AirSwap, a peer-to-peer trading network built on Ethereum, has introduced AirSwap Delegates, the feature allows everyday traders to configure on-chain trading rules, removing the need to develop and operate complex maker software.
Delegates enable powerful new features through on-chain limit orders, the ability for anyone to add new tokens to the network, and for DApps to integrate with a new on-chain liquidity source.
AirSwap provides trustless peer-to-peer trading between counterparties, without the need to give up custody, pay trading fees, or sign up for an account. The design resembles RFQ, where automated makers provide prices via API to everyday traders. While this functionality works seamlessly and has allowed the network to grow, adding tokens and setting prices on the network has been limited to those able to run automated makers.
On-Chain Limit Orders for Any Token
Through a simple user interface, Delegates allow any trader to add rules that specify the size and price for a particular token. This functionality will look very similar to a limit order on a centralized exchange. The liquidity is integrated into the AirSwap network and can be accessed directly from the instant.airswap.io frontend, as well as any other DApp integration.
On-Chain Liquidity Integrations
The AirSwap team reports that on-chain liquidity in the ecosystem has recently seen significant growth. Delegates enable deep integration with AirSwap liquidity, discoverable and directly queryable by smart contract trading systems. Kyber liquidity can flow through to AirSwap, and AirSwap Delegate liquidity can become a reserve on Kyber AirSwap invites ecosystem projects to integrate with this new on-chain liquidity source.
Delegates Remove Major Bottleneck To Being a Maker on the Network
Previously, only professional traders with the ability to write and run maker software could provide liquidity. AirSwap Delegates delivers an intuitive interface and protocol functionality for limit orders to be stored on-chain.
Delegates provide new ways to trade and enable more “trade loops” to complete. A manual trader can now add tokens to the network at a specific price. This limit order is then propagated to the AirSwap frontend and allows manual takers to compare the price against other manual or automated makers.
By increasing these “trade loops” AirSwap increases the number of orders that are stored and aggregated on-chain. More trading possibilities for both makers and takers create a virtuous cycle, resulting in more liquidity on the network.
“With Delegates, we’ve introduced a new component of the AirSwap system, intercompatible with existing components, and extending into a new kind of liquidity that enables everyday traders to easily add their tokens and set their prices. Delegates are critical to growing a network that empowers the world with frictionless trade.”
– The AirSwap Team