New AirSwap contracts are on Rinkeby, with updated docs and the new Maker Kit: a set of tools and a reference implementation ready for the new, fully trustless AirSwap. In beta today and on mainnet later this month.
Over the years, the AirSwap network has grown and its structure evolved. Early on, we envisioned decentralized exchange as trading parties and transfer logic, where the Ethereum computer would be best with simple logic because distributed systems are hard.
The simplest is an atomic swap. That is, value transferred among multiple parties in a single transaction that either entirely succeeds or fails. This enables peer-to-peer trading between any two parties around the world.
In the case of AirSwap Instant, makers on the network are long-running processes, taking on a distinctly client-server architecture. This is similar to RFQ in FX — a powerful, automated model for distributed trading networks that avoids the pitfalls of onchain designs.
Makers are servers
The web itself is a client-server architecture, with servers running behind every web page, reachable over the public internet by anyone connected. This has enabled the web to reach global scale, with reliable cloud hosting for easy development and operation.
This is why makers on AirSwap will no longer be using websockets, instead implementing the Peer Protocol using JSON-RPC over HTTP. We’ve published a new Maker Kit with a reference implementation to show just how easy it is.
This approach lets traders focus on providing on-demand quotes with ease instead of managing deposits or wrangling expensive onchain order books. Just create a trading strategy, wrap it in a web server, and deploy it to a publicly accessible URL.
Indexers are contracts
By default, maker URLs aren’t widely known. Makers signal their intent to trade including URL on an “indexer” that other trading parties can query. To date, indexers have been offchain services, but now are smart contracts.
Indexers include many intents to trade, so staking allows you to increase your rank among other makers. Each entry includes a locator — a string that represents the location of the maker. For AirSwap Instant, these locators are URLs at a maximum length of 32 characters.
Using the Maker Kit
Maker Kit includes a reference implementation and tests. You’ll also find a range of helpful commands to interact with tokens, indexers, and other peers on the network. It’s Rinkeby only for now.
Check it out on GitHub to get started.
This month, we’re undergoing a full contract security audit, integrating the new Swap and Indexer contracts into Instant and Trader, and working with makers to transition to the new system over the coming weeks.
The AirSwap Docs site includes architecture, protocols, and contracts. We welcome you to explore the new system and join us over at our Discord server, where you’ll find the team hanging out discussing ideas and helping with questions and support.
Being a maker on AirSwap is easier than ever.
See you there!
AirSwap enables peer-to-peer trading on the Ethereum blockchain. Built on a decentralized protocol, traders can add or remove liquidity through a suite of trustless products that are easy to use and free. Our mission is to empower the world with frictionless trade.