I recently wrote about Kyber Network, a DeFi (decentralized finance) project that has been talked about a lot recently. With all eyes on DeFi, it is now the turn of TrustSwap.
A project I only learned about a few days ago, but one that was definitely worth researching. In this post you will learn about the project, the team, the token and the roadmap.
We take a closer look at this coin with the goal of giving you an objective view in a way that everyone can understand. This article is not meant for promotion.
TrustSwap is a new platform designed to enable people to exchange money safely and securely, without the use of an intermediary. The platform offers escrow services, time-released transactions, smart swaps, transactions of tokens & tokenized assets and more. Several features reminded me of Uniswap, but it seems this project is much broader than that. The use cases they display on their website are perfect examples of what I mean by that:
To expand on this, I can imagine how this could also be used:
The in time-released payments can be used by OTC deals or project crowdsales / token sales, for example, whether during the private sale or public sale.
Trustswap users do not have to rely on the project team to send the tokens. This way, they receive them automatically after sending their money to buy the tokens. Now suppose there are lock-up periods not only for team members’ tokens, but also for seed investors or private sale investors. These terms could easily be included in a smart contract as part of the deal, meaning that participants would receive their tokens immediately, but could only transfer certain amounts after the tokens were unlocked at certain set times.
This is incredibly interesting for all kinds of OTC deals, with much cheaper fees than lawyers, for example, would normally charge, in addition, there is less time involved and much less paperwork required.
Now, in my opinion, it is worth discussing Universal Token Wrapping in a separate heading. Having worked with multiple blockchain projects over the past few years, I can confirm that starting a token other than an ERC-20 token is much more expensive. It is harder for exchanges to integrate/listen to them and it is harder to use them on other decentralized platforms.
We have seen token wrapping before, but it has never been done easily at scale. TrustSwap offers a universal token exchange feature where projects can integrate any token on any blockchain with the TrustSwap ecosystem by simply wrapping any token imaginable into a 1: 1 token in an ERC-20 token.
Once wrapped, this token can be used throughout the Ethereum ecosystem, including DApps, (decentralized) exchanges and more. Wrapping works and it is efficient, wrapped tokens can be easily swapped back to native tokens to use again within their own network.
One of the main reasons I bought SWAP almost immediately was because of their founder. Jeff Kirdeikis. For those who don’t know him, Jeff founded Uptrennd (the most active/involved blockchain social media platform). He is a host of the Bitcoin and Crypto podcast and he runs the largest Facebook group in crypto called ‘Cryptocurrency Investing’ – with over 150,000 members.
I have been a member of this Facebook group for almost two years now and I have seen it grow. It is very active and the fact that Jeff is one of the founders of and plays an important role in these projects allows him to reach a huge audience for free. This immediately gives the project a huge amount of eyes on it and the money they have saved from this can be spent on other marketing activities.
Adam Barlam has been hired as their CTO. Adam is the developer and founder of Bravocoin (a decentralized social network). Joaquim Miro is the CGO working with GDA.Capital, an investment company that connects institutional money with crypto.
Now I wrote certain things that reminded me of Uniswap. Uniswap has become incredibly popular in recent months, but unfortunately they don’t have a token that allows for speculation and profit sharing. When I discovered that TrustSwap has a token, I got excited, especially after reading about the tokenomics.
SWAP is used throughout the ecosystem and offers several features:
There will be a governance model where token holders can vote for decisions.
The tokens are deflationary and a portion of the transaction costs are burned (10%).
SWAP works in the same way as other exchange tokens and can be used to receive a 50% discount on trading costs.
Token holders can use their SWAP to participate in the network and share 80% of transaction costs in rewards along with liquidity providers.
There will only be 100,000,000 SWAP in circulation. 60M is sold during the initial liquidity offering, 20% is used for marketing, development, legal, etc. Activities and 20% is allocated to team members.
Now I would love to write a platform review, but the platform is not live yet. So I will definitely do this once it is live. Their roadmap is clearly described on their website. August is full of new releases which I will summarize here:
I’m pretty sure I’ve shared my enthusiasm in this post. SWAP is the first token in almost two years that I have bought almost blindly after doing some quick research.
I bought SWAP yesterday at a price of $0.055 and woke up today to a price of $0.165 (+ 200%). This is an incredible price increase that I had hoped for, but I did not expect this so soon. Unfortunately, I did not buy the amount of SWAP that I would like to holden. I am waiting to buy more SWAP until the price is lower (although I believe it is still peanuts in the long run)…. Some people have over 14x profit on SWAP now and I expect several whales to go soon or are already selling.
I hope the price can go back to $0.06 one more time, where I plan to buy the rest of my bag for the long term. I am looking forward to all their releases in August and I hope to share some insights on the actual platform right after the launch.
For those interested in buying SWAP, I recommend using Uniswap as it offers the most volume and liquidity (top 10 in volume over the past 7 days).
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Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.