TrustSwap, the DeFi platform that promises to serve as a foundational layer for the next evolution of decentralized finance launched its SmartSwaps service today. According to the official announcement, the service will act as a non-custodial Over the Counter (OTC) desk integration for exchanges. The most important aspect of TrustSwap’s services is that these will integrate into the existing blockchain and DeFi infrastructure rather than disrupting anything.
Anyone seeking an instant and trustless trade with a stranger can use TrustSwap SmartSwaps services to avoid getting scammed. Setting trade using SmartSwap is pretty easy. First of all, both parties need to set the terms of trade and then agree to the same. The next step is to put the funds into the contract. As soon as both parties do it, the trade goes through instantly.
P2P Swaps that avoid scams
The existing peer-to-peer exchanges are trying their best to facilitate secure trades by employing escrow technology. Instead of that scammers find ways to scam innocent traders. SmartSwaps promises to solve this problem. Using the platform, even strangers can swap their holdings by signing smart contracts. As a completely decentralized OTC transaction system, it cuts away the middlemen. Thus, reduces the needs of banks, attorneys, or any kind of middleman.
Venture capitalists and institutions pay hefty fees to middlemen who help them facilitate the crypto flow. SmartSwaps offers them a completely decentralized OTC platform without any middleman to move crypto worth millions of dollars.
How to set up a trade?
Setting up a trade with a complete stranger is pretty easy with SmartSwaps. According to the live demo shared on the official Twitter handle, a user first needs to connect a MetaMask, WalletConnect, or Coinbase Wallet to SmartSwaps account.
SmartSwaps are now live: https://t.co/igvXWghEeT
– Non-Custodial OTC desk integration for exchanges
– Servicing VC and institutional dealflow into crypto
– The "Send 1 ETH I send back 10" scam dethroned
– P2P swaps
— TrustSwap (@TrustSwap) October 8, 2020
Currently, SmartSwaps service supports ETH and ERC20 token swaps. Secondly, the user needs to select the token, token amount, speed of the transaction, wallet addresses, and more such transaction-related data. Once this is set up the trade needs to be confirmed and funds can be transferred instantly. As is evident from the demo, setting up trade seems pretty simple.
According to Coingecko TrustSwap native token SWAP is up by 9.4% at the time of press.
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