TrumpSwap: Enhancing Mining Rewards for all Miners
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DeFi protocols have brought exciting changes in the crypto space. These protocols enable users to contribute liquidity pools for any ERC20 tokens and consequently gain commissions in exchange fees and intermediaries’ involvement. Among the most outstanding protocols causing ripples in the crypto space is Uniswap– a decentralized protocol for automated liquidity provision on Ethereum.
Uniswap architecture takes the form of two smart contracts hosted on the Ethereum blockchain and open-source front-end client. The protocol is a full on-chain market marker enabling the swapping of ERC20 tokens and ETH to an ERC20, and vice-versa. Other incredible protocols in the crypto space changing the way people swap cryptocurrencies include MoonSwap and SushiSwap.
However, while these protocols have brought enormous changes in the crypto space, they have limited community participation in the platforms’ governance. Limited governance democracy limits blockchain projects’ growth since the community is the most crucial part of the crypto ecosystem.
TrumpSwap is a revolutionary protocol that seeks to enhance the community’s participation in crypto projects. The protocol integrates Uniswap’s elegant core design and features shared- mining, an innovative feature that enhances community participation. Here’s an in-depth review of this innovative platform.
TrumpSwap is a revolutionary #DeFi protocol that enhances community participation in blockchain projects. The protocol rewards users with TRUMP for share mining, i.e., You Share, you mine, you mine, you earn! Every participant who shares TrumpSwap receives “thank you” rewards awarded through the sharing incentive mechanism. The TrumpSwap seeks to encourage early farmers and participants to share TrumpSwap to a greater extent.
TokenSwap will produce about 14 286 000 TRUMP coins, to be released in about one year. The coins will be allocated as follows.
- 30,000 TRUMP were pre-mined for initial liquidity providing, and all initial TRUMP destroyed
- 2,381,000 TRUMP is allocated for share mining.
- The swap will distribute 11,875,000 Trump tokens through mining, with a 90% distribution to users/miners, and the team’s reservation is going to amount to 10%
TRUMP Token Mining
TRUMP is mined in 5 stages that will spread out over a year. The steps are as follows:
- Genesis Mining: 50 TRUMP/ block, a total of 50 000 blocks (7 days)
- Stage 1: 10 TRUMP/block, total 500,000 blocks (~75 days)
- Stage 2: 5 TRUMP/block, total 500,000 blocks (~75 days)
- Stage 3: 2.5 TRUMP/block, total 500,000 blocks (~75 days)
- Stage 4: 1.25 TRUMP/block, total 500,000 blocks (~75 days)
Genesis Mining will convert to Stage 1 at Ethereum block height 10956076, about 29 September 7:20 (UTC). The set of available tools are as below:
TRUMP/ETH: weight 96% | YFI/ETH: weight 0.5% | MEFI/ETH：weight 0.5% | YFII/ETH: weight 0.5% | UNI/ETH: weight 0.5% | ABYSS/ETH: weight 0.5% | SUSHI/ETH: weight 0.5% | USDT/ETH: weight 0.5% | WBTC/ETH: weight 0.5%
Additional pools will be added with adjustment on their weights as dictated by the community.
TrumpSwap Top Features
As mentioned earlier, TrumpSwap packs plenty of features that enhance community participation in blockchain projects. Top of the features are:
Share mining is a sharing incentive mechanism that enables every participant to receive rewards. Instead of participating in mining or providing liquidity for TrumpSwap, users simply need to share TrumpSwap with their friends and receive “thank you” rewards. After sharing, you can earn TRUMP simultaneously as your friends start mining.
There are three levels in the sharing incentive:
Directly Sharing Links
The first level involves farmers participating in mining via sharing links with their friends who are “direct sharing friends.” The farmers receive a direct sharing reward equivalent to 10% TRUMP output from their friends’ mining output.
Direct Sharing Friends’ Sharing Links
The second level involves farmers participating in mining through their friends’ sharing links. This involvement is referred to as “first-level sharing friends,” and a “first-level sharing reward” is offered. Farmers receive a sharing reward equivalent to 5% TRUMP output from their mining output.
Second-level Sharing Friends’ Sharing Links
The third level involves farmers who participate in mining through their first-level sharing friends’ links, i.e., “second-level sharing friends.” The third level is equivalent to 4% of the TRUMP mined by your second-level sharing friends.
To receive rewards, users need to share links with their friends. They can bind their referrer when mining to get an additional 1% reward of TRUMP output. After sharing the link, your friends can log in to TrumpSwap via the link and then bind their Ethereum wallet and select the liquid pool to participate in the mining. Then, they can start to receive sharing rewards after they start mining.
Additional Rewards for Liquidity Providers
TrumpSwap leverages part of SushiSwap’s design to give their liquidity providers multiple incentives simultaneously. The platform concurs with NomiChef’s view that in traditional AMM, “Liquidity providers only earn the pool’s trading fees when they are actively providing said liquidity. Once they have withdrawn their portion of the pool, they no longer receive that passive income. Moreover, as protocol gains traction, despite being early liquidity providers, they risk getting their return diluted as (bigger and wealthier) stakeholders such as venture funds, exchanges, mining pools join the protocol with a huge amount of capital.” Therefore, the protocol offers Liquidity Providers with multiple incentives to enhance their passive income.
TrumpSwap protocol employs a high-level security structure to enhance the safety of users. The protocol has recently conducted a security audit that involved top security companies, including Slowmist, PeckShield, and Chaitin. The audit sets to enhance the platform’s security to keep users’ funds and rewards safe.
One major undoing of blockchain projects is the lack of decentralized governance. Despite the community playing a central role in blockchain projects, there’s little community involvement in the platforms’ governance.
TrumpSwap seeks to change this narrative by integrating Uniswap’s outstanding core design to implement the idea of share mining where farmers would be able to attain rewards in three levels.
By involving the community in running the project, TrumpSwap enables everyone to benefit via the sharing rewards mechanism. TrumpSwap allows you to share, mine, and earn rewards.