portfolio back to its last known state before the attack. Lendf.Me’s outstanding supply and borrow balance snapshot was taken on April 19 at a block height of 9,900,772. According to the organization, all the user’s supply and borrowing outstanding will be valued against the aforementioned snapshot.

Lendf.Me users who only supplied have the option to trigger the withdrawal process automatically from the platform’s workings. The current settlements will be conducted on a first come first serve basis because of the large influx of requests. Users who had borrowed from the platform will have to follow three steps to assess their asset recovery.

Once these users check their supply and borrow status, they will be required to repay the outstanding borrowed assets before retrieving collaterals. After the users pay back the full amount, all collaterals will be returned by Lendf.Me to the respective user accounts. Lendf.me claimed that they will be doing everything that they can to restore all functions back to normal as soon as possible.

During the initial hack, Lendf. Me was not the only company affected, as it was accompanied by UniSwap. The latter used both the Lendf.me protocol built on top of DeFi as well as the imBTC protocol. While Lendf lost $25 million in assets, Uniswap had to deal with losses of between $300,000 and $1.1 million.

0x Project leads Bitcoin, Ethereum and Litecoin as the most held asset on Coinbase

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The cryptocurrency industry makes up for an interesting space in terms of statistics and facts, as there is a continuous change on a regular basis.

At the end of March, Ethereum was highlighted as one of the worst-performing assets after dropping to a lower $100 level, however fast forward a month, it is currently the best-performing asset in the last two weeks.

A comparison between these digital assets is also based on network activity and user behavior in the market, which recently has been highlight by Coinbase’s statistics.

According to a recent tweet shared by CryptoDiffer, the top 15 cryptocurrencies with the highest holding statistics were revealed for the month of April.

Now, a general crypto enthusiast would have expected Bitcoin to be the most held asset in the market but to the community’s surprise, 0x Project was the topped most held asset on Coinbase.

 

CRypto Differ

According to the chart above, it can be observed that ZRX had the highest holding period of 137 days and that one of the three assets had a holding period of more than 100 days. Bitcoin and Ethereum were the other two assets that had a holding period of more than 100 days, at 130 and 106 days respectively.

However, it terms of holding popularity Bitcoin continued to be number 1 on Coinbase, followed by Ethereum and Litecoin.

From market standards, when a token has a high holding period in the industry, it is reflective of investors’ confidence in that particular asset, because consumers keep it in their portfolio for a longer period of time. Vice versa, if a token is held for a shorter period of time, it may imply a lack of interest support.

However, on the basis of the functionality of these assets, the holding period may also differ. For example, stablecoins, such as DAI, would generally not be held by users for a longer period of time because they are a utility-intensive asset that undergoes continuous transactions in the space.    It does not mean, in particular, that DAI did not have the confidence of the market, given that it had a low holding period.

Hence, it can be implied that the holding period of an asset is not exactly the correct way to detect investors’ confidence in crypto assets.

0x launched Matcha, A Decentralized Exchange aggregation platform

However, the 0x project hasn’t been active on its current laurels, and from a development perspective, it has been relatively active. On 15th April, 0x announced the launch of Matcha, which will provide an improved and efficient trading on its DEX. Considering the decentralized exchange market is on a rise, the launch comes at an appropriate time as according to DeFi pulse, a decentralized finance data aggregator, Matcha will be up competing with Uniswap, Bancor, and Kyber Network. The three currently hold a total of about $50 million in locked value, Uniswap holding 70% of this value.

25 Million Loss in Crypto Suffered by dForce as DeFi Protocol Witnesses Attack

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The DeFi network is not having it easy in 2020. After the conundrum surrounding the two DeFi ‘Flash loan’ attack on bZx leading to a loss of over a million dollars, another DeFi protocol, dForce has hit the headlines for all the wrong reasons.

According to reports, dForce, a Multicoin Capital-backed Chinese decentralized finance protocol was exploited and the network came crashing down.

dForce

Data from DeFi Pulse suggested that the Total Value Locked in the dForce space dropped from a staggering 25 million, all the way to $10.10K, registering a crash of over 100 percent in the charts.

The TVL value in USD, ETH, and BTC all exhibited a loss of 100 percent as the TVL with BTC was a mere 1.4 BTC.

Mindao Yang, CEO of dForce, announced on the Telegram channel that the team is currently working and investigating the attack. He also requested users not to supply any assets to Lendf.me for the time being. The dForce team confirmed that the attack had taken place at 9.899.681 block height.

Lendf.Me currently supports the following tokens: USDx, USDT, DAI, USDC, PAX, TUSD, WETH, imBTC, HBTC, HUSD, and WBTC and they allow anyone to supply assets to Lendf.me and begin earning interest every block. The markets’ Interest rates fluctuate based on the utilization rate of each lending pool.

Speculations were going on around space, and DeFi developers claimed that the attack was due to imBTC, which is an Ethereum token pegged 1:1 to Bitcoin. It was believed that the collateral asset turned out to be dishonest and gave access to the attackers to draw all the funds with any fee.

Rober Leshner, Compound’s CEO believed that all of the funds had been drained by the attacker, which would infer that none of the users could withdraw their funds before the attack.

Leshner went on to Twitter and mentioned that the dForce firmed had practically “copy/pasted Compound v1 without changes”, accusing the 7th largest DeFi market by TVL before the attack, on grounds of stealing their code.

He told media outlets,

“This is a follow-up attack to the imBTC Uniswap attack yesterday. “Smart contracts that include imBTC have to be extra cautious, and write additional code to protect against ‘re-entrancy attacks.”

The attack could not have arrived at a more inconvenient period as just 4 days ago, dForce had announced a $1.5 million funding, which was lead by Multicoin Capital and had active participation from Huobi Capital and China Merchants Bank International (CMBI).

The vulnerabilities in the DeFi ecosystem were surfacing every day after a good 2019 and it will do nothing to boost the trust of potential users.