AirSwap DEX is a decentralized exchange that allows people to buy and sell ERC-20 compliant tokens whenever they are interested, simply by setting an amount, getting a price and making a trade, after connecting their wallets. This is done without order books or front-running.
AirSwap is compatible with MetaMask or Ledger wallets. For connecting with MetaMask, a user will get a pop up approval message that appears for them to sign and they will be ready to trade. Signing the approval message confirms that they control the account and other peers will be able to trust them for who they say they are.
For Ledger users, they first configure their device with the browser support and then set the contract dataset to enabled. They can then select the Ledger wallet to select their wallet. They are then able to sign a message on their Ledger and they will be ready to trade on the platform once that is approved.
It is also compatible with Trezor hardware wallet.
The DEX does not list any tokens but allows people to find a counterparty for trading a variety of assets. Users are able to indicate the amount of gas they would like to spend on the network. This is the fee collected by miners to compute transactions. The amount selected affects the time the trade lasts on the network before it is approved.
Definitely, the speed increases with the increase in the amount of gas paid. Once the transaction is complete, a success indicator appears on the Etherscan.io link. Those who sell receive “Wrapped” ether and are able to unwrap it.
How it works
The AirSwap token serves as a token for market makers on the DEX. Makers, who are liquidity providers, offer the bid price or the amount that they would want to exchange their asset for. Anyone can be a liquidity provider on AirSwap DEX, simply by signaling that they want to do this. Signaling amount is 100 AST and locking this amount entitles you to signal 10 trades. The liquidity takers will accept the bid price. On AirSwap, they pay nothing to discover bids from makers. Discovery is through the information from the AirSwap Oracle, AirSwap Indexer, or via Ethereum smart contract.
On the website, click “Make trades” button and you are directed to a page that allows you to buy or sell on the web. Select the relevant button to find buyers or sellers for various tokens. You can type in the type of token you want to trade after selecting Buy or Sell by clicking the relevant buttons.
On clicking the token you want to buy, a pop-up window allows you to select your wallet — either Metamask, Ledger and Trezor.
On selecting, it connects to the wallet and proceeds to connect the wallet to AirSwap.io. You then sign an approval message and are ready to trade on approval as explained above.
Advantages of using AirSwap
Like many other DEXs, it aims at better scaling. Also, censorship resistance to not to have geographical limitations, and ensure that the trades are more private.
AirSwaps, like the name suggests, executes the swaps instantly between the parties. Another advantage is that it allows you to build storefronts, marketplaces, and auctions on its DEX network. Thus, with it, you can construct business and commerce models on the blockchain. That means you can use it to start accepting crypto payments directly.
About the team
The co-founders are Michael Oved and Don Mosites who first met as students at Carnegie Mellon University, parting after graduation, but coming together later to pursue the project. Deepa Sathaye was the first engineer on the team. The project has support from . Joesph Lubin, Bill Tai, Brock Pierce, and Michael Novogratz.
You may be interested in reading detail guide on other Decentralized Exchanges