Dear community member,
As our current users are aware, 888tron.com and 888starz.com focus on wealth redistribution with its users. 100% of the Net Gaming Revenue generated from both platforms is shared amongst token holders.
Holding the 888TRON token in your personal player cabinet, entitles you to a share of the revenues generated.
Now we have gone one step further in making sure our users can make a nice profit for playing on our platforms by adding DEFI!
So as of today, 888TRON.COM now supports DEFI functionality… turning 888TRON in the first DEFI profit sharing casino in the world!
Please keep in mind this is only the first phase of DEFI on 888tron. More features will be made available this summer! (July/August 2021)
But first things first, let’s start explaining what Defi is.
What is DeFi?
DeFi or Decentralized Finance is a movement that aims at making a new financial system that is open to everyone and doesn’t require trusting intermediaries like banks. To achieve that defi relies heavily on cryptography, blockchain and smart contracts.
DeFi are financial services with no central authority. It involves taking traditional elements of the financial system and replacing the middleman with a smart contract. We can also describe it as the merger between traditional banking services with blockchain technology, in layman’s terms.
So, for DeFi to work, it needs a decentralized infrastructure to run on. This is where the TRON blockchain comes into play!
DeFi vs CeFI
Let’s compare the main differences between DeFI and CeFi that stands for centralized (or traditional) finance.
DeFi proponents say the decentralized lending platforms are democratizing the lending ecosystem. These platforms use smart contracts in place of intermediaries like banks — allowing borrowers and lenders to participate in an open system. Lenders can earn interest on their crypto assets by loaning them out, while borrowers can access liquidity without selling off their assets.
With the traditional financial system, you need to offer collateral before you can access loans from the bank. This is similar to what happens in DeFi. Borrowers have to over-collateralized their loans by offering assets more valuable than the loan value.
Traditional banks are expensive to run and bureaucratic in nature. They take too long to process transactions and have cut many people out of the financial system due to their stringent requirements. DeFi came to solve many of these issues. Here are some of its benefits.
DeFi opens everyone to the financial system irrespective of income, race, wealth, culture or geographic location. All a user needs is a mobile phone or computer with internet access.
There is a significant number of unbanked people globally.
Interest rates for investors
Beyond keeping your wealth like a savings account, DeFi also allows you to earn income. It allows you to deposit assets and lend them out to borrowers. At an agreed-upon time, you get your interest and can plow your capital back into the system.
Control over your own finances
With DeFi platforms, you remain in control of your finances. While you have to deposit your funds into the platform, you decide what happens to them. Instead of trusting human intermediaries to qualify you for a loan or decide how to manage your investments, a smart contract does that. No one can ban you from a DeFi protocol. The underlying smart contract is law, and it operates blindly.
DeFi enables a greater level of openness and accessibility. Since most DeFi protocols are built on the blockchain — a public ledger — all activities are available to the public. Anyone can view transactions, but these accounts are not tied to anyone directly as is the case with traditional banks. Instead, accounts are pseudo-anonymous, listing only numerical addresses. Users with programming knowledge can also access most DeFi products’ source code to audit or build upon since they’re open source. Open-source codes are far more secure and of higher quality than proprietary software, thanks to community interaction.
888tron token & smart contracts are based and written on the TRON Blockchain. So for DEFI we will rely on the official Tron Foundation Just Swap technology.
All official information on JustSwap can be found here: https://justswap.zendesk.com/hc/en-us
What is JustSwap?
JustSwap is an exchange protocol on TRON for exchanges between TRC20 tokens.
Conversion can happen easily between any 2 TRC20 tokens based on system price. All trading fees collected will directly go to liquidity providers of the protocol, rather than the protocol itself. This ensures full decentralization & security.
How is price determined?
Price is determined by the number of tokens in each pool.The smart contract maintains a constant function: x*y=k, in which x = token1, y = token2, k = a constant number. Each swap takes place by replacing some of the tokens with a certain number of the other token. As k remains unchanged, balances of the tokens will be updated accordingly, which leads to changes in prices.
How to calculate the ratio of tokens to be added to/removed from the pool?
Adding/removing pool liquidity is based on the proportion of token and TRX amount in the current pool.If the ratio of token to TRX in the fund pool currently stands at 1:100, then the ratio of token to TRX that you want to add or remove also has to be 1:100.
Does JustSwap charge any trading fee for exchanging tokens?
You need to pay token liquidity providers a 0.3% trading fee. For example, when you are exchanging token 1 for TRX, 0.3% of token 1 will be charged as the trading fee. 0.3% of TRX will be charged as the trading fee when exchanging TRX for token 2.
Why does my exchange fail?
Insufficient Energy or Bandwidth and small slippage percentage when exchanging will lead to failed exchange.
When making an exchange, you can click on the advanced setting, select a larger slippage percentage, and make sure you have sufficient Energy and Bandwidth to secure your exchange.
DEFI benefits for 888tron tokenholders
These are the FOUR tokens you can use on 888tron:
🎲 TRX token
🎲 USDT token
🎲 888Tron token
🎲 888 Liquidity Pool (LP) token
🎖 EXTRA BENEFIT: by staking your 888tokens in the Justswap liquidity pool, you EARN an extra 0,3% from each transaction in proportion of staked funds. Truly amazing!
🎖 EXTRA ADVANTAGE: justswap 888token liquidity pool will provide users with a FASTER & SAFER way to exchange any volume of 888 tokens in one-click. No need to transfer your tokens to exchanges!
Some examples: Let’s say the trading volume of 888Tron is about $5,000. This means that an owner of a liquidity pool will receive a yearly income of 5000*365*0.003 = $5475.
This income amount doesn’t depend on the size of the liquidity pool if it’s owned by one person. Income amount only depends on transaction volume.
Once everyone will start to use this feature, then things will really become interesting!
If we estimate that transactions daily volume will increase by 100 times
( $500,000 liquidity pool), then the owner(s) of the pool will receive APY 110%.
If the platform grows and becomes more & more successful and the transaction volume increases 200 times ($1,000,000 liquidity pool) and $100 000 funds is enough for 888 liquidity pool, then the owner of 888 liquidity token will receive APY 1100%!
All studies show that DEFI will become more & more popular over the next months, so we have a bright future ahead of us.
By using the TRON blockchain we can offer a fast and very cost efficient version compared to the ETHEREUM blockchain with it’s high GAS fees.
How to take advantage of Liquidity Pool?
- Click on get LP tokens on 888tron website.
GET LP TOKENS
2. You are redirected to justswap. Accept and confirm 888token pop-up window.
3. Now you can provide liquidity to the pool. Enter the amount of 888 and TRX you want to deposit into pool in order to get 0.3% from transactions later on.
3. Since you have provided liquidity to the pool you will receive LP tokens. Just go back to 888tron and click deposit LP.
While you have provided liquidity to the pool, your staked LP tokens will give you USDT daily reward payouts.
You are now good to go….
How to take to cash out?
1. Click withdraw LP on 888tron.
2. Click on get LP tokens on 888tron.
3. You are now redirected to justswap.
4. Click on Pool.
5. Click on remove liquidity. You will get your tokens back and the profit fees will be added.
How to exchange tokens like 888, TRX and USDT easily through Justswap?
- Go to Justswap.io
- Choose the token you hold and the token you want to exchange it for. After you enter the amount, JustSwap will automatically calculate the corresponding amount of the other token, then click “Swap”.
2. Confirm the details for your swap in the confirmation window, then click “Confirm Swap”.
3. The swap requires confirmation from your wallet. Please click “Accept” in the “Request Signature” pop-up window.
4. The pop-up box shows that your swap has been submitted.
5. The swap is completed when the upper right of the page shows “confirmed” after a few seconds.
Want of find out more about DEFI and JustSwap, then please visit this 3rd party sites:
Hope you enjoy this new feature. Feel free to share any feedback/ideas you might have and we will take it into carefull consideration.
Thank you for your continued love & support.