TrustSwap has a clear project roadmap and its products appear legitimate. Based on our analysis, we consider TrustSwap to be Shariah-compliant as their products do not contain any prohibited elements.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear roadmap and genuine product on the blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as 'Mal'. | Passed |
| Project | TrustSwap is a decentralized platform that aims to advance the decentralized finance (DeFi) through multi-chain token swaps and other features that address current issues in subscriptions, split payments, and cross-chain token swaps. Their products, including TS Smartlock, TS SmartSwap, TS Smart Subscription, and TS SmartLaunch and SmartWrap, are all Shariah-compliant. TS Smartlock enables secure P2P transfers and payments, while TS SmartSwap enables OTC exchanges without the need for a third party. TS Smart Subscription allows users to set specific time constraints and payment parameters, and TS SmartLaunch and SmartWrap enable token issuers to have control over their sale and token distribution model. | Passed |
| Financials | The token is not backed by equity, thus there is no Passed financial screening on this token. | Passed |
| Token | TrustSwap's SWAP token enables users to plan the release of Ethereum or Ethereum-based assets using smart contracts. Staking is also available on the platform, with stakers receiving 80% of the transaction fee from each SWAP transaction, as well as enhanced voting privileges to control platform decisions. The platform offers a 50% discount on any costs paid with SWAP, and 10% of each SWAP transaction fee is permanently burned to increase the token's scarcity. All of TrustSwap's products are DeFi-based and comply with Shariah principles. | Passed |
| Staking Method | Staking SWAP tokens enables users to earn rewards, specifically 80% of every transaction fee paid in SWAP as compensation. | Passed |
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