The number of digital assets on Ethereum over the past twelve months has increased aggressively as more and more use cases are implemented as smart contracts. It is our thesis that this trend will continue into the future; as such we believe this growth will augment the demand to swap into and out of assets as users move between use cases or rebalance their tokenized portfolios. Exchanges based on blockchain order books are not without inherent limitations. We seek to provide an alternative to blockchain order books by specifying a set of protocols that unlock asset liquidity and free the Ethereum ecosystem to progress without such limitations.

Swap is a protocol to facilitate a true peer-to-peer ecosystem for trading tokens on the Ethereum blockchain. With only a few messages passed between counterparties, trades can be negotiated quickly, fairly, and privately.