Crypto Academy Week 3 - Homework Post for [@sapwood] JustLend

in SteemitCryptoAcademy4 years ago

Introduction

Hello friends,
Greetings to you all, I'm so glad to be here today to discuss my season 2 week 3 homework task that was given by my noble professor @sapwood on the topic: JustLend.

(1) What are the different Markets available in JustLend, which market offers the best Supply APY, and which market offers the lowest borrow APY?(Screenshot needed)

There are nine (9) different markets that are available in JustLend.
The market that offers the best supply APY is WIN (17.68%), follow by SUN (16.40%), and also the market with the lowest borrow APY is JUST (0.75%), follow by Tether (1.83%).

IMG_20210430_171635.jpg
screenshot taken from JustLend

(2) How do you connect TronLink Wallet to JustLend, and How do you supply a token(e.g. TRX, SUN, JST, etc) to earn Supply APY? (Screenshot Needed)

Connecting my Tronlink wallet to JustLend wasn't too difficult for me because I already have a Tronlink wallet app in my phone. All I did was to open my Tronlink app and click on Discover, where it take me to a list of DApp, where JustLend is at the right hand side.

IMG_20210430_145241.jpg
screenshot taken from Tronlink

Then I clicked on JustLend I was taken to the JustLend page and Instantly my Tronlink wallet became connected by itself to JustLend.

IMG_20210430_145706.jpg
screenshot taken from JustLend

After I discovered that my Tronlink wallet has been connected I click on Home then it take me to all market. I click on the TRX supply button where it take me to this interface below.

IMG_20210430_145948.jpg
screenshot taken from JustLend

Then i enter a supply mount of 100 and click on supply then authorization tip was shown I select SAFE MODE and click Continue.

Screenshot_2021-04-30-08-08-53-76_c564fc6db12409a4b375ae7fc4428dbe.jpg
screenshot taken from JustLend

Another interface was shown to me to confirmed the transaction I input my wallet password and click done. My transaction became successful, showing my account status with a total supply of $12.44422973 on the homepage.

Screenshot_2021-04-30-08-10-02-70_c564fc6db12409a4b375ae7fc4428dbe.jpg
screenshot taken from JustLend

(3) How do you acquire jTokens, after supplying a particular token, check your TronLink Wallet and indicate how much jTokens you have acquired? (Screenshot Needed)

After I have supplied 100 TRX, I checked my Tronlink wallet then I discovered that I have acquired a jTokens worth 9,996.83349 jTRX.

Screenshot_2021-04-30-08-21-34-80_c564fc6db12409a4b375ae7fc4428dbe.jpg
screenshot taken from Tronlink

(4) How do you collateralize jTokens to borrow another asset? Borrow any asset of your choice(e.g. USDT), you can borrow a micro amount(as little as 1 USDT), include the entire process with screenshots?

After supplying my asset, "My Supply" became listed automatically showing Base APY 0.02%, rewards < $0.01% and Total supply of ($12.46) (100 TRX)

IMG_20210430_152400.jpg
screenshot taken from JustLend

I enable the collateral button that is showing "NO" by sliding the button. After I have slide the "NO" button. A pop-up window appear showing my borrow limit (9.34%). I then click on Use TRX as Collateral.

Screenshot_2021-04-30-08-24-56-97_c564fc6db12409a4b375ae7fc4428dbe.jpg
screenshot taken from JustLend

Then I clicked on borrow in the USDT column. A pop-up window appear. I enter 5 USDT as my amount and clicked on "Borrow".

IMG_20210430_153410.jpg
screenshot taken from JustLend

After, I clicked on Borrow 5 USDT, another pop-up window appear, I choose the "SAFE MODE" and entered my password, and instantly my borrow became credited.

IMG_20210430_161824.jpg

IMG_20210430_154403.jpg
IMG_20210430_155117.jpg
screenshot taken from JustLend

(5) How much interest did you pay, under what condition it will trigger liquidation? What is the net APY in your case? What is the Account Status(Risk Value) in your case? (Screenshot Needed)

I paid an interest of 0.000009% which keep on accumulating and it will trigger liquidation once it reach 100%. The net APY in my case as shown on my account status was 3.77% .

IMG_20210430_154403.jpg
screenshot taken from JustLend

The account status Risk Value in my case as shown on my account status was 53.16%, it will trigger liquidation once it reach 100%.

IMG_20210430_160839.jpg
screenshot taken from JustLend

(6) How do you repay & unlock your asset in JustLend?(Screenshot Needed)

This is the point where my loan was repaid. I repaid my loan of 5 USDT by clicking on My Borrow button of USDT.

IMG_20210430_161543.jpg
screenshot taken from JustLend

I clicked on approved USDT

IMG_20210430_161749.jpg
screenshot taken from JustLend

I select SAFE MODE before clicking on Continue.

IMG_20210430_161824.jpg
screenshot taken from JustLend

I clicked on the repay button

Screenshot_2021-04-30-08-47-42-60_c564fc6db12409a4b375ae7fc4428dbe.jpg

screenshot taken from JustLend

You can see that I have repaid my loan from the below screenshot

Screenshot_2021-04-30-08-48-54-86_c564fc6db12409a4b375ae7fc4428dbe.jpg
screenshot taken from JustLend

Thank You For Your Time Here......

Observation

Please sir, it seem after repaying my loan my TRX was not complete please how can I get my remaining TRX back to my Tronlink wallet.

Sort:  

Thank you for attending the lecture in Steemit-Crypto-Academy- Season 2 & doing the homework task-3.

I paid an interest of 0.000009% which keep on accumulating and it will trigger liquidation once it reach 100%. The net APY in my case as shown on my account status was 3.77% .

Yes, it keeps on accumulating every 3 seconds. Your Risk Value is 53.16%, which means you have utilized 53% of your borrowing capacity. Please note that your collateral value should be greater than loan amount+accumulated interest at any given time, otherwise the smart contract will trigger liquidation.

Please sir, it seem after repaying my loan my TRX was not complete please how can I get my remaining TRX back to my Tronlink wallet.

For that, you have to unlock the collateral first(just toggle it to NO) and then you can easily withdraw/remove your supplied asset(TRX).

Please note that just by repaying the loan wont unlock and send the TRX to your account, the reason being by supplying TRX you have acquired jTRX tokens. And that you have locked it to take a loan. Once you repaid, you need to unlock it and then you can remove your TRX.

Feedback/Suggestions:-

  • The author has demonstrated "How to Supply/Borrow in JustLend" with a real example-- He has supplied 100 TRX and borrowed 5 USDT. He has included all the screenshots required for this Task.
  • Proper formatting and at least one round of proof-reading is required.

Thank you.


Homework Task -3 accomplished.
[7]