Atomic Swap

Enabling peer-to-peer trading on Cardano. Trade multiple tokens and NFTs with another users for multiple tokens and NFTs without smart contracts or a 3rd party.

How it Works

Atomic Swap use a feature of the Cardano blockchain to conduct peer-to-peer, non-custodial token (FTs and NFTs) swaps between users. It doesn't use smart contracts. Atomic Swap work because anyone can include any UTxO, from any wallet, in a transaction. However, the transaction only executes if the wallet holding the included UTxO signs the transaction.

Atomic Swap builds a transaction using UTxOs from both the wallets involved. Signatures are then required from both wallets to lock and execute the transaction. If both signatures are not received then the transaction doesn’t happen.

"Freeze" Function for Security

Whilst building the transaction each user has the ability to “freeze” the transaction. This doesn’t freeze the transaction, as such, instead it sets the program to remember the inputs that were there at the time the freeze button was clicked. If the other user changes the value of these inputs, say reduces the amount from 10,000 tokens to 10 tokens, then the platform alerts the user that clicked freeze things are different from what they previously agreed to.

This makes it very difficult for one party to change the parameters of the transaction and dupe the other into committing to a swap they didn't intend to create.

Conditions and Features of Atomic Swap

Each user pays half of the blockchain fee (~0.1ADA each)
2ADA commission is paid to the platform (1ADA per party)
Every swap has a maximum time to live, TTL, of 24 hours. If it isn’t registered on the blockchain in that time then it is canceled.
After setting up an Atomic Swap users should wait until it is completed before making any other transactions from their wallet. This is due to the fact that a UTxO can only be consumed once, and if the Atomic Swap is yet to be processed and another transaction uses the UTxO intended for the Atomic Swap then the swap will fail.

Currently Yoroi, Nami, ccVault, and Flint are the wallets that are integrated and can be used with the Atomic Swap platform.

Industry

DeFi

P2P Swap

Tags

Swaps

Non-custodial

Peer-to-Peer (P2P)

Multisig

Open Source

Developer Tools

Author

builtoncardano

Viewpoints

Links

Project Website

Glossary

Wallets

If you’re searching for where to store Cardano, ada, you’ve come to the right page. The best cardano wallet is a hotly debated topic in the Cardano community, and there are many types of Cardano wallet, all listed here, available to users. The only Cardano desktop wallet available is Daedalus, a full node wallet that downloads the complete Cardano blockchain, ~100GB.

By far the most popular type of wallet is a Cardano light wallet and there are many of these for you to choose from. The second most popular type of wallet is a Cardano web wallet. Most Cardano wallets will show the Cardano price, and a few have even the integrated the ability for you to buy Cardano, ada, directly in the wallet!

Almost all the wallets listed above allow you participate in the Cardano staking protocol, Ouroboros, where you can help to secure the network and earn passive income in the form of staking rewards. Many of the wallets listed above will also allow you to search for which pool to stake your Cardano, ada, to right in the wallet itself.

Finally, there are multiple Cardano cold storage wallets for you to choose from. There are five hardware wallets that offer native support for where to store ada, and two of them, the Ledger and Trezor are supported by multiple light wallets allowing you to use your favorite interface to keep your coins secure in cold storage.

Non-Custodial

Non-custodial programs or applications do not hold the custody of your assets. This means that there is no third party company or person who is responsible for the security of the assets.

Non-custodial can be applied to wallets, where the user is the sole proprietor of their private keys. This means that you, and you only, are responsible for securing your assets.

The non-custodial tag can be used by platforms and applications other than wallets, such as NFT marketplaces, peer-to-peer swapping platforms, and blockchain bridges. When non-custodial is used with regard to these platforms then assets are locked up in smart contracts, and no person has custody over the assets as they are secured by the code of the smart contract.

If your wallet is non-custodial this means that only you have the ability to recover access to your wallet. This means that you should store your recovery seed and a backup of your password in a very secure location.

NFT

If you’re looking for a Cardano NFT then you’ve found the place for you! listed here are all the projects that feature NFTs in some form on Cardano. NFTs are no longer just the PFP collections that made them famous, although many do still exists and you can find Cardano NFT projects here, NFTs are assets with multiple different types of utility, depending on which project’s NFTs your buying.

A Cardano NFT is a native asset on Cardano which means that, unlike on other (specifically EVM-based) chains, an NFT is not managed by a smart contract, meaning that it behaves and is managed differently to the chain’s base asset, ada. On Cardano NFTs behave the same as the chains base asset as they are native to the chain.

On this page you’ll find everything from Cardano NFT projects to DeFi projects and decentralized identity (DID) solutions that have incorporated NFTs, to the Cardano NFT marketplaces you can use to purchase NFTs.

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