What Is TrustSwap Coin (SWAP)?
TrustSwap is a distributed platform, cryptocurrency and protocol that promises a new evolution to decentralized finance (DeFi). It aims to achieve this through next-generation multi-chain token swaps and other functionalities that aim to solve existing problems with split payments, subscriptions and cross-chain token swaps.
TrustSwap describes its mission is to power “customizable transactions,” not only for the DeFi space but also for the entire crypto industry. Incorporated in July 2020 in Canada, the platform seeks to take smart contracts mainstream.
Among TrustSwap’s primary products are staking, smart locks and smart swaps, which can wrap any coin or token into an ERC20 token. For example, the protocol offers cryptocurrency wrapping services which enables anyone to wrap and use any cryptocurrency on the Ethereum blockchain. Also, it features escrow services enabling it to become a trusted middleman in crypto-based financial transactions.
Who Are the Founders of TrustSwap?
Jeff Kirdeikis and Adam Barlam lead the project as CEO and CTO respectively. The CEO is also the founder of Uptrennd, a media platform tapping into blockchain technology’s power. Kirdeikis also runs a successful cryptocurrency-focused group on Facebook with over 150,000 members.
Barlam, on the other hand, has significant experience in and outside blockchain circles, as the developer behind a review platform, Bravocoin, where reviews are paid in cryptocurrency. In addition, he has previously held key positions at Intel and GoDaddy.
Apart from the two executives, the team also includes advisors such as renowned crypto Youtubers, Michael GU and Ivan Litjeqvist. Others include Mauvis Ledford, a former CoinMarketCap CTO and a former consultant (tech and research) at the Bill and Melinda Gates Foundation.
What Makes TrustSwap Unique?
TrustSwap has a token launchpad offering that is customized by users and can be set to release investor tokens at specific times or implement a lock-up period for tokens allocated to a project’s team.
The feature can also be customized to give early access to those staking TrustSwap’s base asset, SWAP.
Additionally, the platform uses its SmartLock feature to allow parents to automatically make digital currency payments to their kids’ bank accounts on a set interval. Furthermore, you can save money and automatically transfer it at a date of your choice to a specified account.
The platform adds a new twist to crypto peer-to-peer transactions through SmartSwap. Here, it presents a use case for initiating over-the-counter (OTC) trades without the need for a third party such as a crypto exchange. A SmartSwap attracts a fee of up to 0.3%.
What’s in it for TrustSwap? The platform charges for the services offered, thus drawing revenue. The higher the activities on the platform, the higher the revenues, and vice versa. It likely also generates funds through trading of its native SWAP currency.
Learn more about Uniswap (UNI).
Learn more about SushiSwap (SUSHI).
Learn more about other DEXs.
Check out the CMC blog.
How Many TrustSwap (SWAP) Coins Are There in Circulation?
The SWAP token has a total supply of 100,000,000 coins and uses a deflationary model by burning 10% of the transaction fees.
SWAP is a vital component in the TrustSWAP ecosystem since it gives holders access to a host of benefits. For example, it gives holders a seat on the governance table. Moreover, it is used to pay staking rewards.
SWAP holders can also enjoy a 50% discount on transaction fees when paying using the native token while helping the network maintain stability through staking.
Note that 80% of the fees charged on the platform go to liquidity providers and stakers, with the project keeping 10%.
How Is the TrustSwap Network Secured?
TrustSwap secures its network by tapping into the second-largest blockchain, Ethereum. Ethereum is currently in transition from PoW to PoS and is expected to make it even more decentralized and secure in the long run.
The platform is non-custodial, which means that it doesn’t have access to user funds in smart contracts. Furthermore, the protocol’s security is enhanced by the use of audited smart contract code.
Where Can You Buy TrustSwap (SWAP)?
SWAP is available for purchase on Hotbit, Uniswap, BitMax, MXC, Gate.io, and 1inch exchange. Its major trading pair on these exchanges is USDT, except on Uniswap and 1inch, where it’s paired with Wrapped Ethereum (WETH) and Ethereum (ETH), respectively. Visit here to learn more.