Performing an Atomic Swap

 

Learn more about Atomic Swaps here.

 

Counterparty 1 - The Initiator (Maker)

1. Sign in to your Qredo Personal or Organization Account.
2. From the left-hand menu, select the + (New TX) button.
3. Select Atomic Swap and click Continue.
4. Under Sell, select the Source Wallet (the one you wish to send assets from), and under Buy, select the Destination Wallet (the one you wish to receive the swapped crypto assets). Bear in mind that, as of now, the Atomic Swaps can only be created with wallets which are in the same fund.
5. Set the Sell and Buy amounts according to your preference or pre-agreed-upon rates (Quote).
6. Enter the Atomic Swap Quote Reference and set the Expiry* time.
7. Select Review Atomic Swap Quote. Review it properly. Once you’re done, click Initiate Atomic Swap Quote.
8. If you’ve enabled the notifications in your mobile/tablet Qredo app, you should receive an approval notification. If not, go to Approvals and select Transactions.
9. Now, confirm the quote initiation using your device’s biometrics and your Qredo Signing App profile PIN.
10. While you wait for your Approver(s) to approve the quote initiation, you can copy the URL under Send in your Atomic Swap screen and share it with a counterparty you want to engage in the swap with. Alternatively, you can select Share to Liquidity Hub, which will put your Atomic Swap Quote onto the Liquidity Hub bulletin board accessible by anyone on the Qredo Network. Either way, no counterparty will be able to see your quote until your Approvers have approved it.
11. Once your approval policy threshold is met, it’s up to the other counterparty and their Approvers to confirm the swap.

*Your set expiry time starts counting down once the quote has been authorized through your mobile Signing App. Note that the quote needs to meet the specific Fund's transaction policy and be taken by a counterparty before expiring. Otherwise, the Atomic Swap will fail.

Counterparty 2 - The Taker

1. If you’ve found the Atomic Swap Quote that you’re interested in on the Liquidity Hub, press the three-dot icon and select View Details.
2. Review the Atomic Swap Quote details and select Take Atomic Swap.
3. Under Selling, select a wallet that has enough of the relevant asset to meet the amount that the quote is asking for.
4. Under Buying, select the wallet where the counterparty’s assets are going to land.
5. Add a Reference into the appropriate box.
6. Select Review Atomic Swap. Review it properly. Once you’re done, click Take Atomic Swap.
7. If you’ve enabled the notifications in your mobile/tablet Qredo app, you should receive an approval notification. If not, go to Approvals and select Transactions in your Qredo Signing App.
8. Now, confirm the quote taking attempt using your device’s biometrics and your Qredo Signing App profile PIN.
9. Once your approval policy threshold is met, the Atomic Swap is completed almost immediately.

Each counterparty can see and confirm that the transactions occurred using the Ledger view, available from the left-hand side of the user’s Qredo Network profile.

Who Gets the Quote?

Seeing as how the Atomic Swap is completed only when the appropriate threshold level of Approvers has approved the transaction, until that happens, the quote remains live.

This means that, if the taker's Approvers aren't fast enough to confirm the taking of the Atomic Swap, another counterparty can swoop in and take the swap. Similarly, the taker can choose to take the Atomic Swap quote in question using another Fund on their account. Essentially, the first Fund to reach the the appropriate set Approver threshold gets the quote.