The P2P Swap Button, the latest release from Tel Aviv-based blockchain technology developer Kirobo, claims to have solved the problem of slippage that plagues decentralized token swaps. In this article, we’ll take a look at the new solution.
The trillion-dollar crypto market has problems that deter many prospective investors from getting into the market. One such sticking point is exchange slippage.
When token swaps are initiated via decentralized exchanges, there is almost always slippage in price. This means that a person selling their tokens will not receive the amount that they expected, because the act of entering these tokens into the pool affects the value of those tokens.
Another major drawback to the cryptocurrency ecosystem is that it is unforgiving of human error. People are prone to make mistakes, but cryptocurrency transfers are irreversible. If you input the incorrect crypto wallet address, or your recovery phrase is discovered, there is no way of getting your money back. This has become a gargantuan concern for crypto investors.
To solve all of these problems, a few projects have been launched. One of these is the Kirobo platform.
Kirobo’s aims to be a key player in the decentralized finance (DeFi) segment by granting people better control of their assets with its decentralized services.
For example, it is tackling the hurdles mentioned above with a peer-to-peer token swap service which it calls the ‘P2P Swap Button’.
Released on July 27, the P2P Swap Button allows users to set their own token prices with a unique off-exchange platform, enabling them to swap assets directly without fear of price slippage.
Speaking to reporters about the functionalities of this new product, Asaf Naim, CEO and co-founder of Kirobo, said: "Our P2P Swap Button is exactly the tool needed to disrupt the token swap market. Until now, people had to use an exchange if they wanted to swap, but they'll never get the best deal there because venues adjust prices according to how much you're selling. We're allowing people to trade directly with their peers, for pre-agreed prices, and complete safety."
The service, according to the official press release, will enable three features that, surprisingly, didn't exist:
- Token prices agreed upon by individuals will be independent of exchange algorithm-based price slippage. The upshot; once a price has been agreed upon, it remains the same, regardless of market movement.
- The P2P Swap Button is free to use, and traders can time their trades to avoid steep gas prices.
- The risk of human error and fraud is completely removed from all token swaps.
Speaking about the added features of the swap button, CTO and co-founder of Kirobo, Tal Asa, revealed that the decision to run a zero-cost token swap service is part of the platform’s greater goal of leveling the playing field.
"We're not charging people to use the P2P Swap Button because our goal is to level the playing field. The service lets users make more lucrative swaps, with the confidence that comes with a bulletproof, non-custodial authentication mechanism," Asa stated further.
Before the scheduled launch of the P2P Swap Button, the Kirobo platform unveiled its ‘Undo Button’. This feature, an unprecedented one in the crypto space, nullifies the chance of blunders in crypto transactions by enabling users to retrieve crypto transfers that are sent in error.
With these products that solve two key issues of the crypto ecosystem, Kirobo is beginning to cement its stance as a leading developer of DeFi technology.