TrustSwap, a DeFi platform built from the ground up, promises to deliver the next evolution of DeFi. The platform is built to facilitate time-based crypto transactions with its unique SmartLock service. Along with this, the service will remove the need for middlemen like banks and lawyers with ease. However, TrustSwap does not stop there. It is also developing services like SmartSwap and SmartSubscription. The SmartSwap service is designed to facilitate OTC trades between parties using a smart contract-based escrow system.
Impressively, TrustSwap is building and delivering at blazing fast speed. On October 5, the development team received the SmartSwap P2P ETH/ERC20 Token Swap Contract audit report by Hacken. The premier cybersecurity consulting firm Hacken suggested a few minor changes to the contract, and the team is taking care of those now. However, the big news is that TrustSwap will push the SmartSwap functionality to mainnet, with full Web3 UI functionality, by the end of this week.
Eventful September
September was an incredibly busy month for TrustSwap. Primarily, the platform launched its mainnet, announced integrations, shared updates, and learned a few lessons. Furthermore, the DeFi platform impressed Hacken during audits of their SmartLock and staking software. Finally, on September 14, the mainnet went live with staking, SmartLocks, and SmartPay.
After the mainnet launch, the platform announced Chainlink and FalconSwap integrations. Additionally, WinPlay and CHAIN SwapDrops were completed.
Big lesson learned
In mid-September, TrustSwap publicly announced that HatchDAO will be using SmartLock to lock their team tokens. Unfortunately, HatchDAO pulled the rug. SmartLock worked fine and HatchDAO team tokens remained locked. However, the team pulled their liquidity, and TrustSwap had to face the burn.
Re: HatchDao
Trustswaps Team Token locks worked as they should, but simply locking team tokens does not guarantee a project's security.
There are multiple areas that are vulnerable in each project, beyond simply what founders hold.
This post lays out the areas you should watch pic.twitter.com/DfRgzEGNt2
— TrustSwap (@TrustSwap) September 25, 2020
The DeFi platform learned a big lesson. Following this incident, the DeFi platform has put the message out loud and clear. According to this disclaimer, SmartLock locks the team tokens, but projects can conduct scams by pulling liquidity, minting more tokens, and changing the code of their contract.
No plans to slow down
TrustSwap is designed to fuel the growth of DeFi, the hottest segment of the crypto sphere. The current Decentralized Finance setup is far from being capable of replacing the legacy financial market. To achieve such an ambitious goal, DeFi needs a whole new infrastructure and TrustSwap promises to build towards that.
Updates:
1. Audit has been published
2. Escrow Services, Exchange OTC integrations, Smart Swaps & Liquidity Locks will be released in the coming days
3. Liquidity Locks will be 100% free to use
4. Feature in Tech Times: https://t.co/pKOC1wOpIt
— TrustSwap (@TrustSwap) October 6, 2020
Along with its unique services, it is also making it easy and cheap for the developers to launch new innovative projects. Using SmartLaunch and SmartWrap, developers can accelerate the development of new crypto innovations. And this is how TrustSwap promises to fuel the next evolution of DeFi.
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