![iMarkup_20210911_075256.jpg](https://cdn.steemitimages.com/DQmS4taSRWyNB7WbHqgU9V6hShg97Mj3r2U6ZCqGJwfurbw/iMarkup_20210911_075256.jpg)

Here is my homework post for beginners course in the steemit's Crypto academy season 4 week 8 by professor @reminiscence01. https://steemitimages.com/720x0/https://cdn.steemitimages.com/DQmd9NPFq7gke75qsuCscreppdCRkJV7gYvK7MYH6s6qGPz/iMarkup_20210913_081342.jpg #

Explain DeFi products and how it is shaping the present-day finance.

![download (2).jpeg](https://cdn.steemitimages.com/DQmPaNAUVsdwLpA2Fec2j3rJJbcpyVGuNjx4w7pwwhHdxhs/download%20(2).jpeg) _{[source](https://www.blocksocial.com/ethereum-defi-platforms/)}

Defi means decentralised finance, which is the main base on which Cryptocurrency was meant to be built upon. As a type of finance, it's offer a decentralized platform which is on a blockchain that uses smart contract for execution of transaction. Decentralized finance help to avoid the use of middle man that are third party when transaction is been made, here by providing a lower cost of transacting and offers a transparent record of transaction due to the legar used for the record of the transaction which is the blockchain. Defi product are the required components needed by the decentralized finance to perform it's services as a financial system willing to accept transaction within only the sender and the receiver. This product provide the effect of the whole concept of decentralised finance as they stand has the way of executing the transaction. The major Defi product is the decentralised application most of which use the smart contract has an agreement to offer purchase and sale, lending, staking, liquidity provision and savings which are some of the new advancement it has brought to the present day finance. Defi product offers security for your asset by the use of cryptograhy and they give transparent transaction record to avoid any form of cheat amist the trader. All of these characteristics and more has been considered by user to leave their local way of transaction to the new form which is believed to be better and hold a brighter future. https://steemitimages.com/720x0/https://cdn.steemitimages.com/DQmd9NPFq7gke75qsuCscreppdCRkJV7gYvK7MYH6s6qGPz/iMarkup_20210913_081342.jpg ##

Explain the benefits of DeFi products to crypto users.

To Cryptocurrency user, defi product offer the freedom to be called the owner of your cryptocurrencies has it's is believed that the owner of the private key, owns the asset. The centralised exchanges are too common to the crypto user and they control and give whatever decision they like on how and when to withdraw and fee of transaction, but the defi product has come to the save them from this. below are some of the other benefits. * Tokenisation: Defi product gives room for tokenisation which is one of the major advancement defi product bring to the crypto space as it allows asset to be built on blockchain for the purpose of be used to make agreement or to serve as collateral for ownership of other asset. * Security and transparency: It offer security to the asset by the use of private key provide by cryptograhy which is the security measures of the decentralised system and blockchain offers an open legar of transaction to everybody to see * Immutability: This is a advantage brought by the use of blockchain has all records of transaction are been recorded on the blockchain, this records cannot be changed or mutated and it's is impossible to be manipulated by anyone. * Easier access to the financial market: The defi product offers faster and anytime access to the market which is contrary to any centralised financial either the local ones or the digital ones, eliminating the need to use the middle man which transaction is to take part. * Defi product also helps to make savings and lending of additional fund easiler and offers interest on this savings. https://steemitimages.com/720x0/https://cdn.steemitimages.com/DQmd9NPFq7gke75qsuCscreppdCRkJV7gYvK7MYH6s6qGPz/iMarkup_20210913_081342.jpg #

Discuss any DEX project built on the following network.

### Binance Smart Chain #### Bakeryswap

![20211028_181048.jpg](https://cdn.steemitimages.com/DQmWY7ih6aSh92bu91seePc8y4Ro7RBinxTQyJQADrthTcW/20211028_181048.jpg)

Bakeryswap is a decentralized exchange just like uniswap but on the binance smart chain network. They really want to be like uniswap just offering a cheaper fee and faster transaction. The major up hand Bakeryswap has over most of the other Dex on binance smart chain is the nft market it offers while not lacking as a Dex that uses an automated market maker protocol for swap and also support yield farming. Bakeryswap is a decentralized exchange with a competitive edge with the support of nft market where any one can list various kind of nft and also allow the use of some nft to stake in other to get their bake token. They also offer low transaction fee associated with other Dex project offering this fees to their liquidity providers. Features of Bakeryswap including: * Trade: this has two options which are the exchange and liquidity. The exchange is the platform to swap token and the liquidity is where you add liquid and you are given pool token to represent your share.

![Screenshot_20211028-051024_Brave.jpg](https://cdn.steemitimages.com/DQmcHtHSbu661YWQw4Kr1NpvH4hXU9tHzbcjzw9Nojz9gtu/Screenshot_20211028-051024_Brave.jpg)

![Screenshot_20211028-051021_Brave.jpg](https://cdn.steemitimages.com/DQmWVyHDQg1faEXjucou8iKPagtSAQjR4e3EQC77q7MZE5a/Screenshot_20211028-051021_Brave.jpg)

*** * Earning: Here is where you earn bake token with bake or other token combination on Bakeryswap. For those combination you have to provide liquidity to be able to have the ability to earn bake through them ![Screenshot_20211028-051605_Trust Wallet.jpg](https://cdn.steemitimages.com/DQmas5YvJDK2cj6b3n3anQ2X9kjYEvR4jKYC7ecrHiNttoL/Screenshot_20211028-051605_Trust%20Wallet.jpg) * NFT marketplace: where you can create, and buy and also sell nft. This is the largest nft market on the binance smart chain network. * Bakery gallery: this feature the best artistic nft in a place in form of drop to appreciate their works and help to promote the nft market. * Launchpad: This help Bakeryswap user to participate in initial coin offering of new project, has they can hold busd or bake to qualify for a cut of the new token. ### Tron Blockchain #### Justswap Just swap is a decentralized exchange on the Tron blockchain network. It allow swap of the trc20 token and they also have a stable coin ucdj. Been the first of it's kind on the Tron network, Justswap uses automated liquidity protocol which eliminates the need to match order or wait for any third party intervention before trading can take place. Justswap offer instantaneous exchange with very low transaction fee which allow all of it's liquidity providers to earn by commission of the protocol and allows them to earn transaction fee with mining reward. Features on Justswap includes:

![Screenshot_20211028-071539_Brave.jpg](https://cdn.steemitimages.com/DQmaR3FThzP4kfJXFMaQkVX51KL2nv6R6UJXiE2hPQ7cFQc/Screenshot_20211028-071539_Brave.jpg)

![Screenshot_20211028-071117_Brave.jpg](https://cdn.steemitimages.com/DQmdeZZr5nbGSdv3TRHmAqU8RpcNXkgePwKk61eUCAFQ2kA/Screenshot_20211028-071117_Brave.jpg)

*** * Swap: this allow the instantaneous exchange of token all on the Tron blockchain without any delay of waiting for a matching order. Beside it we have the pool where you can add liquidity to justswap. * Liquidity providers pool: here is the place to stake dofferent token on Justswap to earn TRX. As long as you have provided liquidity on a pair you can stake those token to earn TRX. * Scan: here you can search for a pair or use an address to search for a transaction on Justswap. It help for easier navigation on the platform. https://steemitimages.com/720x0/https://cdn.steemitimages.com/DQmd9NPFq7gke75qsuCscreppdCRkJV7gYvK7MYH6s6qGPz/iMarkup_20210913_081342.jpg #

give a detailed illustration of how to swap cryptocurrencies by swapping any crypto asset of your choice.

In the DEX projects mentioned in the question above, I will be showing how to swap $1bnb on Bakeryswap and $1trx on Justswap. ### Bakeryswap The Dex Bakeryswap can be accessed via the trust wallet DApps. Open trust wallet, then click on the DApps button to access the site [Bakeryswap](Bakeryswap.org).

![iMarkup_20211028_182436.jpg](https://cdn.steemitimages.com/DQmZ4eeyrxeqZXxvDxK9ghv1Sdcsav5jofTEtWGLBkqvaQf/iMarkup_20211028_182436.jpg)

![iMarkup_20211028_182247.jpg](https://cdn.steemitimages.com/DQmRckzrUJMvKCoVHDHyw6JPSbjmamzxv7tCbKKtuz1Toce/iMarkup_20211028_182247.jpg)

*** Then you will click on the menu button by the upper left side of the page, and click on trade then select exchange.

![iMarkup_20211028_182601.jpg](https://cdn.steemitimages.com/DQmUDNx2ea93wwLZ8zo4Zix8CAc3NuZwUVtGtoo3xp5RFS5/iMarkup_20211028_182601.jpg)

![iMarkup_20211028_182526.jpg](https://cdn.steemitimages.com/DQmR7HqtvsW22mfJrXaYyVjHGkasshcnYbYNHkrYHoEgi9a/iMarkup_20211028_182526.jpg)

*** You will then select the token you are willing to swap to, which in this case it is BnB to bake. Then input the amount and confirm the swap.

![iMarkup_20211028_182757.jpg](https://cdn.steemitimages.com/DQmcKKaJCCA1Hdj2M37WtB2H9RT39MHKGz9EsZvfYSoT9UP/iMarkup_20211028_182757.jpg)

![iMarkup_20211028_182728.jpg](https://cdn.steemitimages.com/DQmcdUb5HLiQ2ZDERce3y7zDtKChts82pHtFhYQwRBMgJDq/iMarkup_20211028_182728.jpg)

*** Then you confirm the smart contract agreement and pay for the gas fee of the transaction. The second screen shot shows evidence of the transaction on the block explorer.

![Screenshot_20211028-174554_Brave.jpg](https://cdn.steemitimages.com/DQmXbzK2iF47aTmBZnUvjzp4dp9DSUYm3CHaCdgybXT8ubA/Screenshot_20211028-174554_Brave.jpg)

![Screenshot_20211028-173956_Trust Wallet.jpg](https://cdn.steemitimages.com/DQmXEhU4tBSjtWKozL37KM9soviQeJwqCsibcuHcSiyZdR3/Screenshot_20211028-173956_Trust%20Wallet.jpg)

*** ### justswap To access the Dex Justswap, open your Tronlinkpro wallet and then click on discover on the home page to take you to the dapp section where you can select the Justswap Dex.

![iMarkup_20211028_185046.jpg](https://cdn.steemitimages.com/DQmeq47mPCRfjZdV92R5BZWpMq4ax6qdzkujmpm87vrJ249/iMarkup_20211028_185046.jpg)

![iMarkup_20211028_185000.jpg](https://cdn.steemitimages.com/DQmTUbNEEd3JaqH6Vngx1u3u5nvvoP6vH3YCgseTX7ika1a/iMarkup_20211028_185000.jpg)

*** Now select the town you want to swap from. Which in my case it's from TRX to wink. Then input the amount of the token you want to swap, then select on swap. Then confirm the details you inputed for your swap then click on confirm to proceed.

![iMarkup_20211028_190128.jpg](https://cdn.steemitimages.com/DQmYbVUDESHfWau8CRizpMWjUyUdEmXT4KLCd4KcMyAJDmS/iMarkup_20211028_190128.jpg)

![iMarkup_20211028_190014.jpg](https://cdn.steemitimages.com/DQmVCvFLG78krsgVeQVcZxB48cHF3Z6J1qUy8Le7fXxLpMm/iMarkup_20211028_190014.jpg)

*** Then you authorize the transaction by clicking on confirm transaction and then you receive a confirmation page for successful transaction.

![iMarkup_20211028_190229.jpg](https://cdn.steemitimages.com/DQmPxK1DcEx6USwBUon146HrsVLetb2GogjqaoozpcwkJ9i/iMarkup_20211028_190229.jpg)

![iMarkup_20211028_190200.jpg](https://cdn.steemitimages.com/DQmQWai7XDGRCToNBSKGeHXuKAYxjhq9XHWTPg1uVBRoRkW/iMarkup_20211028_190200.jpg)

*** the Screenshot is the evidence of a transaction on the Tron scan to Show proof of transaction from block explorer. ![Screenshot_20211028-184853_Brave.jpg](https://cdn.steemitimages.com/DQmaVQBh3XAspufJin3ssSoT1eshGNLVWNZzRwp9WXkCgbk/Screenshot_20211028-184853_Brave.jpg) https://steemitimages.com/720x0/https://cdn.steemitimages.com/DQmd9NPFq7gke75qsuCscreppdCRkJV7gYvK7MYH6s6qGPz/iMarkup_20210913_081342.jpg #

Conclusion

Decentralized finance are the best new way forward brought to us by the innovative of advancement in technology. Defi product help to ease transaction and keep proper record and they help to give maximum security to our asset Vis their methods. They create opportunities that cannot be given to use by our normal way of transaction like the option to stake and earn, or borrowing without the interfarences of third parties. Decentralized financial system are here to help us, all will have to know is learn to adopt this method and explore them to get the best out of the system. Thank you for reading.