The Basics Of SafeSwap Explained - Safe Haven

The Basics Of SafeSwap Explained

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Posted on Thursday 10 March 2022 at 18:45 Deep-Dive Series

What is SafeSwap?

SafeSwap is a reliable, decentralized atomic swap protocol. At release, SafeSwap will support atomic swaps, which allows a user to swap a token from one blockchain to another.

For example, a user can swap SHA-VIP180 tokens (VeChain) to SHA-ERC20 (Ethereum).

Click here to get a first glance of SafeSwap V1 »

What is an atomic swap?

An atomic swap is a swap smart contract that allows the user to swap tokens from one blockchain to another, creating cross-chain interoperability.

How do I use SafeSwap?

Launch the SafeSwap platform. Make sure your connected source and destination wallets have enough gas for transactions.

  1. Select the blockchains you want to swap from and to
  2. Connect your source and destination wallets, compatible with the selected blockchains
  3. Select the token and fill in the amount you want to swap
  4. Confirm the swap & affirm the swap needs to be done on the same device
  5. Create swap & confirm with your source wallet
  6. Claim funds & confirm with your destination wallet (within 4 hours)

Can I use SafeSwap on a mobile phone?

The SafeSwap web app is accessible via mobile phones.

On release, Venly (VeChain and Polygon blockchains) and WalletConnect (Ethereum blockchain) are the only supported mobile wallets.

Do I need SHA tokens to pay for transaction fees?

No, SHA tokens are only required if you are swapping SHA tokens themselves.

SafeSwap uses SHA tokens in the background. Each swap and each listing adds rewards that are distributed among the SHA node holders.

What is zero-liquidity trading?

Due to the nature of atomic swaps, third-party or user liquidity is not required. This ensures users have access 24/7, with no liquidity required.

How are token prices determined?

Atomic swaps are a one-to-one swap protocol, thus token value is not considered.

What are EVM based blockchains?

These include any blockchains that are compatible with Ethereum Virtual Machines (EVM). If a project is a fork of Ethereum, there is a good chance it is considered an EVM based blockchain.

Supported blockchains at the launch of SafeSwap are Ethereum, MATIC/Polygon, Binance Smart Chain and VeChain.

Blockchain Project Owner?

SafeSwap V1 will be supporting EVM chains like VeChain, Ethereum, Binance Smart Chain and Polygon/Matic. If you’re a blockchain project owner and you’re feeling the need to take your project cross-chain, get in touch with us via our contact page, we might be able to help each other out and add value to each other’s project! 

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