AirSwap (AST) Explained: How the Peer‑to‑Peer Crypto Coin Works
AirSwap Slippage Calculator
Estimate how much slippage you'd experience when trading on AirSwap versus other DEXs. AirSwap's RFQ system minimizes slippage for larger trades.
AirSwap is a decentralized, peer‑to‑peer token trading network built on the Ethereum blockchain. It lets users swap ERC‑20 tokens directly, without an order book or a central intermediary.
What the AST token does
The native utility token, AST, fuels governance and liquidity. Holders can vote on protocol upgrades, stake to become market makers, and earn a share of swap fees once the fee‑sharing proposal passed in September 2024.
How AirSwap’s peer‑to‑peer model differs from AMMs
Most decentralized exchanges (DEXs) such as Uniswap rely on automated market makers (AMMs) and liquidity pools. AirSwap, by contrast, uses a request‑for‑quote (RFQ) system:
- Buyers broadcast a trade request off‑chain.
- Makers respond with a price based on an on‑chain oracle that aggregates multiple market feeds.
- Both parties sign a cryptographic transaction; the swap settles atomically on‑chain, eliminating counter‑party risk.
This design means large trades (often > $10,000) experience little to no slippage, while small retail trades may find fewer counterparties.
Key statistics (as of October 2025)
- All‑time trading volume: $4.42 billion across 2.64 million swaps.
- Average gas cost per trade: ~21,000 gas (≈37 % cheaper than comparable Uniswap V3 swaps).
- Market‑cap rank: #147, with a market cap around $135 million.
- Supported chains: Ethereum, BNB Chain, Polygon, Avalanche, Linea.
Becoming a maker - the staking process
To provide liquidity, a user must stake 250 AST (about $1,100 at the current price). The tokens lock for seven days, after which the maker can claim earned fees and optional fee‑sharing rewards.
Staking steps:
- Connect a compatible wallet (MetaMask, WalletConnect, or Ledger). MetaMask is the most common choice.
- Navigate to the “Become a Maker” page on the AirSwap UI.
- Approve the AST contract to spend your tokens.
- Enter the amount (250 AST) and confirm the transaction.
- Wait seven days for the lock‑up period to finish.
After the lock, makers receive a portion of the protocol’s fee‑sharing pool (0.05 % of swap volume starting Q2 2025).
Comparison with other decentralized protocols
| Feature | AirSwap | Uniswap | 0x Protocol |
|---|---|---|---|
| Trading model | RFQ, peer‑to‑peer | AMM, liquidity pools | RFQ & order‑book hybrid |
| Best for trade size | Large (> $10k) with minimal slippage | Small‑to‑medium swaps | Both small and large, but requires custom integration |
| Average gas per swap | ≈21,000 gas | ≈33,000 gas | ≈25,000 gas |
| Liquidity source | Counterparty makers (AST stakers) | Pool liquidity providers | Liquidity providers & market makers |
| Cross‑chain support (2024‑2025) | Ethereum, BNB Chain, Polygon, Avalanche, Linea | Ethereum, Polygon, Optimism, Arbitrum, etc. | Ethereum, Polygon, Binance Smart Chain |
Real‑world use cases
Professional traders use AirSwap for:
- Executing a $150,000 USDC‑to‑DAI swap with only 0.08 % slippage (versus ~0.4 % on Uniswap).
- Cross‑chain arbitrage between Ethereum and Avalanche after the August 2024 launch.
- Institutional OTC‑style trades where anonymity and no price impact matter.
Retail users often find the platform harder to grasp because they must negotiate prices manually. The community’s “AirSwap Safety Checklist” (2,300 + downloads) helps beginners verify counterparty reputation and avoid failed swaps.
Governance and community health
AST holders can propose and vote on changes. In 2023‑2024, voter turnout averaged 42.7 % across 12 proposals-high for a niche DeFi protocol. Recent governance activity includes:
- ASTIP‑23: fee‑sharing mechanism (approved with 87.4 % support).
- v4 roadmap: cross‑chain atomic swaps, maker reputation scores.
The Discord server (12,500 + active members) hosts weekly “maker training” sessions that reduce onboarding friction.
Risks and regulatory outlook
While AirSwap’s token model is technically sound, the SEC’s 2023 framework flags governance tokens as potential securities. No enforcement action has been taken yet, but projects should monitor future guidance. Other risks include:
- Limited liquidity for small trades, leading to longer quote times.
- Competition from centralized OTC desks offering instant execution.
- Reliance on off‑chain price aggregation, which could be targeted by oracle attacks.
Mitigation strategies involve diversifying across multiple DEXs and using reputable oracle services.
Future outlook
AirSwap v4, slated for Q1 2025, promises cross‑chain atomic swaps and a reputation‑based maker scoring system. Delphi Digital projects the protocol’s annual volume could reach $7.2 billion by 2026, driven by institutional adoption. However, medium‑risk ratings from analysts remind users that the niche focus may limit mass‑market growth.
Quick start checklist
- Install MetaMask and fund it with ETH for gas.
- Buy at least 250 AST from a reputable exchange.
- Connect your wallet to AirSwap’s web UI.
- Choose “Become a Maker” to stake AST and start earning fees.
- Use the “Request Quote” tab for large swaps; compare maker offers before signing.
Following these steps gets you trading on AirSwap with minimal friction.
What is the main advantage of AirSwap over traditional DEXs?
AirSwap’s peer‑to‑peer RFQ model removes price slippage for large trades because there’s no automated market‑maker curve. Trades settle atomically, so you only pay the normal gas fee.
How many AST tokens do I need to become a maker?
You must stake 250 AST, which is worth roughly $1,100 at the current price. The stake locks for seven days before you can withdraw.
Can I use AirSwap on chains other than Ethereum?
Yes. AirSwap has launched on BNB Chain, Polygon, Avalanche, and Linea. The UI automatically switches networks once your wallet is connected.
What fees do I pay when swapping on AirSwap?
AirSwap charges no platform fee; you only pay the standard Ethereum gas fee (about $1.27 per transaction in October 2024). Starting Q2 2025, 0.05 % of total swap volume will be redistributed to AST stakers.
Is AirSwap regulated?
The SEC has not taken action against AirSwap, but its governance token could be viewed as a security under the 2023 framework. Users should stay updated on regulatory guidance.
Katheline Coleman
October 23, 2025 AT 08:23AirSwap’s architecture leverages the RFQ model, thereby eliminating the traditional order book and reducing slippage for substantial trades. By employing off‑chain broadcast of trade requests followed by on‑chain settlement, the protocol ensures atomicity and mitigates counter‑party risk. The governance token AST facilitates community participation through voting and staking, aligning incentives among makers and token holders.
Amy Kember
November 9, 2025 AT 16:03The fee‑sharing proposal actually makes staking worthwhile for makers.
Evan Holmes
November 27, 2025 AT 00:43Looks like another niche DEX that only pros will bother with, not much for the average joe.
Erik Shear
December 14, 2025 AT 09:23Large‑scale swaps benefit from near‑zero slippage, but the lack of depth for small orders can frustrate retail users; still, the protocol’s focus on institutional liquidity is a smart move.
Tom Glynn
December 31, 2025 AT 18:03When you think about liquidity as a shared resource, AirSwap becomes a cooperative market rather than a hostile arena. 🌌 By staking AST you’re not just earning fees; you’re helping to build a more resilient trading ecosystem. Keep experimenting with the RFQ flow and you’ll see how the on‑chain oracle balances fairness with efficiency. 🚀
Johanna Hegewald
January 18, 2026 AT 02:43If you want to become a maker, first buy at least 250 AST on a reputable exchange, then connect MetaMask, approve the contract, and lock your tokens for seven days. After the lock‑up you’ll start receiving a slice of the swap fees, which currently sit around 0.05 % of total volume.
Benjamin Debrick
February 4, 2026 AT 11:23The conceptual elegance of AirSwap’s RFQ paradigm, which ostensibly sidesteps the liquidity‑fragmentation endemic to conventional AMM designs, warrants commendation, yet it simultaneously engenders a series of practical encumbrances that cannot be ignored. Foremost among these is the prerequisite for traders to secure a sufficient quantity of AST, a stipulation that, while ostensibly aligning incentives, imposes a non‑trivial capital barrier for nascent participants. Moreover, the reliance on off‑chain broadcasting of trade requests, albeit mitigated by on‑chain settlement, introduces an additional vector for latency, thereby attenuating the instantaneous execution experience that users have grown accustomed to. The protocol’s governance mechanics, which delegate substantive decision‑making authority to token holders, are laudable in principle, yet the historically modest voter turnout, hovering just above forty‑two percent, raises concerns regarding the representativeness of outcomes. In juxtaposition, the fee‑sharing model, which allocates a mere 0.05 % of swap volume back to stakers, appears paltry when contrasted with the operational costs incurred by makers, especially in volatile market conditions. Additionally, the cross‑chain extensions, though ambitious, remain in a nascent state, with limited empirical data to substantiate claims of atomicity across heterogeneous ecosystems. The oracle infrastructure, serving as the price aggregation backbone, while diversified, nevertheless presents an attack surface that could be exploited by adversaries seeking to manipulate quoted rates. From a user‑experience perspective, the necessity to manually negotiate pricing introduces a cognitive overhead that may deter casual retail traders, thereby constraining network effects. Conversely, institutional entities, which prioritize low‑slippage execution and regulatory compliance, stand to benefit disproportionately from the architecture’s design choices. The forthcoming v4 upgrade, with its promised reputation‑based scoring system, could ameliorate some of the trust deficiencies inherent in peer‑to‑peer interactions, albeit its implementation timeline remains ambiguous. Furthermore, the modest gas efficiency advantage-approximately twenty‑one thousand gas per swap-while noteworthy, does not singularly justify migration away from more entrenched DEX platforms. It is also pertinent to acknowledge that the competitive landscape, populated by both centralized OTC desks and emerging decentralized protocols, exerts relentless pressure on AirSwap’s market share. In summation, the protocol embodies a compelling synthesis of technical innovation and governance experimentation, yet its practical adoption hinges upon addressing liquidity accessibility, oracle robustness, and user onboarding challenges. Prospective participants would do well to diversify across multiple venues, thereby hedging against the idiosyncratic risks delineated herein. Finally, continuous community engagement, transparent roadmap communication, and iterative improvements to the staking mechanics will be pivotal in sustaining long‑term relevance. Thus, while AirSwap’s vision is admirable, realism dictates a measured approach to its integration within a broader DeFi strategy.