What is AirSwap (AST)?

Deep Dive

1. Purpose & value proposition

AirSwap targets traders seeking zero slippage and low fees, contrasting with AMM-based DEXs like Uniswap. Its RFQ system lets users request quotes directly from market makers, enabling large trades without price impact (AirSwap FAQ). Recent data shows a $30M swap executed atomically with no MEV risk (AirSwap tweet).

The platform also offers customizable NFT marketplaces (Spaces) and a DEX index (DexIndex), though adoption remains niche compared to competitors.

2. Technology & architecture

Built on Ethereum, AirSwap uses off-chain order matching and on-chain atomic swaps to finalize trades. This hybrid approach reduces gas costs and front-running risks. The protocol expanded to BSC in 2023 and plans multichain support, though progress is gradual.

Unlike Uniswap’s liquidity pools, AirSwap relies on professional market makers, which could limit liquidity during volatile markets but avoids impermanent loss for providers.

3. Tokenomics & governance

• Circulating supply: 174.5M AST (34.9% of 500M cap).
• Staking: 12.35M AST (5.9% of supply) locked for governance voting, earning fees from swaps.
• Concentration risk: Whales hold 85.4% of circulating AST, per CoinMarketCap data, increasing susceptibility to price swings.

Monthly governance votes (e.g., fee adjustments, partnerships) require staking AST with a 4-week unlock cliff.

Conclusion

AirSwap’s P2P model offers unique advantages for large traders but faces liquidity and centralization challenges. Can its DAO-driven governance attract enough market makers to compete with AMM giants?