Currently, within the Cardano ecosystem, there are two basic functions that users or projects cannot perform without building their own custom code. These are:
- Large-scale Over-the-Counter (OTC) swaps — transferred between two parties
- Large-scale distributions between projects to users at a cost-effective price and claimable in $ADA
To solve both these problems, we are proud to introduce SafeSwaps! A new Plutus V3 OTC/Distribution mechanism that we are releasing for Cardano!
The technology behind SafeSwaps allows us to implement multiple utilities for users, with the simplest being an OTC swap.
But what is an OTC swap?
An OTC (Over-the-Counter) trade is a transaction that takes place directly between two parties, without being conducted on an exchange. This means that both parties can directly swap assets between each other. This service acts as an escrow between two parties, allowing for trustless, private, direct swaps between any two users on the blockchain.
Our safe swaps allow you to input a receiving wallet, select an asset that you wish to receive, and then the offer you will send in return. The said wallet will have a notification on the VYFI app on their next sign in, offering them to complete the OTC. This swap can only be completed by the wallet that has been offered the OTC, allowing for a private swap between two individuals on the blockchain.
Large-scale distributions on Cardano
Currently, it can be very expensive for projects to conduct a large-scale distribution of assets/$ADA to their users on-chain. Airdrops can cost up to 1.6 ADA per user.
Also, no 3rd party tool exists that allows for the automated set-up of distributions to multiple users, and that is available to be conducted with all assets on-chain.
Our SafeSwaps are changing this! Now, through our “Mass Import”, projects will be able to set up large-scale distributions by taking advantage of the VYFI transaction cart.
How do these distributions work?
A distribution is simply a private SafeSwap with no asset requirement to claim. This means that a user who has been offered a claim can just complete the transaction, and is only charged the transaction fee to complete the operation.
Fee splitting
Whoever creates the SafeSwap can determine the total fee the counter-party will pay to complete the transaction. The total cost of a SafeSwap is 1.4ADA (1 ADA for distributions). Circumstances and this cost can be split in any percentage between the creator and receiver of the SafeSwap.
Many more features and capabilities will be released with our SafeSwaps, but here we want to introduce to you the two main functions. We are proud to welcome the first OTC, and Large Scale On-chain distribution contracts to Cardano! We cannot wait to show the power of Plutus V3 to everyone in the community!
