Collaboration Between TrustSwap And Chainlink to Help Power SmartLock & SmartEscrow Products

We are excited to announce that TrustSwap will be using Chainlink’s widely used ETH/USD Price Reference Data as a decentralized price oracle in determining fees for our SmartLock and SmartEscrow products. Leveraging Chainlink’s high quality data and tamper-resistant architecture will ensure that our users always receive the fair market price when paying fees to interact with TrustSwap services.

This integration is yet another major step forward for TrustSwap in becoming the go-to platform for smart contract payment services as well as a foundational layer in the rapidly-growing landscape of Decentralized Finance (DeFi).

“We selected Chainlink’s Price Reference Data because it’s a proven and easily integratable oracle network, already securing over $3B in value for other top DeFi applications such as Synthetix, Aave, yearn.finance, and more.” said Adam Barlam, CTO of TrustSwap. It’s ETH/USD price oracle is a highly decentralized price feed, secured by Sybil resistant node operators that source price data from multiple independent high-quality off-chain data aggregators. This provides strong market coverage across all trading environments.

TrustSwap + Chainlink: A Powerful Combination for DeFi

TrustSwap has quickly evolved from a simple idea for a trustless escrow smart contract to a multi-faceted DeFi platform and full-service non-custodial launchpad for new tokens to host Initial Liquidity Offerings (ILOs). Among the many use cases TrustSwap has explored, several revolve around helping crypto startups to launch new tokens in a way that is fair and transparent, adding immense value for their teams, investors, and communities. The TrustSwap team continues to work hard every day to bring more value and utility to the ecosystem, the community, and the entire crypto space.

Blockchain applications needing oracle services are overwhelmingly choosing the Chainlink network due to its outstanding reliability and flexibility in providing developers with a way to connect with any off-chain data source in a highly secure manner. The decentralized global network of Chainlink oracles aggregate price feeds and other data as a method of verifying its authenticity and correctness before adding it to the blockchain. This data can then be used for all kinds of interesting smart contract applications such as checking collateralization ratios in lending and borrowing contracts, triggering automated asset management based on market changes, providing accurate exchange rates for asset swaps, and more.

By integrating Chainlink’s data feeds into our smart contracts, TrustSwap has the confidence of knowing that our price data will reflect the volume-adjusted aggregate across all markets, not just a single exchange or select group of exchanges. It will serve as a solid foundation on which we can continue to build bridges between traditional markets and the new frontier of Decentralized Finance. This will make spending, trading, and investing in cryptocurrency much safer and easier so that more people can enjoy the benefits of being their own bank while avoiding many of the risks and pain points that are currently inhibiting mass adoption.

How the Integration Works on the Backend

The Chainlink ETH/USD Price Reference Data oracle network, which TrustSwap users can monitor in real-time and independently verify how it works and which nodes are providing data.

For Example: If someone wants to lock 100 ETH into a SmartLock and the fee is 1% (or 0.5% if they pay with SWAP), they would need to pay the equivalent value of 1 ETH (or 0.5 ETH) at the time of the transaction. In order to ensure that the fees reflect accurate prices, the Chainlink ETH/USD price feed will be used to determine the current price of ETH in USD at the time of the lockup.

We can then apply additional Chainlink Price Reference Data feeds to extrapolate the prices of other ERC20 tokens as they are added to TrustSwap products. This provides TrustSwap with the ability to scale at an accelerated rate to support the wider DeFi ecosystem with more product offerings.

When asked about why the TrustSwap team decided to integrate with Chainlink for oracle data services, TrustSwap’s Chief Technical Officer Adam Barlam had this to say:

“We chose Chainlink because we need a decentralized oracle that consistently publishes up-to-date prices on-chain to ensure data is accurate and can’t be manipulated, guaranteeing that our users pay fair market fees for our SmartLock and SmartEscrow contracts. Using low quality data with poor incentive structures can result in miscalculations or price manipulations which puts users at risks and may subject them to paying above market prices. Chainlink is the market-leader and we want to bring the best products to our users.”

Chainlink Product Manager Johann Eid commented on the integration with TrustSwap, saying:

“We’re excited to provide TrustSwap with secure and reliable oracles, which allow them to provide strong guarantees to their users that they will always pay the fair market price for using SmartLock and SmartEscrow products. Chainlink’s decentralized, on-chain architecture ensures that TrustSwap is able to offer these services while still retaining its end-to-end decentralization and full process transparency.”

Future applications of Chainlink technology into the TrustSwap platform are already being explored and will likely include additional data feeds being integrated into other TrustSwap services that will need to rely on accurate price feeds and other real-world data.

About Chainlink

If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.

Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.

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About TrustSwap

TrustSwap is a full-service DeFi platform offering a suite of practical applications that empower people and organizations to easily and securely exchange cryptocurrency and digital assets using fully-audited, customizable smart contracts. TrustSwap saves time and money by greatly reducing the need for banks and attorneys, with services such as SmartSwap (trustless P2P transactions), SmartEscrow (trustless escrow), and SmartSubscriptions (time-released payments).

TrustSwap is also an ILO launchpad that provides a powerful toolkit to help new blockchain projects easily integrate into DeFi while building trust and protecting early investors. These include SmartLock (distributes Team/OTC tokens over time to prevent exit scams) and SmartWrap (ERC20 token wrapping). The TrustSwap platform is powered by the SWAP token on the Ethereum blockchain.

To learn more about integrating cryptocurrency payments and smart contract solutions into your business, or for more information about TrustSwap or the SWAP token, please visit https://trustswap.org.

TrustSwap is a full service digital asset ecosystem focused on smart contract applications. Learn more at https://trustswap.org