Decentralized Applications (dApps) - Steemit Crypto Academy Season 4 - Homework Post for Task 8

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Hello, everybody.

Welcome to this post. Hopefully, all of you will be good and happy and enjoying your health with the blessings and grace of Almighty Allah. Today, I am here to present the homework post for Task 8 of the fixed introductory courses of the Season 4 of Steemit Crypto Academy. So, let's start our task without any wastage of time.

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There are three tasks given by the professor and we have to explain only one of them. So, I am going to explain task number 2.

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Question


Look for 2 similar dApps and do a detailed fundamental analysis and compare the two dApps and explain the results of your analysis. (Screenshots required).



In this task, the professor has asked to explain the details of two similar Decentralized Applications. Before discussing them, it is necessary to have a brief knowledge of decentralized applications. So, first of all, we will discuss decentralized applications.

Decentralized Applications (dApps)

As we know that this is the era of blockchain technology and blockchain technology is developing day-by-day. So, decentralized applications or simply dApps are the products of blockchain technology. Decentralized Applications are those applications that are based on the decentralized system. A decentralized system is a system that is independent of any central authority or the controlling unit.

Decentralized applications are those applications that exist or work without the involvement of any central authority or the central controlling unit. All the activities related to the applications are carried without seeking permission from any central authority. Users of the dApps are free to use the services that are available in those apps. These applications are based on a peer-to-peer system and all the users of these apps work together to run the app.

So, now, I am going to discuss two similar decentralized applications that are basically decentralized exchanges (DEXs). One of them is JustSwap and the second one is the DODO exchange. So, have a look at both of them separately.


JustSwap


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Image Taken From


Introduction:

JustSwap is a decentralized swap exchange platform that is based on the TRON ecosystem. This decentralized exchange was developed in August 2020, about a year ago. But it is one of the most popular decentralized exchanges of the time. As this exchange platform is based on the Tron blockchain so the tokens that are available in this platform are mostly of TRC-20 standard.

The tokens found in the JustSwap platform are basically divided into two lists. The first list is named the JustSwap Default list which contains 19 tokens. The second list is named the Tron Alliance list which contains 53 tokens.

There are also liquidity pools in this exchange platform and users can also take part in these liquidity pools by providing the tokens. The participants of the liquidity pools are rewarded with TRON cryptocurrency. It has also compatibility with different wrapped tokens like WTRX, WBTC, WBTT, WETH, etc. A number of minds are attracted by these wrapped tokens.


CoinMarketCap Details:

On exploring the decentralized exchanges (DEX) menu in the CoinMarketCap, I found some basic information about JustSwap decentralized exchange. These pieces of information are as follows.

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CoinMarketCap

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CoinMarketCap

All the information that is taken from exploring CoinMarketCap can also be expressed in the form of tabular data. So, have a look at the following table.

NameJustSwap
Current Rank24
TypeDecentralized Exchange (DEX)
24h Volume$47,477,201
%age market share0.424%
No.of markets25
Exchange TypeSwap
Developed/LaunchedAugust 2020

Working of JustSwap:

The JustSwap decentralized exchange, like most DEXs, is also based on the Automated Market Maker (AMM) algorithm. The tokens are created and their prices are set on the basis of the AMM algorithm. The JustSwap platform allows the trading and exchange of the tokens with low costs as compared to the ETH. The market volume of this platform is reached a great level of $1.6B.


Features:

Some important features that are found in the JustSwap exchange platform are as follows.

  • Swap:-

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JustSwap

The Swap feature can be used to swap different tokens with other tokens. The efficient, cheap, and secure exchange of the TRC20 tokens can be done from this amazing feature. The transaction fee will be in the form of native currency (TRX).

  • Pool:-

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JustSwap

This feature can be accessed by the users to take part in the liquidity pools of the platform by participating with their tokens. This is really a superb feature of this platform.

  • LP Pools:-

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JustSwap

The LP Pool option is available to allow the users of the platform to earn the liquid tokens in the form of Tron tokens by taking part in the liquidity pools. The number of users present in a stake also affects the profit percentage of the users that are taking part in the LP Pool.

  • SUN Swap:-

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JustSwap

This is a newly introduced feature in the JustSwap platform. This feature was introduced after the redenomination of the SUNOLD token into the new SUN token. The SUNOLD tokens are exchanged with the new SUN token here with the 1:1000 standard. It means that if a person has 1 SUNOLD token then he can get 1000 new SUN tokens by exchanging them from here.


Connecting a Wallet:

We can connect our TronLink wallet to this platform as this platform is based on the Tron ecosystem. The steps to connect the wallet are as follows.

  • First of all, open the JustSwap platform and click on the Connect a Wallet option located at the top left corner of the homepage.

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JustSwap

  • Now, choose the TronLink Wallet option.

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JustSwap

  • Click on the Connect option that appeared in the TronLink extension window.

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JustSwap

  • The TronLink Wallet will be connected to the JustSwap exchange. As you can see in the below screenshot.

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JustSwap

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DODO BSC


Introduction:

One of the most popular DEXs based on the Binance Smart Chain is the DODO decentralized exchange. When it was developed, its base was upon the Ethereum network but after the progress of the DeFi products and the increase in the number of its users, it was linked with the BSC(Binance Smart Chain) and some other popular exchanges.

The DODO exchange was developed in 2020 and has become one of the top Decentralized exchanges based on the Binance Smart Chain (BSC). It is in the top decentralized exchanges of the BSC with a great 24 hours volume of about $4M.


CoinMarketCap Details:

On exploring the decentralized exchanges (DEX) menu in the CoinMarketCap, I found some basic information about DODO BSC decentralized exchange. These pieces of information are as follows.

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CoinMarketCap

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CoinMarketCap

The information that is taken from CoinMarketCap can be expressed in the form of a table, as follows.

NameDODO BSC
TypeDecentralized Exchange (DEX)
Current Rank52
24h Volume$4,335,484
%age market shares0.0373%
No.of markets563

Working of DODO BSC:

Most of the decentralized exchanges used the algorithm named AMM (Automated Market Maker) but the DODO exchange used the Proactive Market Maker (PMM) algorithm which is more effective than the AMM. The involvement of the PMM algorithm in the DODO exchange improves the purchasing price of the assets in the exchanges. The prices of the tokens are set on the basis of the PMM algorithm.


Features:

Some great features that are found in this decentralized exchange are as follow.

  • Exchange:-

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DODO BSC

The most important function of this platform is that we can easily exchange different tokens here. The exchange of cryptocurrencies can be done efficiently and cheaply.

  • Liquidity Pools:-

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DODO BSC

The users of this platform can access this feature to provide liquidity to different coin pairs found in the exchange and they will be rewarded with the DODO token for this act. In this way, the users can manage their earnings.

  • Tools:-

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DODO BSC

There is a tools option in this platform where the users can create their token, add the liquidity to the existing pairs, participate in the Crowdpooling, and create their own liquidity pools. This is a great feature in fact. Crowdpooling is the feature that allows the producer of the token to reduce the prices of the tokens so that the traders can be able to manage large capitals with low prices.

  • Bridge Feature:-

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DODO BSC

The Bridge option cal allows the users to access different popular exchanges like the Binance Smart Chain (BSC) Bridge, Arbitrum Bridge, Celer Network Bridge (cBridge), Polygon Bridge, etc. By collaborating with these amazing exchanges, the users can enhance their trading experiences.

  • Governance:-

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DODO BSC

The users who are part of the governance of the DODO platform can take part in the decision-making of the platform. They can vote for the proposals and also express their own proposals from the Governance option.


Connecting a Wallet:

We can connect a BSC-based wallet with this platform as this platform is based on the Binance Smart Chain. So, we have to follow these steps.

  • First of all, open the official website of DODO and click on the Connect to a wallet option on the homepage.

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DODO BSC

  • Now, agree on the terms and conditions, click on Binance and click on the MetaMask option.

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DODO BSC

  • Now, click on the Next option in the MetaMask extension window.

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DODO BSC

  • Now, click on the Connect option to connect the MetaMask with the DODO exchange.

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DODO BSC

The MetaMask wallet will be connected with the DODO exchange platform.

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Comparison


JustSwapDODO BSC
- It is based on the Tron ecosystem.- It is based on Binance Smart Chain (BSC)
- It works on the basis of the AMM algorithm.- It works on the basis of the PMM algorithm.
- Mostly TRC-20 tokens are exchanged in it.- Mostly BEP2 tokens are exchanged here.
- It could be connected with only TronLink wallet- It could be connected with MetaMask and WalletConnect.
- It is a Swap type exchangeIt is a crypto exchange platform.

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Final Words (My Analysis)


Decentralized Applications are the applications that are not controlled or under the influence of any central authority or the central controlling unit. Users are free to enjoy the services in the dApps.

DODO exchange is a decentralized exchange based on the Binance Smart Chain (BSC) where a number of tokens can be exchanged. JustSwap is a swap exchange that is based on the Tron network. A number of TRC20 tokens and other tokens can be swapped easily and efficiently.


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So, that's all about the Task 8 of the Steemit Crypto Academy Season 4. Hopefully, all of you will like this post.


Special Mentions @dilchamo. Thanks to all of you for stopping by ...


Created By : @steemdoctor1 (Crypto Student)


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Hello @steemdoctor1,

Thank you for participating in the #08 Fixed course for Newcomers in the Steemit Crypto Academy.

Your grade on this assignment is as follows:

CriteriaGrade
Presentation/Use of Markdowns2/2
Compliance with topic2/2
Quality of Analysis2/2
Clarity of Language2/2
#club50500/1
Originality1/1
Total9/10

Homework task:9/10

Feedback and Suggestions :
  • Your effort in this task is appreciated.
  • You have missed the mark for power-ups.
  • Overall work is appreciated you have done a good analysis with detailed information.

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Okay mam. Thanks a lot for your appreciations.