AirSwap, a decentralized exchange (DEX) built on the Ethereum blockchain, has introduced a series of enhancements to its platform, coinciding with its sixth anniversary. These upgrades include the launch of a decentralized NFT marketplace, additional over-the-counter (OTC) trading capabilities, and the introduction of voter rewards.
The move towards bolstering the decentralized economy aligns with AirSwap’s overarching mission, as explained by co-founder Don Mosites in an exclusive interview with Decrypt. Mosites stated, “The underlying mission is to bring the idea that decentralized trading is good for everyone to NFTs. Centralized venues over the years have grappled with multiple issues, whether it’s hacks or mismanagement—you run the same risk with NFT platforms.”
Founded in 2017 by Michael Oved, Sam Tabar, and Don Mosites, AirSwap stands as a cryptocurrency exchange enabling users to trade digital assets without the involvement of third-party intermediaries. In May 2020, blockchain software technology firm ConsenSys acquired AirSwap’s original developer, Fluidity. The most recent significant update to the AirSwap DEX was introduced in November 2021.
AirSwap, also referred to as a DEX, operates through smart contracts to facilitate direct trading between individuals without the need to deposit their assets beforehand. Notable counterparts in the DEX space include Uniswap, PancakeSwap, SushiSwap, Balancer, and Curve.
While decentralized exchanges boast the advantages of peer-to-peer systems, they have also attracted the attention of cybercriminals. Recent incidents have demonstrated the vulnerabilities of DEXs, such as a $9 million crypto theft in 2022 and an $866,500 hack in August 2023.
Among the features in the updated AirSwap platform is the decentralized NFT marketplace. Additionally, Mosites highlighted a more robust OTC trading service designed to provide a space for digital collectibles. The development team has created an open-source front-end for community members to adapt and use for their own decentralized NFT marketplaces.
Integral to the AirSwap ecosystem is the AirSwap DAO (decentralized autonomous organization). DAOs distribute control among members, employing governance tokens for decision-making on matters like fund allocation. Mosites emphasized that a genuine DAO hinges on token-based voting as a decision-making engine accessible to anyone.
To encourage active participation in the DAO, AirSwap has implemented a voter rewards program. Participants stake swapped tokens to gain voting power, and a portion of protocol fees contributes to a reward pool for those engaged in decentralized governance. Since 2021, over 32 million AirSwap AST tokens from more than 350 active members have been staked under the existing voter rewards system.
As AirSwap marks six years of operation, the project looks ahead to the future, welcoming other projects and companies to join the journey of decentralizing control and empowering builders and their respective communities.
