TrustSwap's SmartLocks Service Locked Up Four Times More than Bitcoin LN
News Publisher Feb 02, 2021 08:00
TrustSwap, a DeFi platform dedicated to enabling the execution of timed token purchases, recently announced that its SmartLocks service has officially locked over four times more value than the Bitcoin Lightning Network. While this is a major achievement on its own, it is only one of TrustSwap's many different services and it shows the potential that the project has to dominate the DeFi sector.
TrustSwap, a DeFi platform dedicated to enabling the execution of timed token purchases, recently announced that its SmartLocks service has officially locked over four times more value than the Bitcoin Lightning Network. While this is a major achievement on its own, it is only one of TrustSwap's many different services and it shows the potential that the project has to dominate the DeFi sector.
TrustSwap Locks Away $140 Million
According to the project's recent Twitter update, TrustSwap managed to exceed the amount locked by Bitcoin LN by four times, hitting the $140,000,000 mark. The Lightning Network, on the other hand, currently only has around $35.3 million in its own TVL.
The funds are locked in TS SmartLocks — a time-locked payment system, which actually came as an additional service. Originally, TrustSwap was focused on offering a smart contract-based escrow offering, called TS SmartSwap.
TrustSwap's initial goal and desire were to make different types of crypto transactions fast, simple, and affordable. This was particularly important given how Bitcoin and Ethereum fees have skyrocketed in recent months, making them unaffordable for people interested in making smaller transactions.
The SmartLocks feature came later, allowing people to lock up funds, and then release them regularly as payments for subscriptions, salaries, and other similar purposes. Users get to decide the exact time and date when the funds should be sent, what amounts, and to what addresses.
Such a service has plenty of different use cases apart from salaries, of course. It can be used for gifts and payments, will executions, monthly or even weekly subscriptions, and more. Essentially, users can just set the payments and forget about them. Meanwhile, SmartLocks will make sure that the payments will land on time, every time.
The feature was launched back in mid-August 2020, and since then, it has attracted $140 million in funds.
What Else does TrustSwap have to Offer?
TrustSwap's original service was named TS SmartSwap, and it was the mentioned escrow offering based on smart contracts. SmartLocks came later on, along with initial development of TS SmartSubscription — a payment processor that businesses can add to their online stores in order to process recurring cryptocurrency payments, and make themselves available to crypto users.
TrustSwap also created a service to help new DeFi tokens kick off in the best way possible, called TrustSwap Launchpad. The Launchpad is a product similar to centralized exchanges' launchpads that brought IEOs a few years back, after the industry started turning its back to the ICO model.
So far, TrustSwap has helped multiple projects launch their tokens with amazing success including Chaingames, AuBit, Coin, MobiePay, Yield.app, and GLITCH.
TrustSwap also managed to acquire its biggest competitor in token lock and liquidity lock services — Team.Finance. The move came in late 2020, with the company accepting to integrate Team.Finance's team, but also to get all of its assets and investments.
As a result, TrustSwap is now the go-to project for token and liquidity lock services.
Of course, that is not all, as TrustSwap also has a number of other plans for the future, such as a security platform, a website redesign, as well as the launch of a brand-new service called Swappable. This will be an NFT and ERC-20 token marketplace that is already highly anticipated by the community.
The DeFi Continues to Surge
The DeFi sector has been around for a few years now, revolving mostly around a handful of Ethereum-based projects. This changed in 2020, when the crypto industry finally became ready for DeFi to take off.
The sector started attracting attention relatively early in the year, only to truly take off in mid-2020. DeFi started seeing a rapid surge in TVL (Total Value Locked), which brought one billion after another, until it reached the current all-time high — $26.66 billion.
So far, there is no way of knowing how far the sector will continue to surge, or whether or not it will continue to draw attention from the crypto industry. However, given the interest that was seen already, as well as the demand for decentralized banking services and steady, passive monthly incomes — it seems safe to say that DeFi will remain around for quite a while.
Image source: TrustSwap