Secure, on-chain, out-of-band swaps with Triswap

Hacker News

Share card

Secure, on-chain, out-of-band swaps with Triswap

Hey Hacker News folks, long time lurkers, first time posters here. My name is Matt and together with my team I would like to present Triswap ( https://www.triswap.io ). Who are we? We’re a group of cybersecurity and crypto-finance veterans who have been working together on various projects for the better part of a decade. What did we build? Triswap is a secure, frictionless on-chain solution for executing out-of-band cryptocurrency swaps. Triswap allows traders to execute fast and secure on-chain token swaps without the need for fund custody changes or liability. With Triswap, traders no longer need to worry about first-mover disadvantages or frontrunning risk and can enjoy zero slippage on every trade. The platform is designed to meet security and compliance requirements of institutional traders with the speed and convenience of an app you can use everyday. Why did we build this? Despite what most people think, the big centralized exchanges (Coinbase, Binance, etc) and decentralized platforms (Uniswap, Sushiswap) are not where most of the crypto daily trading volume comes from. The out-of-band swap market regularly sees 2x-3x of the daily trading volume seen on digital exchanges. Why? Several reasons, but mainly because large transactions have the ability to move markets for better or for worse. If someone wants to make a large swap without tanking a liquidity pool and destabilizing an exchange or platform, it’s best to do it out-of-band. The problem is there aren’t many viable options to make this happen. After speaking with several large firms, we learned that executing these swaps often requires risky and/or cumbersome outdated methods like consumer-grade tooling, traditional escrow, or even chat apps are often used. In addition, compliance with regulatory bodies and their reporting requirements are a growing concern for many. The high value swap market is quite fragmented, with organizations doing their best to piece together solutions and disparate reporting methods without any oversight or standardization. How does Triswap solve this? Triswap allows traders to execute fast and secure on-chain token swaps instantly. Triswap is OFAC-compliant, and with built-in AML protection and optional KYC integration in the near-term roadmap, traders can be assured their counterparty wallet addresses are safe, the tokens they see in the Triswap app are legitimate, and the funds agreed on by both parties will appear in their wallets once the swap is executed. Leveraging Triswap, the need for intermediary fund custody and liability is eliminated, and swapping parties can enjoy zero slippage without needing to worry about first-mover disadvantages or front-running risk. So, what is it? How does it work? Triswap ( https://app.triswap.io ) is a Web3 on-chain app that can be deployed on all EVM-compatible chains, such as Ethereum, Polygon, Avalanche, Binance Smart Chain, etc. Currently, it is deployed on the Polygon Mumbai testnet. At a high-level, Triswap facilitates token swaps in three steps: 1. The Triswap agent creates the swap using the Triswap app. 2. Parties approve the terms, then authorize the release of funds through the app. 3. The Triswap agent executes the swap, funds are instantly sent to both parties. Once the swap is executed, transaction details are recorded on-chain, providing transparency and security for both parties as well as the agent who executed the swap. Funds do not leave either swapping party’s wallet until the swap is fully executed, reducing the risk of fraud or theft. We’d really appreciate it if you could try it out and give us some feedback. There are several faucets to get mumbai tokens for testing, the easiest are https://mumbaifaucet.com for MATIC, and https://faucets.chain.link/mumbai for LINK. There’s an easy-to-follow (hopefully) quickstart guide in our docs section here: https://triswap.gitbook.io/triswap/guides/quickstart Thanks in advance! email: contact@triswap.io twitter/X: @telumtech