TrustSwap app review

TrustSwap app review

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Basic info

  • Token SWAP
  • Audited yes
  • DAO no
  • Yield farming yes
  • Team public
  • Hacks no

Audits

Auditors:

Certik Hacken

Certik Hacken

Token profile

Price Market cap.

Frank Stewskid

Last updated: Nov 23, 2022

What is TrustSwap

TrustSwap is a payment system platform, offering its users elaborate tools for financial transactions such as automated smart-escrows, smart-swaps, and smart-locks.

Jeff Kirdeikis, CEO and founder of TrustSwap claims that a company he worked in was approached by a Venture Capital firm interested in investing $50,000 in a project they were working on at the time, however they requested tokens at a discount. The problem arose when the company wanted to make sure once coins were sent, they wouldn't be sold right away and crash the price of the tokens. After trying to find a smart-contract offering a service for time-based payments, he realized such a system does not exist. The team was left with the only option of hiring an expensive lawyer to act as a middleman and ensure the VC firm will get its tokens in fractional amounts over time for a 5-10% fee.

How does TrustSwap work

With its initial application within the ICO and cryptocurrency investment space, where a demand to split token distribution into tranches exists, TrustSwap cuts out the need for third parties by providing a way for the transactions to complete directly on the blockchain. Moreover, consumer transactions for monthly subscription payments such as Netflix, Spotify, Apple TV, and many others are the current trend in the service industry, however, the present cryptocurrency transaction model is a single payment.

Using a cross-chain “smart swap” system to wrap any token or coin into an ERC20, TrustSwap delivers its users a decentralized escrow service allowing them to split payments into timed batches. Using the project, developers can accept payments for time-sensitive subscriptions, where both parties can trust that payments will be completed in a timely manner.

TrustSwap is built on the blockchain-based distributed ledger technology, where all transactions are immutable and transparent. Thanks to a Web3 customizable and easy-to-use dashboard, customers are able to sign up on the platform and connect their Web3 wallet directly. The project also provides rewards and voting rights to its clients who have staked their SWAP ERC-20 Token, including eligibility for a 50% discount.

As the project operates under a non-custodial model, it never has access to user funds locked in smart contracts. All assets locked in the TrustSwap ecosystem can only be retrieved by private key owners or whichever beneficiary has been set at the time of contract execution.

How to use TrustSwap

The TrustSwap app services include SmartLock, SmartSwap, SmartSubscription, SmartLaunch, and SmartWrap.

SmartLock allows time-based or event-based transactions to happen safely and securely on the peer-to-peer network, by having multiple parties enter into a smart contract agreement and set certain payment parameters.

SmartSwap provides reliable escrow-based transactions, allowing complete strangers to exchange cryptocurrencies in a secure way.

SmartSubscription is used for setting up recurring crypto payments, ensuring people that once a “smart subscription” is set they will get paid on a regular basis for a set amount of time.

SmartLaunch can be of help to token issuers, providing them with control over their sale and a dynamic time-locked token distribution model, ensuring pump-and-dump schemes can’t be used to manipulate the price of the tokens.

SmartWrap wraps a non-Ethereum asset and lets it interact on the Ethereum blockchain.

TrustSwap fees vary depending on the service, for example, when using the TrustSwap app for swapping tokens users need to pay 0.3% of the transaction in ETH or 0.15% in SWAP, however, trades with the SWAP token are free of charge. When minting new tokens there are no fees, besides the gas costs of the transaction, but 0.4% of the total supply of the token is reserved for Farming Pools and 0.1% goes to the TrustSwap Developers Fund.

To interact with the platform, users need to have a wallet TrustSwap supports. Currently, such are MetaMask, Caoinbase Wallet, and all wallets supporting the WalletConnect protocol.

The SWAP token

The SWAP token or Trustswap is a utility token that can be used in place of ETH for payment of fees on the TrustSwap network. It has a total supply of 100,000,000 coins used in a deflationary model by burning 10% of the transaction fees. Another 10% are being kept by the project and the rest 80% go to liquidity providers and stakers.

SWAP gives holders access to a host of benefits such as a seat on the governance table and staking rewards. Providing a 50% discount on transaction fees when paying for them with it, the token also helps the network maintain its stability. Even more, by staking the coin users gain “SwapScore” which allows them to unlock free airdrops, guaranteed access, and bonus allocations in the TrustSwap Launchpad.

Is TrustSwap safe

The TrustSwap team consists of 50+ international members. Their expertise has roots in various projects and industries, namely Intel, Goldman Sachs, KPMG, Coinmarketcap, Siemens, Unisys, GoDaddy, HP, and more.

They are being led by CEO and founder Jeff Kirdeikis – known also for his Uptrennd, a “New-Era” Social Media Platform. Ivan Reif is the CTO, Ivan Anastassov is a COO and Joey Ryan who is Co-Founder/CFO of Gilded Finance acts as a CFO. 

TrustSwap audits can be found in the protocol dashboard on this webpage.

Partners 

The seed funding for TrustSwap was conducted in May 2021 and raised $2.4M. In June of the same year, the company acquired The Crypto App, which allows its users to track crypto prices live with alerts, get news related to the industry, and has live crypto conversion, and crypto portfolio tracker. 

The company describes its potential partners as OTC service providers, exchanges, law firms, and financial institutions with the main aim of becoming a bridge between traditional finance and the DeFi industry.

Many crypto projects have taken advantage of TrustSwap’s SmartLaunch solution, by launching their ICO on the platform. Recently the company also released its NFT marketplace - Swappable, the first artist to use it was Jani Leinonen – a world-renowned Finnish visual artist who minted his first NFT drop there.

What's next

Rather than building new features or services, the team behind TrustSwap is currently focusing on bringing additional value to the existing platform and token holders. Some tasks they are working on are revamping the Launchpad process and its user interface to make subscribing to launchpads much easier and modern looking. Integrating this functionality of the project to Web3 in order to remove the need for manual transfer of funds.

Efforts are being put into upgrading The Crypto App. Besides a major facelift, it will integrate the ability to buy, trade, store, and earn yield on crypto using SWAP as the in-app utility token. Work is also being done on the Swappable NFT Marketplace, with visual improvements and features enabling less-expensive transaction fees on top of the to-do list.

TrustSwap’s Team Finance had the same amount of value locked in its contracts as Uniswap v3, by the end of 2021, which led the team to consider improving the quality of the website, however, no more details on this undergoing were shared with the public.

Links

https://trustswap.gitbook.io/trustswap/

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