Uptrennd founder Jeff Kirdeikis has recently launched a promising new DeFi project called TrustSwap.
TrustSwap is a brand new revolutionary DeFi project solving many major problems in the DeFi crypto-space. It is a trustless escrow service for institutions and an automated solution to split payments in timed batches. A cross-chain system to wrap any token or coin (Bitcoin, Litecoin, Monero, Ripple, Cardano) running on any blockchain into an ERC20 at a 1:1 ratio.
"Trustswap is an easy way for you and anyone in the world to make safe cryptocurrency transactions together. No need for a middleman, just use TrustSwap!"
The project has three phases of development:
TrustSwap testnet will be completed soon and the mainnet will fully launch in early August 2020.
This will allow the DeFi platform to be able to offer customizable payment services which ensure that payments are automatically sent on a fixed schedule in timed batches.
After phase 1 is completed, the cross-chain functions will be integrated and swap between any coin running on any chain will be available into ERC20. TrustSwap will offer the ability to wrap any kind of coin from any blockchain with the use of an escrow ecosystem and users will be able to trade the tokens on DEX's or store them on Ethereum wallets and interact with Ethereum DApps and other applications. This way funds can be transferred across blockchains without the need to use a centralized exchange or perform any KYC procedure, providing anonymity.
Another use case for TrustSwap is for new projects, running on their own blockchain, which will be able to wrap their coins and use the Ethereum chain to be traded on Ethereum DEXs instead of having to pay probable high listing fees demanded by a centralized exchange. Uniswap and other DEX's along with many Ethereum DeFi products are enjoying high volumes lately and projects that run in different chains are left out. TrustSwap fills this huge market gap and allows all projects to participate.
With this phase, the best ideas will be implemented.
A major step for TrustSwap will be the integration of NFT's (Non-fungible tokens) and security tokens along with tokenized assets and finally, the project has plans to release its own DEX (Decentralized Exchange) that will facilitate leverage trading among other services.
TrustSwap Team Members
Team members :
The SWAP fees in the TrustSwap will be distributed as follows:
- 80% as a reward to stakers and liquidity providers
- 10% burn rate
- 10% to the foundation
- 100m SWAP tokens initial supply
- Deflationary (a percentage is burned with each transaction)
Ethereum Contract Address: 0xcc4304a31d09258b0029ea7fe63d032f52e44efe
The token ticker is SWAP and it is traded in the following exchanges:
- SWAP/ETH (or other ERC20)
While TrustSwap is a recent project there is clear optimism by everyone involved about its success. Having done research on hundreds of projects I have to admit that this one has the potential to grow amongst the best DeFi products. If everything is implemented and the roadmap is executed as planned, I think that TrustSwap will become a real gem in the blockchain world.
*This review is not investment advice. I didn't talk about the price of the token and I haven't invested in TrustSwap either, although I am looking into it. I always suggest performing extensive research before investing and never rush into FOMO and hype.
First published on Uptrennd - Reposted on Publish0x
All images are screenshots from trustswap.org.