This past July, TrustSwap launched its SWAP token and became the latest DeFi market standout. From the very beginning, the TrustSwap team aimed to become the leading smart contract software provider. That goal was a core part of the platform's founding vision, and indeed, the very reason for its existence.
But in the months that followed, it was TrustSwap's crypto Launchpad services that took center stage as a string of major projects used TrustSwap's industry-leading services to launch their tokens. One after another, major crypto startups like Chaingames, MobiePay, AuBit, and Coin chose TrustSwap to shepherd them through their launch processes and ensure that their token offerings were successful. Each of them has continued to successfully build on the momentum that was established with the TrustSwap Launchpad.
In the process, TrustSwap found itself moving away from the core vision that had animated its founding. In order to secure the resources and focus needed to maintain their own momentum and expansive scope, TrustSwap has recently announced that they are purchasing another blockchain-based company, one of their biggest competitors, Team.Finance. The move will unite the DeFi world's two major providers of token lock and liquidity lock services, creating a unified platform that's poised for explosive growth.
After the sale, TrustSwap will add Team.Finance's services and assets to its own, including over $15,500,000 in assets locked up in 45 projects. They'll also be integrating Team.Finance's team into their own, bringing an infusion of talent that includes more than ten developers with a variety of industry-specific skills.
In the coming months, the new team will be working to extend TrustSwap's portal functionality to include the best features from the Team.Finance platform. The plan is to use those features to accelerate the development timeline of the TrustSwap portal, bringing it in line with its former competitor.
In the course of the acquisition, the members of both project's teams worked together to design a compensation structure that will make sure that all Team.Finance token holders receive a stake in the combined firm commensurate with their holdings. As a result, all TEAM token holders will receive an airdrop of SWAP tokens proportional to their holdings.
For the purposes of the airdrop, each SWAP token will be valued at $0.536. That establishes a price relationship of 1:1.865 for all TEAM token holders.
The snapshot date for eligibility will be December 3rd, 2020 at 5 PM PST.
After the snapshot, all TEAM holders will receive their SWAP tokens in a series of two equal distributions. The first will take place on December 5th, 2020, with the second following 14 days later on December 19th, 2020. The two-part distribution will help to safeguard the price stability of the SWAP token as the acquisition completes. It is important to note that any TEAM tokens in the UniSwap pool and the TEAM marketing wallet won't be eligible for the airdrop unless they're withdrawn by the December 3rd snapshot date.
After the completion of the snapshot, the TEAM tokens will no longer be in use by any active project. They will likely have minimal liquidity and depreciate quickly in value. For that reason, it's important for all Team.Finance stakeholders to take appropriate action to safeguard their investments by satisfying the eligibility requirements of the airdrop.
Any TEAM that is locked in Uniswap liquidity pools or held on an exchange should be withdrawn to a personal wallet before the snapshot.
With these new additions, the TrustSwap team looks forward to getting back to work both on improving the platform's existing services as well as developing additional offerings to serve the cryptocurrency community. The TrustSwap vision remains the same; To become the established market leader in smart contract software and services, and to help the cryptocurrency industry to grow by providing other startups the tools they need to start strong. With the added help of Team.Finance and its passionate and skilled developers, TrustSwap is delivering on its founding promise and building a strong foundation for future growth.
TrustSwap is a DeFi platform built to facilitate a wide range of crypto transactions, including asset swaps, time-based payments, and many more. The platform was conceived and built by a veteran team of developers, advisers, and experts with storied professional histories. The management team includes veterans of well-known firms such as CoinMarketCap, Goldman Sachs, and Hewlett Packard. TrustSwap aims to become the world leader in smart contract services, leveraging best-in-class technology to deliver innovation for the growing DeFi space.