‘The Wild West’
These days, anyone can create a token and launch it on Uniswap. This access to markets and ease of innovation is a huge net positive. However, it comes with significant risks. One of the most prominent issues that the cryptocurrency industry is currently plagued by is the frequency of scams and exploits.
The list of possible ways that token holders can be left in an undesirable situation is robust:
- Teams can dump tokens
- Liquidity can get pulled
- Issue more tokens
- Upgradeable contracts can be leveraged
- Contract code can have hidden loopholes
- Code can be poorly written with unknown exploits
Looking at this list, it seems both daunting and nearly impossible to mitigate all of these potential attack vectors. We have a solution.
Laying the Foundation
Months ago, TrustSwap started by providing token locks and liquidity locks to help reduce the number of attack vectors that token holders could be subjected to. To date, over $135,000,000 across ~300 projects has been locked into these contracts. This amount grows daily and is already in the Top-25 Total-Locked-Value in all of crypto.
However, token locks and liquidity locks aren’t enough to create a fully secure ecosystem. Four vulnerabilities still exist:
A) Issuing more tokens
B) Upgradeable contracts
C) Poorly written code that’s vulnerable to external exploits
D) Hidden coded loopholes for internal exploits
With these vulnerabilities present, it’s impossible to guarantee security.
So how do we mitigate them?
For companies, hiring a dev team to custom build a token costs a significant amount of time, money and knowledge. After the token is created, it needs to be audited, and preferably twice. The start to end date from idea to launch is usually well over a month, and the cost can easily exceed $50,000.
What if you could create a token that was fully pre-audited, within minutes, for free? What if that token assured security to the highest degree of certainty while saving you ample time and money so that you could quickly and securely launch your idea into the world?
TrustSwap SmartLaunch: Mint
With Mint you can create a fully audited token within minutes, for $0 in fees.
It’s that simple.
Mint allows for as much customization as you want:
- + More
Click the features desired, set their customizations, and Mint!
Coupled alongside token locks and liquidity locks, Mint has completed the last loop in the TrustSwap SmartLaunch ecosystem, creating security in the crypto space, as shown below.
Of course, nothing is ever 100% secure. Top-security government accounts have been hacked, and even Bitcoin wallets could even (in theory) be ‘brute forced’. These systems are secure because they follow best practices and use cutting edge technology to protect their data and restrict external threats.
This is exactly what we have done.
All contracts are audited multiple times over, and the code is open-sourced well before the launch date. We are not concerned about people “stealing our idea”, as we have established a leading position with over $135 Million USD already locked. People want a long-standing name they can trust. In this niche, TrustSwap is the leader both in Total-Value-Locked, and time in the market
At any time, token holders can check in a central location for the full info on their project's status.
How does this benefit SWAP holders?
When someone creates a token on Mint, 0.5% of the tokens are taken from the total supply and are distributed accordingly:
- 0.4% of these tokens are placed into thirty-day “mining pools”
- 0.1% goes towards the growth of TrustSwap Inc.
When you stake SWAP into one of the project-specific mining pools, you will earn your representative share of the pool. Whichever pool you chose to stake in, that is the unique token you will earn.
- You staked 100 SWAP
- The total amount of SWAP in the mining pool is 1,000
- You would have 10% of the pool
- Therefore, you would earn 10% of the tokens on that payout period
- Payout periods happen regularly over the thirty-day window
Since a significant amount of SWAP will be held in these mining pools while earning token rewards, this will further assist in reducing the circulating supply of SWAP, making SWAP more scarce.
We have made all of the services within the SmartLaunch security ecosystem cost absolutely nothing. Free of charge. This includes token locks, liquidity locks, and creating tokens through Mint. Our realistic vision is that it will quickly become a necessity for any/all new projects to use all three features of TrustSwap SmartLaunch. Why wouldn’t they? Not doing so would raise a red flag to any potential token holder.
TrustSwap will quickly become a well-known name across the digital asset space. From there, building more products and growing the ones we currently have will be infinitely more effective. The solidification of the TrustSwap brand across the crypto space is the set up to make this happen.
Mint, the token generator will be rolled out in phases. Phase one will have simple minting functionality. From there, additions such as rebase, inflation, deflation, staking etc will be added on in waves.
Mint Phase One is set to be completed in Q1 2021.
Once Mint Phase One is completed, we will simultaneously roll out with the SmartLaunch dashboard hosted on https://team.finance/. This will provide a single location to be able to view all data on ERC20 tokens, such as whether Mint was used to secure their token, the amount locked in liquidity, and the number of tokens locked.
Phase Two will include the rollout of multiple features such as rebase, inflation, deflation, staking etc. This is scheduled for early Q2.
Phase Three includes Polkadot integration to bring this service cross-chain. We aim to make this a reality with at least the baseline features by late Q2.
Q: Who can use SmartLaunch?
A: SmartLaunch, hosted on team.finance is for any project to use at any time.
Q: I understand there are three services: Token locks, liquidity locks, and Mint. Do I have to use all three, or can I just use one?
A: You can use as many as you want. The display will show what is used, and what is not, so we recommend using all three to help improve your security!
Q: A project used liquidity locks, but still exit scammed. I thought this was supposed to be secure?
A: Unless all three parts of SmartLaunch are used: Token Locks, Liquidity Locks, and Mint, there is still a large vulnerability. Make sure to check the projects dashboard on team.finance.
Q: Does TrustSwap guarantee 100% security?
A: Like any other software, project, or system in the world, security is impossible to be 100% guaranteed. That said, we are very confident in our design, and all systems have undergone one or multiple audits before launch to the public. Mints code will also be open-source.