AIP 16: AirSwap Maker app for Custodians

Migrated from AIP 16: AirSwap Maker app for Custodians. · Issue #16 · airswap/AIPs · GitHub

Build an AirSwap Maker app for Custodians.

Large crypto traders and market makers rely on custodians to store and manage their funds securely. This AIP aims to increase the number of Makers providing liquidity in the AirSwap protocol by providing a simple way for custodians to connect their users to AirSwap.

Thanks to this integration, custodian users can start quoting trade requests in seconds from their custodian environment, without running their Servers. Additionally, the close integration with custodians allows for the automation of the signing process required when responding to a quote request, considerably improving Makers UX without decreasing security.

The first step is to Integrate AirSwap with MetaMask Institutional allowing all MMI users to become Makers.

  • As a MetaMask Institutional User, I want to signal my intent to trade by staking AST tokens on the Indexer.
  • As a MetaMask Institutional user, I want to define the pairs I am quoting and related pricing strategy (Starting with the same options that exist in the delegate contract today)
  • As a MetaMask Institutional user, I want to respond to getQuote and getOrder requests automatically according to the strategy I’ve defined for each pair I am quoting.
  • As a MetaMask Institutional user, I want to create an OTC order specifying my counterparty from my approved counterparties list.

The AirSwap Maker app should be made available for download on the AirSwap website and be open-source of course :grinning: . Each custodian would manage deployment and maintenance on their side.

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Makers are responsible for their own implementation and strategies et al. This is a nice idea in theory but in practice we find it impractical because of gas fees and makers run on both defi and centralized exchanges to hedge their trades. Recommendation is to defer until a layer two setup is implemented so at least the gas issue is resolved. Currently, we believe this additional feature would require a lot of technical work for little added volume growth. @don to ‘sanity check’ our assumptions and change the status to deferred.