What is TokenSwap (TOP) | What is TOP token
What is TokenSwap?
TokenSwap is a Decentralized Token Auction Platform. We hope to resolve a series of problems during the pre-sale process of Token assets, such as undisclosed auctions, poor liquidity, excessive handling fees, centralized platforms interference, and limited access to Token auctions.
TokenSwap will enable the following:
1). Enable easy access to Token exchange and auction release, KYC will not be required
2). Auctions carried out through Smart Contract, without being regulated by the platform
3). Both parties get involved in the transaction process, without the intervention of the platform, thus the handling fee is greatly reduced
4). Enable long tail auctions
5). User privacy is protected
6). No need to stake assets such as ETH
We hope to enable equal access to token exchange and auction, so that more startup blockchain projects can quickly grab attention from the capital market and the investors can quickly find new high-quality projects on TokenSwap and invest at the very beginning of the projects.
TokenSwap team aims to become the option for token exchange and auction in DeFi area and even the entire blockchain industry, build an assets collection center in the decentralized financial industry and become the infrastructure to support DeFi development.
We think that TokenSwap is a hybrid of Coinlist+Sotheby’s+Opensea.
DeFi, known as decentralized finance, featured with low trust cost peer-to-peer enables peer-to-peer transactions by removing third-party agencies interference. DeFi becomes the hottest area of blockchain in 2020.
How to use TokenSwap
On TokenSwap platform, project and investors will not be required to conduct any KYC and can directly participate in the token exchange and auction.
The auctioneers set the Token exchange ratio, auction date and upper limit of Tokens through onchain Smart Contract. The auction ends automatically when the upper limit amount is reached or the deadline is due. For example, if the project sets the crypto as ETH, the exchange ratio at 1:100, and the upper limit as 1000 ETH. In this case, 1 ETH can be exchanged for 100 target crypto. When the exchange volume of tokens reaches 1000 ETH, the auction ends automatically.
The auctioneers transfer the tokens to be sold into the on-chain funding pool(100000 tokens in the example), which is not placed in the custody of the TokenSwap platform, thus reducing the custody risk.
The investors participate in the auction and all assets involved will be transferred directly to the auctioneers’ account without the platform interference. Once the Smart Contract confirms that the assets have been sent to auctioneers, it will automatically transfer the corresponding tokens to the buyers’ account according to the previously fixed ratio.
When the project demand is met or the preset auction deadline is due, the auction is automatically concluded. The auctioneers are able to freely set auction upper limit and auction period and decide whether to initiate the second auction after the first auction is concluded.
TOP Economics(platform token)
Top serves the purposes of governance, liquidity and service charges. Top economy model is designed to reward the investors and auctioneers for their contribution to TokenSwap liquidity.
Top holders have rights to participate in community governance, such as decision-making, elections and supervision and use rights, etc.
Top total supply amounts to 10 million without additional issuance, 5% of which will be pre-mined and used as community funds, and the remaining 95% Top will be released 0.05% daily until the end.
Top Token distribution plan:
Community funds 5%: 500000 Top will be pre-mined and used as community funds. To realize real-time supervision, the address will be announced to the community.
Auction mining 50%: 5 million will be used to reward proportionally the auctioneers and investors for their liquidity contribution. This part of Top can be mined after the TokenSwap platform goes online.
Liquidity mining 20%: 2million Top will be distributed to liquidity providers in Uniswap pool. This part of Top can be minde within three months after the TokenSwap platform goes online.
Shareholders 17%: 1700000 Top of the total supply will be rewarded to TokenSwap platform shareholders. This part of Top will be released in batches within 1–2 years after the TokenSwap platform is online, and the address will be disclosed to the community for community supervision.
Team 8%: 800000 Top will be rewarded to the TokenSwap platform team. This part of Top will be released in batches within 2–3 years after the TokenSwap platform is online, and the address will be disclosed to the community for community supervision.
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