TrustSwap DeFi Protocol Aims to Clean up the Crypto Space

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In Brief
  • TrustSwap to launch audited token minting service.

  • Staking and liquidity pools to launch in Q1.

  • SWAP up on the day to reach $0.78.

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The Trust Project is an international consortium of news organizations building standards of transparency.

Decentralized finance protocol TrustSwap is looking to clean up the crypto space by providing a service that allows the minting of pre-audited tokens in a safe environment.



TrustSwap opens its pitch by labeling the crypto industry as the ‘Wild West,’ specifically referencing Uniswap and its open listing nature. There are so many potential hazards associated with the decentralized exchange such as rug pulls, flawed smart contract code, liquidity leeching, and various other scams.

The protocol was spawned in June 2020 with the concept of introducing smart contract-based trustless escrow for institutions and investors. It also included trustless team-token lockups to prevent dumping on the market.



It began with providing token locks and liquidity locks to help reduce the number of attack vectors that token holders could be subjected to. It currently claims to have over $135 million across 300 projects locked into these SmartLock contracts.

The next step for securing the ecosystem is something called SmartLaunch which combines the features above with fully audited token minting functionality.

Minting Audited Tokens

TrustSwap has found a way to deter or prevent early investors and token holders from dumping their share when prices pump. Now, it has added the ability to launch fully audited tokens since its SmartLock alone does not protect from code exploits.

Most new DeFi protocols will have two separate audits for their contracts, but this still doesn’t prevent gaming the system through flash loans for example. Citing the cost of these audits, TrustSwap is proposing a system called SmartLaunch for DeFi protocols wanting to get ahead without the expense;

“With Mint you can create a fully audited token within minutes, for $0 in fees. It’s that simple.”

The network is powered by its native SWAP token. 0.5% of the tokens minted through the SmartLaunch system are distributed to liquidity mining pools and the company for future development. The pools offer staking rewards of the representative percentage of the pool that the tokens are in.

The Mint functionality will be a phased deployment with the first portion expected in the first quarter of 2021. Phase two will include the rollout of multiple features such as rebase, inflation, deflation, and staking, which is scheduled for early Q2. Phase three includes integration with partners Polkadot to bring the service cross-chain.

SWAP Price Update

SWAP prices are up 3.5% on the day trading at $0.78 at the time of press. The token has gained around 27% over the past thirty days.

It spiked to an all-time high of $1.50 during the DeFi boom in August 2020 but has retreated since. When staking is launched it’s likely to rebound back to those levels.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Martin has been writing on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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