The Essential Guide to AirSwap Crypt
With the nascence of blockchain and cryptocurrency, a plenitude of crypto exchanges have come into existence. Some exchanges allow trade on the grounds of changes in an underlying asset’s value such as the US dollar/Bitcoin rate. Some are open to the public while others are invitation-only exchanges. Whatever the case may be, crypto exchanges exist to provide a place for people to exchange their cryptocurrencies.
So, the question is, can a crypto exchange earn enough revenue to keep its complex operations running without charging deposit fees, transaction fees, and withdrawal fees? Most exchanges depend heavily on these charges, but AirSwap, a unique crypto exchange, and coin swapping platform is a different story. It essentially provides its services for free. This guide explores what is AirSwap, how it works, and how to buy AirSwap crypto.
Let’s get started!
What Is AirSwap?
AirSwap is a US-based cryptocurrency exchange making waves in the decentralized finance (DeFi) space. AirSwap is different from other decentralized exchanges because it doesn’t charge any trading fees or other fees on withdrawals or deposits. It is a standalone service provider and it does not depend on any third party to manage and store traders’ funds.
More importantly, users don’t even have to sign-up to use AirSwap. They can execute trades among different parties while being anonymous. Users are in complete control of their funds and they can deposit, withdraw, and swap tokens without any constraint. Yet, the exchange is highly secure for crypto investors and offers a great user experience. Among these features, what gives the exchange more popularity is AirSwap’s crypto-token, AST.
Connecting your AirSwap Address to ZenLedger For Your Crypto Tax Forms
As one of the most comprehensive cryptocurrency tax software options on the market, we have import instructions for well over 400+ exchanges.
Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table which outlines the possible methods. For many centralized exchanges, we support a direct API code import, while others may require a CSV import. Decentralized exchanges may require a wallet address.
To import your transactions from an exchange, simply navigate to the "Exchanges" tab of the "Imports" page. Select the exchange that you are looking to import, and instructions will be provided for that specific exchange!
How Does AirSwap Work?
Fundamentally, AirSwap functions on blockchain technology and smart contracts to create a seamless, fee-free marketplace to offer direct peer-to-peer trading. It works quite differently from other decentralized exchanges even though it is a decentralized exchange.
For starters, it allows its users to stay completely anonymous when they are using the platforms to make trades and swap coins. Thus, their personal information is not collected by the platform and ergo, it doesn’t have to partner with a third-party service provider to protect the information.
AirSwap’s peer-to-peer exchange protocol has non-custodial characteristics and uses Ethereum’s smart contract capabilities to settle orders. This protocol not only grants its users access to a vast network of crypto traders but also facilitates trades of all ERC20 tokens.
With the protocol, users can discover high trading potential counterparts and they can directly negotiate trades with each other and even establish private communication.
On the AirSwap protocol, every trade has a “maker” who sets the bid on the trade, and a “taker” with an option to accept it. When a trade takes place, the taker pays the grid amount to the maker.
Since it is fee-free, AirSwap mainly relies on the ArirSwap crypto, the AST for revenue generation. The exchange circulates AST to help users pay for using the platform and its features. This activity also works in the favor of the adoption of AirSwap crypto.
How Does AirSwap Crypto Token Work?
In October 2017, the platform launched an ICO for its native token and sold 150 million out of the 500 million tokens. The AST is an ERC-20 token and is designed to protect traders from price slippage and fraud counterparties.
The investors must have 100 ASTs to execute trades and the users can also stake the 100 ASTs. The tokens are locked in for seven days and after this duration, the user gets control of the governance mechanism and trades freely on the DEX.
How to Buy an AirSwap Token?
You can buy AirSwap crypto using online crypto trading platforms such as Binance, Huobi, BlockFi, Bitstamp, and more. Follow the below steps to buy an AirSwap token:
Step 1: Choose an Exchange
The above-mentioned exchanges are some of the best for buying crypto, but you have to compare them and do your own research as all these exchanges are different in terms of security, terms and conditions, fees, and more. Choose an exchange only after thorough research.
Step 2: Finish Verification and Fund Your Account
When signing up for an exchange, they may have a KYC verification process. If this is the case, provide your basic information such as your full legal name, age, address, phone number, email ID, and SSN number to prove your identity. After the verification process is finished add funds to your online account.
Step 3: Buy a Crypto Wallet
There are two types of wallets: Hardware wallets and software wallets. The hardware wallets are also called cold wallets and they are physical devices that store your tokens offline, which is the safest way to store crypto. Software wallets or hot wallets on the other hand are mobile or desktop applications that are connected to the internet and hence are not the most secure but they are affordable.
Step 4: Make Your Purchase
With your online account funded and your wallet ready to go, buy AirSwap crypto tokens and store them in your wallet.
AirSwap is continually adding new features to the exchange for a better user experience. Though the platform has many advantages, it also has its challenges such as a lack of peers ready to take the trade. AirSwap is overcoming this by creating new tools to easily find peers and to make trades more seamless and automatic.