AIP 30: AirSwap Web App

Summary

AirSwap is the original token swapping app. Over the years, several iterations were launched, with the current version released two years ago. While it works well, the industry has evolved, technology has improved, and open source is now the default.

We propose to reintroduce AirSwap as the ultimate token swapping destination, refined around a lean, simple, and secure swapping experience having a visual style consistent with www.airswap.io and being open source with many contributors.

Specification

The web app would consolidate core AirSwap user journeys into a single destination. Traders can assume the role of either makers who set prices or takers who accept them. Traders may alternate between roles in a session, for example, if they don’t find a price and decide to post their own.

Requirements

Potential Features

  • Aggregate Quotes from Servers
  • Post Prices to a Board
  • Import Token Lists
  • Approve Tokens for Trade
  • Wrap and Unwrap Ether
  • Future: Include Uniswap Quotes

Rationale

  • Proposed to gauge community interest in developing a new web app.
  • Builds on AIP 23 and includes the OTC board functionality.
    • Boards could plug into servers run by community members.
    • Orders are signed and executed on-chain so cannot be manipulated.
    • Orders on a board could be taken by anyone (public) by wrapping the Light contract.
  • Could be hosted at swap.eth.link or airswap.eth.link.

Yes to all of this :slight_smile:

One request - can we have an analytics overview of airswap activities included? perhaps something basic like you can see on Uniswap Info ?

It should be a responsive webapp that works on mobiles as well.

Very glad to see new product ideas, and think this should be the highest priority. Some questions:

(1) How will the posting of prices work with aggregators like MetaMask (where most of our traffic currently comes from)? Would quotes posted within the app be sent out to aggregators or remain solely within the app? I’m guessing that the precise nature of RFQ makes it difficult to find matches via the simple input of aggregators, i.e. someone who wants to “make” a trade for 600 ETH at a price of 2000 USDT would only find a “taker” if a counterparty made a request for exactly 1,200,000 USDT; they’d be more likely to be successful if it was visible on a board where counterparties seeking trades in a similar range can find it and potentially negotiate terms. Could this process of search and negotiation be automated by introducing flexibility to the quotation process, for example by allowing the option to specify a range of acceptability in size of trades or partial fulfillment of orders? That is, even if I ideally want to trade 600 ETH, but if an order for 1,000,000 USDT worth of ETH was placed on MetaMask, I might be happy to fill it with 500 ETH. The issue is that aggregators attract a large volume of traffic but because of the rigidity of incoming orders it is difficult to take advantage of this without the commitment required to run a server that limits the role of providing liquidity to professional market makers. By defining a range in size (e.g. between 400-750 ETH, rather than exactly 600 ETH) retail users can in effect have the functionality of a mini-server that is able to respond to a range of requests.

(2) My second set of questions concerns the target market audience for the app: if it doesn’t integrate well into aggregators, where will it source traffic from? Or, more precisely, who is its intended demographic? My impression is that swaps are typically performed between institutional traders. Do you expect this to be the case moving forward? Or do you think it offers a good proposition for a broader audience? (And, if the latter, how is AirSwap different from non-crypto trading?) Presumably this will affect both marketing strategies, as well as the sort of functionality it needs to incorporate (e.g. I agree with the above comment that mobile usability would be ideal if targeting casual users, but do professional traders need this?).

(3) How difficult is it to include Uniswap quotes? If we are going to attract users, we need to provide some sort of assurance that their outcome will be at least as good as if they had stuck with the incumbent. Serving Uniswap quotes achieves this, and I think it is important to include this functionality from launch – the worst outcome would be someone trying AirSwap when it is new, deciding that it doesn’t match Uniswap prices, and never returning.

@zzew12 - You ask all the right questions :slight_smile:

This is such a strong suggestion -

This is important for me to understand better -

The AirSwap website historically hasn’t been able to attract much traffic. Understanding the target audience would help me better understand what types of functionalities are ‘nice to have’ vs. ‘need to have’.

I agree that the worst case scenario is…

I would extend this concern to not just pricing, but usability, token pairs, liquidity, etc compared with the other providers.