In the DeFi sector, there are already many active and functioning exchanges, one of which is JellySwap. This is an exchange built with atomic swap technology that can offer the famous atomic swaps for many cryptocurrencies. The cool thing is that it takes a few seconds to convert one cryptocurrency into another while retaining total ownership of assets. The strengths of JellySwap are evidently 3: it’s cross-chain, it doesn’t rely on intermediaries and precisely the Atomic Swaps!
Cross-Chain & Atomic Swaps
For those who don’t know these terms, here’s a brief explanation on what they mean and why they are respectable qualities: Cross-Chain – As the term itself indicates, JellySwap is able to make different chains interact, such as the BTC and ETH chains, in order to provide a quick and smooth transfer.
Until now it was necessary to perform several steps to exchange Bitcoin for Ethereum, such as registering on a centralized exchange (bitfinex, binance, bittrex, etc.), depositing a total of BTC or ETH (or other crypto), trusting the exchange not to run away with funds, passing verification procedures (know your customer), paying fees, etc.. Essentially, a useless waste of time that can be avoided by using JellySwap as it takes a few seconds and no intermediary is present. Services like this will surely be the future if they can offer more liquidity!
As for the other technology, what are Atomic Swaps? It is a new technology that offers the necessary security to exchange cryptocurrencies between two parties without intermediaries but also without potential problems. All this thanks to smart contracts that seal the funds twice, until the requirements are met. This way the first person (the one who wants to buy BTC for example) and the second person (the one who wants to buy eth) will have to send both their tokens or coins to receive back the required cryptocurrency.
And if one of the two attempts to behave cunningly, the great thing is that with Atomic Swaps the funds go back to the person who has already sent their assets (which is impossible if one decides to send tokens/coins directly to a specific address). The risk of SCAM disappears completely, as well as the waiting time involved with intermediaries. Essentially, a technology that can be described in one word: EXTRAORDINARY.
How to make a Swap with JellySwap?
The first thing to do is to access the official dApp. Then choose the cryptocurrency to send and the one to receive, including the amount desired. JellySwap will show the total amount that you will receive with the Swap. To proceed it is necessary to connect a browser wallet (like MetaMask, Ledger and so on). Finally, click on Swap and Continue.
Once the transaction is finished, the dApp will redirect you to a dashboard where you will see your transaction history with different messages: Pending, in Progress, Click to Withdraw, Completed, Click to Refund (in case the swap is expired), Failed or Refunded. You will have 90 minutes to withdraw your assets, otherwise, the swap will fail and the funds will be blocked (you will be able to withdraw them after 24 hours).
The graphics are really nice and user-friendly, even for people who are completely unfamiliar with this new and expanding industry.
At this moment the Atomic Swaps provided by JellySwap are compatible with BTC, ETH, AE, DAI and WBTC. The next integrations will include LTC and ZCash. The prices of all these coins are shown on the homepage of the website just below the form dedicated to the Swaps. For more transparency, JellySwap also offers a statistics page where coin prices, liquidity and latest transactions can be found. In addition, the team is well present on social media and continuously offers support and shares interviews to educate users to use this type of smart swaps.
The team behind JellySwap consists of Tito Titov (CEO & Co-founder), Krasimir Raykov (CTO & Co-founder), Polina Keremidchieva (Marketing Lead), Andon Mitev (Lead Frontend Developer), Yordan Titov (Frontend Developer) and Milen Radkov (Aeternity Developer). Tito Titov, the founder, is often available on various DeFi websites giving interviews on the operation and future plans of JellySwap. This is a great thing that we like a lot and that gives the project the professionalism it requires to be at the top of its field. In any case, it is enough to read their bio on the official page to understand that all the members of the team have been familiar with the blockchain for several years and are dedicated body and soul to offer a product that works 24/7.
Here are some of the social profiles that the team of JellySwap prefers should you want to follow them or ask questions and / or make suggestions. Here is their official website, GitHub repository, Twitter, Telegram, Medium and Discord. In the future we would like to interview the founder to understand more about future plans and monetization schemes, so stay tuned and… happy Bitcoin Halving to everyone! (Successfully completed yesterday, May 11th, 2020).