DeFi token TrustSwap recently reported more than $500 million locked in token locks and liquidity locks, making it one of the largest DeFi projects.
The DeFi sector’s rapid rise to popularity that started in June 2020 and has continued until now has brought numerous success stories. However, not a lot of projects have seen such rapid development and rise as TrustSwap — a project that emerged as a smart contract-based escrow offering, only to turn into an all-in-one platform for different crypto transaction types.
What is TrustSwap?
TrustSwap is a DeFi project founded by Jeff Kirdeikis — a developer who previously worked on another project, when he realized that the crypto industry lacks a native service that would be able to execute timed token purchases without third parties acting as intermediaries. He soon moved to fix this problem, and he created TrustSwap in its initial form, with the smart contract-based escrow service, TS SmartSwap.
However, Kirdeikis soon started getting additional ideas for new services that he could add to TrustSwap, which led to the creation of TS SmartLock — a time-locked payment system, as well as TS SmartSubscription — an API-based crypto payment processor for businesses that can use it to start accepting crypto payments.
With the DeFi sector growing, and new projects emerging all the time, he also decided to create a token launchpad that could help these projects with exposure and sales, naming it TrustSwap Launchpad. Since then, the project has held a number of highly popular token sales, including MobiePay, Chaingames, Yield.app, AuBit, Coin, GLITCH, and others.
In fact, the project launched Stater FlashLaunch only yesterday, March 16th. Before that, it held Cellframe FlashLaunch on March 12th, as well as a Bitcashpay token offering on March 6th. It even assisted BitcoinVend with its liquidity offering on February 24th.
TrustSwap’s Progression to a Leading Position
Of course, the service did not stop there. It also announced its NFT and ERC-20 token marketplace, Swappable, and it got the timing perfectly, given how massive NFTs are becoming these days, and they seem to be in the process of becoming the biggest trend of 2021.
The company also managed to acquire its biggest rival, Team.Finance, in late 2020. Team.Finance has been TrustSwap’s largest competitor when it comes to token locks and liquidity locks, and by acquiring it, TrustSwap combined the two firms into one, becoming a giant in this space.
It also received all of Team.Finance’s assets and investments, and it even managed to add the project’s team to its own, which was actually one of the acquisition conditions. The acquisition has also proven to be an excellent move on TrustSwap’s part, as it recently resulted in over $500,000,000 locked in TrustSwap’s Token Locks and Liquidity Locks on Team.Finance. According to the firm’s recent tweet, this puts it in the top 15 largest projects based on Total Value Locked (TVL).
It is also worth noting that TrustSwap announced that its token, SWAP, will be available on the VISA credit card, powered by connect.financial. Unlike other crypto cards, which are debit cards that users need to load up with funds and then spend those funds, TrustSwap’s new product is an actual credit card, as in, users can deposit their coins only as collateral, and then spend credit, with the purchasing power being higher than the collateral itself.
As long as users pay back for the credit they spent in time, their collateral remains intact. As such, the card will be great even for HODLers who wish to use cryptocurrency for making payments, but still wish to keep their coins in their possession.
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