One of the most attractive aspects of the crypto markets is how anyone can create and launch a token. It is accessible and democratic in a way that traditional securities markets will never be. But the flip side to this access to innovation is the frequency of scams and exploits that plague the token and crypto currency industry.
The list of possible ways that token holders can be exploited is long:
- Teams can dump tokens
- Liquidity can get pulled
- More tokens can get used
- Upgradeable contracts can be leveraged
- Contract code can have hidden loopholes
- Code can be poorly written with unknown exploits
Finding ways to mitigate all these attack vectors is daunting. But it is not impossible, thanks to the launch of TrustSwap’s SmartLaunch product. SmartLaunch adds to existing security features on token locks and liquidity locks by adding a new feature called Mint, for the primary creation of new tokens.
Mint solves the remaining security worries of creating new tokens by using an open-source code and fully audited contracts that mitigate the risks of rogue minting and malicious contract modifying. Taken together with Trustswap’s existing capabilities that prevent team token dumps and rug pulls, this is now the most secure way for companies to issue new tokens.
Convenience and customization
But it is not just security that has driven the vision of this new product. It costs a significant amount of time, money and knowledge for companies to hire a development team to custom build a token. 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.
Mint turns this on its head and allows companies to launch their new token quickly and with the highest degree of certainty. Perhaps most importantly, the cost for this is zero. And the token itself can be fully customized along features such as inflationary or deflationary, supply type, rebasing, staking and others.
How does this work? When a company creates a token on Mint, 0.5% of the tokens are taken from the total supply. 80% of this 0.5% tranche of tokens are placed into thirty-day ‘mining pools’ and 20% (or 0.1% of the total) goes towards the growth of TrustSwap.
Each mining pool will hold an amount of Trustswap’s own token, SWAP, as TrustSwap distributes token rewards. This reduces the circulating supply of SWAP, which then leads to scarcity of SWAP. Taken together, this process aligns the interests of both the token creators, the token holders and TrustSwap itself, each with a stake in the success of the new token.
Mint’s features are being rolled out in three phases and will be fully functional by the end of the first half of this year.
All the services within the SmartLaunch security ecosystem are free. This includes token locks, liquidity locks, and creating tokens through Mint. The vision is that it will quickly become a necessity for new token projects to use all the features of TrustSwap SmartLaunch. In doing so, these tokens will gain trust, acceptance, and validation from being part of this ecosystem.
TrustSwap is pioneering this new approach to the creation and security of new digital assets. Bringing new levels of security and convenience to token launches, and growing the ones currently live, will make the whole ecosystem infinitely more effective.
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