TrustSwap is a foundation DeFi layer that is working towards changing and simplifying the basic financial transactions model by implementing smart contract-based services. As a part of their phase one deployment, the platform has developed three products: TrustStake, TrustSwap, and SmartLock. All of these three products, or the products planned to launch in the future, are committed to simplifying the transaction process between users globally.
These customized smart contract-based products from TrustSwap help in building and maintaining trust and transparency among users. It also aims to remove the involvement of middlemen which will save time and money.
The platform’s native token, SWAP, is an ERC-20 token and has many utilities in the TrustSwap ecosystem, which we will explain later in the article. The token is deflationary in nature, which means that with each transaction fee paid in SWAP on TrustSwap, 10% of the fees will be burned. This constant decrease in the total supply of SWAP will ultimately increase the value of the SWAP token.
- Ease of use
- Immediately applicable tools to support the common need
- No intermediary
- Smart contract-based trustworthy solution
- Less expensive
- Escrow service
- Deflationary token model
- High rewards for SWAP stakers
- Added advantage on the fee paid in SWAP tokens
Available Digital Assets in the TrustSwap Ecosystem
Below are the digital smart contract products currently available on the TrustSwap platform.
Some of the products are planned to launch in 2021 as mentioned in the platform’s roadmap.
TrustStake was launched in early August 2020. The TrustStake smart contract allows users to stake their SWAP tokens. The stakers will be rewarded with 80% of all transaction fees that are performed in SWAP on the TrustSwap network.
SmartLock is a time-released payments system launched by TrustSwap in the middle of August 2020. These are the customizable smart contracts that are capable of handling one-to-one and one-to-many transactions for any time-based payments of Ethereum or any ERC-20 token. Due to this feature, it can easily be customized and used as a payment processing service for small businesses.
SmartSwap was launched in Q3 of 2020. It consists of a smart contract-based escrow service that will help in the token swap using a P2P trading system. Being based on the smart contract, the transaction rules are already defined and agreed upon by the involved parties that help in token swapping without any dispute. The funds get released from the escrow service when the conditions are fulfilled without any requirement of a high-cost middleman.
SmartSwap allows you to swap any Ethereum or Ethereum-based asset (ERC-20, ERC-721, etc.).
Support for NFTs and Other Tokenized Assets
TrustSwap is planning to launch support for NFTs (ERC-721) and other Ethereum-based tokenized assets in Q2 of 2021 via SmartLock. Using SmartLock, users will be able to lock and transfer these NFT tokens into the SWAP ecosystem.
Planned to launch in Q1 2021, TrustSwap’s SmartSubscription will connect content creators and consumers by using customized smart contracts. Users will be able to manage their subscriptions via the SmartSubscription UI and can connect their Web3 wallet to pay fees using Ethereum or any ERC-20 token.
Alpha Release of TrustDEX
TrustDEX is planned to release in Q3 2021. TrustDEX will allow users to perform margin trading on any Ethereum or Ethereum-based asset by using their Web3 wallet. Users will be able to take long positions with up to 5x leverage and short positions with up to 4x leverage. The fee generated from trading will be divided among the liquidity providers and stakers.
Planned to launch in Q4 2021, SmartWrap will allow users to wrap any non-Ethereum-based token so that they can interact with the Ethereum blockchain. The WaaS service will start with wrapping the top 20 coins.
Launchpad allows new projects to raise funds. TrustSwap platform users get early access to the projects by staking SWAP tokens. Your allocation is proportional to the amount of SWAP tokens you have staked, i.e., the higher the stake amount, the greater the allocation.
Currently, the launchpad supports two user categories:
- Stake 4,000 SWAP and get an assured launchpad allocation.
- Stake 7,000 SWAP and get a double bonus on launchpad allocations.
Once you click on Launchpad and connect your wallet, you can see the following details related to the launchpad platform.
From the right-hand side of the launchpad page, users can check the details of their staked SWAP token amount.
You can also check the overall staking stat and personal staking stat from the different tabs available on the launchpad.
Launchpad lists the projects that have raised funds from the platform. At the time of publication, the platform has launched nine different projects. It lists the following details about the projects:
- Initial native token price
- ATH (all-time high value)
- Current price
- Official page link
You can check the upcoming launchpad projects from this tab. Each project has different criteria for user participation. You can to check the below items:
- Funds raised so far
- Initial token price
- Official website link
- Minimum token to stake for participation
Lists the total amount of funds raised through the launchpad platform.
The TrustSwap token (SWAP) has many unique features:
- Governance – SWAP stakers can participate in governance voting and fund allocation.
- Staking Rewards – Stakers are rewarded with 80% of the transaction fee if it is paid in SWAP tokens. 10% is burned, and 10% goes to the foundation.
- Stability – Holding any project token will help in market stability. Users staking their SWAP token receive rewards from network transactions. It improves your SwapScore, which, in turn, increases your chance for SwapDrops and Presales.
- Deflationary – SWAP token is deflationary in nature. That means 10% of SWAP used as transaction fees on TrustSwap will be burned. This constant decrease in the total supply of SWAP will increase the value of the SWAP token.
- Reduced fees – Using SWAP tokens, the TrustSwap fees can be reduced by 50%.
The TrustSwap platform generates revenue by deducting a percentage of transaction fees for the services offered on the platform. Fees can be paid either in ETH or SWAP tokens, but to increase the SWAP token’s user adoption, the platform has set and deducted the transaction fee by half. Below are the details of the fee charged for various services offered on the TrustSwap platform.
TrustSwap is an innovative project. The platform has a wide range of services supported by a customized smart contract that will help users in daily activities ranging from token swapping to pay subscriptions and raising funds for new projects. The unique revenue model offering a discount on transaction fees will increase user adoption in the platform’s native SWAP token. The SmartSwap escrow service guarantees a transparent and seamless small or large volume of P2P trading without any involvement of a middleman that, in turn, saves a lot of money and time. Overall, the product that has been built so far serves and fulfills the needs of common users. There are a few products planned to be launched in 2021, and we will see how all these products together will serve best to the crypto user.
Resources: TrustSwap Website