Popular decentralized finance (DeFi) protocol TrustSwap has published details of several recent updates, in particular to its staking program.
According to TrustSwap, it has airdropped and shared its previously allocated 333,000 initial bonus. The bonus was directly sent into stakers’ wallets. The TrustSwap staking program has been extended, giving stakers time to earn more on the platform. The TrustSwap bonus rewards program will distribute an average of 10,000 SWAP every day. This is estimated to be about ~12% APY.
Interestingly, TrustSwap recently authorized several new updates on its staking platform. According to the DeFi platform, the updates were based on community recommendations.
The recent updates in detail
As previously stated, all the updates were based on requests and feedback from TrustSwap community members. The updates are designed to improve staking on the platform.
- Add-To-Stake/Re-Stake – This feature makes it possible for stakers to restake their bonus or reward. Increasingly, they can also combine their stake with SWAP. It is, however, important to note that re-staking is only possible if withdrawal has not yet been initiated.
- Withdraw Only Rewards – Stakers on TrustSwap also have the option to withdraw their reward bonus without having to unstake.
- New SwapStats Added – Now, stakers can view the total SWAP supply, amount burned, etc. directly from the portal. The platform has also inaugurated a “Check Rewards” feature, which shows stakers their position (SwapScore).
Details on the Staking Rewards Program
The DeFi protocol, over the last 30 days, has airdropped about 333,000 SWAP. The airdrop was for everyone who staked at least 100 SWAP since the official staking portal launched. According to the protocol, this reward program is to show appreciation to the TrustSwap community for their unending support.
Interestingly, the platform has decided to extend its bonus reward program. Now 10,000 SWAP will be added every day to the staking rewards pool. Notably, the longer staking is done, the higher the chances of growing SwapStats.
Stakers with SwapStats are eligible to take part in a lottery to win the Golden Ticket NFTs. The first batch of rewards (333,000 SWAPS) was dropped directly into the stakers’ reward wallet. These bonuses were procured from the TrustSwap development fund. This further reiterates the fact that SWAP is deflationary. Staking rewards are, therefore, gotten from interaction with the platform, not from thin air. As activities on the platform increases, the staking bonus program will likely be canceled or reduced.
TrustSwap recently launched its SmartSwap feature. The DeFi protocol also promises the next evolution of DeFi on blockchain technology.
At the time of writing, SWAP was trading at $0.219273 with a market cap of $14,183,182 and a 24-hour trading volume of $1,258,451.
Find out more about TrustSwap on the Altcoin Buzz YouTube channel.