TrustSwap

Empowering Trust in DeFi. TrustSwap provides multichain DeFi dApps for token holders, communities & businesses to create, distribute, lock and secure crypto assets with confidence.

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Why?

‘The Wild West'

These days, anyone can create a token and launch it on a DEX. This access to markets and ease of innovation is a huge net positive. However, it comes with significant risks. One of the most prominent issues that the cryptocurrency industry is currently plagued by is the frequency of scams and exploits. The list of possible ways that token holders can be victimized by bad actors is robust:

  • Teams dump all their tokens
  • Projects pull all liquidity
  • Issuance of additional tokens
  • Upgradeable contracts can be leveraged
  • Contract code can have hidden loopholes
  • Code can be poorly written with unknown exploits

Looking at this list, it seems both daunting and nearly impossible to mitigate all of these potential attack vectors and as a result projects search for ways to instill trust & confidence within their community and investors. We have a solution.

How?

TrustSwap’s ecosystem offers smart contact services and innovative solutions for decentralized finance (DeFi) and assists the crypto community and projects to transact with integrity and accountability.

We solve problems in the DeFi space connected to trust, transparency, bad actors, rug pulls, exit scams, smart contract vulnerabilities, extensive development times & costs, token generation, launchpad raises and more.

We achieve this by building foundational layers for multiple chains through services like: Team Token Locks, Liquidity Token Locks, Vesting as a Service, Customizable Audited Token Generator, Launchpad & Incubator platform, Farming as a Service, Automated distribution and OptIn protocols, NFTs as a Service, and more.

For this grant we would like to propose the following 3 DeFi services:

1) TEAM TOKEN LOCKS

Solana projects will be able to create custom time-released vesting locks for their Team Tokens in our transparent, secure, and decentralized smart contract vault. The locking period, frequency and amount is customizable. Locked tokens are only accessible by the projects and can only be withdrawn after the locking period has been passed. The goal is to assist de-risking DeFi by eliminating common bad-actor attack vectors such as exit scams. Our transparent public dashboard will display the details of each lock like amount and duration for everybody to verify. Increase investor and community confidence by locking your team project tokens on TrustSwap's Team Token Locks! Status: Live for several other chains. TrustSwap is current market leader in Team Token Locks based on TVL and number of locked projects.

2) LIQUIDITY TOKEN LOCKS

Solana projects will be able to create custom time-released vesting locks for their Liquidity pool tokens in our transparent, secure, and decentralized smart contract vault. The locking period, frequency and amount is customizable. Locked liquidity is only accessible by the projects and can only be withdrawn after the locking period has been passed. The goal is to assist de-risking DeFi by eliminating common bad-actor attack vectors such as rug pulls. Our transparent public dashboard will display the details of each liquidity lock like amount and duration for everybody to verify. Increase investor and community confidence by locking your liquidity on TrustSwap's Liquidity Locks! Status: Live for several other chains. TrustSwap is current market leader in Liquidity Locks based on TVL and number of locked projects.

3) VESTING AS A SERVICE

Solana projects will be able to create their own vesting contract with hourly release in our audited smart contract platform with flexible and customizable vesting periods. Over the configured amount of vesting time, token receivers can claim their tokens on an hourly basis through the TrustSwap dashboard.
The goal is to assist in preventing sudden mass tokens dumps by investors, airdrop/ICO/ILO/IDO participants and/or other vested external parties by continuously releasing small amounts of vested tokens into an hourly claiming dashboard. This way, holders of vested tokens will individually decide with which intervals to (partially) claim their tokens. This can create a more balanced and widespread division of token releases and reduces sudden sell pressure and volatility.
Status: Live for several other chains.

Above toolkit is essential for chains that want to increase trust and security within their DeFi landscape.

How we built it

We started with 1 chain, Ethereum and Ropsten test net, to define and build out the procedure, technology, UI/UX. Together with feedback from projects we improved on it, and when optimal quality and usability was reached we added other chains. We are still (and always will be) collecting feedback and already have some improvements on the roadmap for the UI and UX.

Challenges we ran into

The differences between chains, some were more challenging to implement than others. And of course there needs to be a stable and trustworthy DEX for the Liquidity locks.

Accomplishments that we're proud of

We are proud and humbled that in such short time (TrustSwap was founded in July 2020) we now managed to secure over 2 billion US dollars locked (TVL) and our locks and vesting tools are used by over 10000 projects on multiple chains. Making TrustSwap the industry leader for Token and Liquidity locks. We are also especially proud that these locks helped many investors, holders and communities doing their due diligence, as well as that the projects themselves now have a way to convey their good and ethical intentions in an market that is still considered a Wild West.

We are looking forward to welcome more projects and chains into the TrustSwap ecosystem so we can join forces to bring back trust into the DeFi space.

What we learned

Reputation and trust is everything when it comes to DeFi.

What's next for TrustSwap

In relation to the above 3 services:

  • Ability to make multiple and recurring locks within the same interface.
  • Improvements on the UI.
  • Larger marketing push.
  • Support more chains!

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