Decentralized Finance (DeFi) is emerging as an exciting part of the cryptocurrency world. Notably, DeFi is focusing more on realizing the initial goal of why cryptocurrencies were established, such as the elimination of middlemen and streamlining of financial transactions. However, most cryptocurrency projects have not exhibited a straightforward way of facilitating a seamless financial transaction. Some projects have centralization attributes while others attract high transaction fees.
The TrustSwap project is here to change the game. This cryptocurrency project is seeking to transform DeFi through the deployment of smart contracts. The platform is poised to trigger DeFi innovation in an inexpensive manner. The team wants to increase the confidence of both investors and developers in the crypto space.
What is TrustSwap?
TrustSwap is a new DeFi platform designed to create smart contracts with real-world use cases. The platform enables cryptocurrency subscription services, automated gift services, payroll management, among others. TrustSwap also introduces a new standard for issuing cryptocurrency tokens called Trusted Coin Offerings (TCOs). TrustSwap’s native cryptocurrency is called SWAP, an ERC-20 token used in TrustSwap’s smart contract ecosystem.
How does TrustSwap work?
TrustSwap is an open-source Ethereum smart contract ecosystem. The platform uses the following features to realize its mandate.
Trust swap seeks to make recurring subscriptions using cryptocurrencies easier. Retailers from different services can use the Trust Swap system to integrate crypto subscriptions directly onto their sites. An Ethereum based token is used and the feature has unlimited potential. The current crypto payment services only enable singular payments. With recurring crypto subscriptions, TrustSwap will improve how cryptocurrencies are spent and used.
The central proposition of TrustSwap is to offer a system for time-locked payments through smart contracts in enforcing the pre-agreed terms between parties. The escrow service eliminates middlemen like banks and lawyers. The network replaces the middlemen with a secure, audited smart contract system that sends funds where they belong at a specified time. Most importantly, being an automated system, users do not incur a lot of expenses or worry about counterparty risk.
Tokensale Launchpad & Trusted Coin Offerings (TCO’s)
The TrustSwap token sale enables the launch of new blockchain projects. Investors can take advantage of the platform’s security and trustlessness synonymous with smart contracts.
The fee for using the Launchpad as a project is 5% of the total amount raised by the token sale. Additionally, another 2.5% of the initial supply of the tokens being sold. 2% of these tokens are airdropped to SWAP holders, while the remaining 0.5% is allocated to the TrustSwap foundation fund. This proposition is way cheaper than hosting an ICO on an exchange that will charge millions of dollars.
Projects that perform TCO’s on the Launchpad will enjoy greater confidence from their specific communities. TrustSwap’s TCO platform has four main features. The Team Token Locks feature facilitates the locking of team tokens over time. This gives confidence to the investors that the chances of dumping tokens are minimized.
The event-based payments feature means that investment funds for the team can only be locked once they meet their objectives on time. If they fail, then the investor investments will get returned to them. Lastly, the investor token release feature eliminates any chances of a large-scale dump as soon as the token hits the market.
This feature facilitates the wrapping of any token on the Ethereum network, making it easier to interact with wallets, decentralized exchanges, and the entire TrustSwap ecosystem. This saves projects time and money. The wrapping Service allows any project to interact with the Ethereum Network seamlessly.
TrustStake is the staking of SWAP tokens in the TrustSwap network. Staking investors earn through network fees accrued by those using TrustSwap’s smart contracts. On the Trustswap network, staking rewards are paid every three days and distributed proportionally to how many SWAP tokens you have staked. The yield currently stands at around 12% per year.
With just a few months in the market, TrustSwap has been working to roll out new features to realize its goals. They have launched the SmartSwap features. The feature facilitates peer-to-peer currency swap agreements through a smart contract-based escrow agreement. The service also makes it possible for users to transfer millions in assets in a secure, trusted manner. The target for SmartSwap is over the counter trading. Each SmartSwap charges a 0.15-0.3% commission.
It is worth mentioning that TrustSwap has lined up more features as it plans to continue building on its initial feature set while partnering with other DeFi standouts. The next service to be launched is Swappable, a NFT and a ERC-20 marketplace that returns fees to the community.
The TrustSwap project has merit compared to other cryptocurrency projects. It offers a unique product that is easy to understand by both investors and developers. By actively working towards streamlining daily financial transactions, TrustSwap is destined for a greater future.
TrustSwap’s smart contract services are out to make crypto transactions faster, safer, and cheaper. With all factors considered, the TrustSwap ecosystem is destined to grow as its developers forge strategic partnerships.