This post will be a continuation in my series called “DeFI Diaries” where I will be reviewing the popular options in DeFI. I already wrote about AAVE and COMPOUND, in case you missed those posts you can access them on the links below:
In this post I will be covering TrustSwap which is the latest entrant in the DeFI space. Through this article I will be sharing an overview of what the project is about, what are the special use cases it is planning to address, how is it different from the exisiting DeFI projects and also a bit about it’s native token SWAP.
What Exactly is TrustSwap?
TrustSwap is a DeFI protocol aimed to provide escrow and pre-defined recurring crypto payments.
Escrow is basically a financial management middleman who facilitates transactions between two parties. Currently it’s done by specialized institutions which charge a hefty fee for this service which can go up to 5% to 10% of the total transaction value. TrustSwap plans to provide this service for free by leveraging the trustless blockchain concept which will benefit both the sender and receiver of crypto transactions as they will save the huge fees.
Pre-defined Payments is another service propositioned by TrustSwap. This will enable several possibilities like making recurring payments whether it’s the monthly utility bills or weekly allowance to your kids. The possibilities are endless.
TrustSwap is highly flexible and many other options can be customized as per the user requirements on the platform.
Which is it’s Native Token?
SWAP is it’s native token which is ERC20 compliant so is supported by all ETH wallets. It was launched about a month back on 9th July at a price of $0.03. It is trading now at a rate of $0.89 which is basically a 30X in a month. This shows the huge interest and demand it has created in the industry. The maximum token supply is capped at 100 M and the demand is expected to get further boosted in the future as SWAP is a deflationary token.
Who is behind this Project?
The team behind TrustSwap includes people with extensive experience in the crypto and blockchain industry and combines individuals with a varied skill set like coding, marketing, blockchain and management.
The project is led by Jeff Kirdeikis who is the CEO of Uptrennd which is a leading blockchain based social platform with over 100,000 active users from across the world from varied socio-economic and cultural backgrounds. Jeff has gained deep experience in managing blockchain projects by steering Uptrennd through some really challenging situations.
What Differentiates TrustSwap from other DeFI projects?
Most of the existing DeFI projects like MAKER, COMPOUND, AAVE are focused on the crypto lending activities however TrustSwap is created to serve a very unique set of Use Cases which are not being provided by any of the exisiting platforms. The most promising Use Cases include:
#1 Trustless Escrow with no Commission fees
Traditionally Escrow services charge a hefty commission for facilitating a transaction between the sender and receiver and they are currently operating in the fiat space and there is a strong need for reliable Escrow in Crypto transactions specially for larger contracts.
#2 Time interval linked Locked Crypto
This is linked to the escrow service when the client wants the transaction amount to be locked and released in fixed installments in recurring time periods. This was the original inspiration for Jeff to come up with the project as he realized that if there are no reliable escrows to lock the funds there is a possibility that a big investor can suddenly crash the market
#3 Recurring Payments for Services or Friends & Family
This is the use case which I think has the potential to raise the DeFI adoption level to masses. This will simplify the lives of everyone with our day to day needs. TrustSwap can be customized to make our monthly payments for services or giving regular allowance to our dependents in the family specially if they are living in a separate country than us. The possibilities really are endless and can be customized to specific needs of people.
Cheers,
SamBTC
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Interesting article