[Hong Kong, 27 August 2024] – Coinweb Labs is proud to welcome CWAP SWAP to the ecosystem as the first cross-chain DEX built entirely on Coinweb’s innovative architecture. CWAP SWAP is now entering live production, enabling whitelisted users to be onboarded to seamlessly swap native assets across Bitcoin, Ethereum, and BNB Chain which will then be rolled out to all the chains that Coinweb supports.
As part of the ecosystem, CWAP SWAP is advancing Coinweb’s mission to deliver cutting-edge cross-chain solutions. Unlike traditional validator-based systems used by other cross-chain DEXs, Coinweb enables CWAP SWAP to be fully deployed through smart contracts to facilitate and validate swaps, making the dApp highly composable. By eliminating the need for expensive custom off-chain infrastructure, which is used by the few existing cross-chain swap DEXs, this approach together with dynamic collateral adjustments based on trade size and time reduces swap costs by up to 90%. The platform also enables seamless integration with other DeFi dApps and protocols, including DEX aggregators, which are expected to drive significant traffic.
The entry of CWAP SWAP into live production will mark a major milestone as it welcomes its first external beta testers and begins its initial integration with third-party platforms. The DEX is also undergoing its first security audit to ensure a secure trading environment for its users.
CWAP SWAP is the first dApp to finalise the implementation of Coinweb’s groundbreaking Penalty Adjudication for Cross-Chain Transactions (PACT), a new interoperability standard. PACT leverages a Penalty Adjudicator (PA) and Chain Transaction Sentinels (CTs) to manage cross-chain transaction rules and collateral efficiently, reducing capital requirements and enhancing user security.
By adopting PACT, CWAP SWAP is not only contributing to the growth of Coinweb’s ecosystem by using CWEB, Coinweb’s native token, as collateral for native L1 token swaps, but is also transforming the efficiency and security of cross-chain swaps.
Thanks to its full deployment as smart contracts, CWAP SWAP is highly composable, allowing permissionless listings for cross-chain pairs, multi-asset order types, and automated trading capabilities. This positions the platform as a key player in the cross-chain DEX space.
“We are excited to have CWAP SWAP as part of our ecosystem, pioneering a new era of cross-chain DeFi,” said Toby, CEO of Coinweb Labs. “Their innovative approach marks a major leap forward in making cross-chain swaps more accessible, cost-effective, and secure.”
“CWAP SWAP now entering live production is a major milestone for us and the Cross-Chain DEX ecosystem,” said Nine, Contributor of CWAP SWAP. “Leveraging Coinweb’s technology, we’re delivering a highly efficient and secure platform for Cross-Chain swaps that supports Native BTC trading against an unlimited amount of trading pairs.”
About CWAP SWAP
CWAP SWAP is a cutting-edge cross-chain DEX built on the Coinweb platform. It enables seamless, secure swaps between major blockchains, including Bitcoin, Ethereum, and BNB Chain. By being fully deployed as smart contracts through Coinweb’s PACT technology, CWAP SWAP offers a highly composable, cost-efficient, and secure solution for cross-chain trading.
About Coinweb
The Coinweb Protocol is a groundbreaking Layer 2 cross-chain computation platform that uniquely combines Scalability with Interoperability, setting new standards in the blockchain industry. It enables the seamless operation of decentralised applications across multiple blockchains, effectively merging them into a unified ecosystem.
About Coinweb Labs
Coinweb Labs is the main contributor to the Coinweb protocol as well as a design and build consultancy specialising in creating custom-built solutions for decentralised applications. With a focus on innovation and collaboration, Coinweb Labs is dedicated to accelerating the development of projects within the Coinweb ecosystem.