Some General Questions about Anyswap
Q: Who are the Anyswap management team?
A: They are drawn from the Fusion Foundation. The acting CEO is Zhaojun He and DJ Qian is very active in the team.
Q: Where is the Anyswap website?
A: This is being compiled now and will be released shortly. In the meantime we encourage you to simply use the exchange.
Q: Where is the White Paper of Anyswap?
A: There is no White Paper, since the Anyswap DEX is fully functioning and Anyswap are not looking for funding.
What is Anyswap DEX?
Q: What Features will Anyswap provide?
A: anyswap.exchange
- Decentralized Cross Chain Bridge — Users can deposit any coins into the protocol and mint wrapped tokens in a decentralized way.
- Cross Chain Swaps — Users can immediately swap from one coin to another.
- Programmed Pricing and Liquidity — Liquidity provider could add and withdraw liquidity into swap pair. The programmed pricing system is based on the liquidity provided.
What is a DEX?
A: A Decentralized EXchange allows the exchange of value between two or more assets, without the need to send those assets to a Centralized EXchange (CEX) first. When assets are sent to a CEX, they are no longer in your possession. You do not have the Private Key to the assets on a CEX and so you do not actually own them (just like you do not own the money in your FIAT bank). With Anyswap, your assets only leave your wallet, when they are secure under the control of a Smart Contract, since you alone know your complete Private Key.
Q: What pairs are available on the Anyswap DEX?
A: The exchange supports different pairs on each of its supported blockchains Fusion, Binance Smart Chain, Fantom and Ethereum. Until version 2 of Anyswap is here, all pairings will be with the base coin of the blockchain :- FSN, FTM, BNB or ETH. Users can swap between any two assets such as between ANY and aUSDT, or aETH and aUSDT as well as the base coins. In these cases, the fees will apply twice (i.e. 2 x 0.4%).
Q: What are the fees for using the exchange?
A: Users pay the gas fee, (which is typically very low on Fusion, Fantom and Binance Smart Chain, but high on Ethereum). In addition users pay 0.4% of the sum being transferred. Of this 0.3% goes directly to Liquidity Providers and 0.1% goes to Anyswap.
Q: How does Anyswap work without knowing my Private Key?
A: This is one of the most important aspects of a trustless DEX. Anyswap uses the Fusion DCRM technology. With DCRM, your Private Key is ‘sharded’, or split up with each piece being managed by a different node on the network. To make an exchange of value, a transaction must be signed by each of these nodes, but the important part is that the PRIVATE KEY IS NEVER ASSEMBLED and so the transaction cannot happen without all of these nodes colluding. This is the safest non-custodial way of sending assets. When you want to make an exchange of value on Anyswap, you must either authorize the transaction using MetaMask, or a hardware device like a Ledger connected to your wallet.
Q: Why is it important that Anyswap’s Smart Contract, Cross Chain Bridge and DCRM are Open Source?
A: The Anyswap Smart Contract , the Cross Chain Bridge and the DCRM source code can be examined and the applications can be re-created by anyone with a little programming knowledge. In this way users are assured that the code is indeed decentralized and that there are no back doors into the code, or any malicious code that could steal your data or assets. In fact IF THE DEX CODE IS NOT OPEN SOURCE, IT IS NOT DECENTRALIZED. Open Source code can be modified or copied by anyone (providing they comply with the licenses). This is important since the code can evolve and improve and cannot become stranded due to someone dying, or refusing or being unable to continue code development.
Q: Are Anyswap’s smart contracts audited?
A: Yes. All new chains are audited by the company Slow Mist before going live. Here is the audit of Anyswap
Q: What is a Cross Chain DEX?
A: Anyswap is the first true Cross Chain DEX. With Anyswap you can exchange tokens or coins between any blockchains supporting the ECDSA or EdDSA cryptographic algorithm. This includes more than 95% of all chains, including ETH, BTC, XRP, XMR, XLM, LTC, TRX, XTZ, BCH, BSV, EOS, ADA etc. It also includes any tokens on these chains like ERC20’s. Since Anyswap uses DCRM it does not require any code chnages to be made on any of the blockchains. In this respect it is superior to COSMOS or Polkadot, which we regard as being a ‘compatibility’ standard. DCRM is truly an ‘inter-operability’ standard.
Q: Why are Fusion, Fantom and Binance Smart Chain’s addresses the same as Ethereum’s?
A: These blockchains were all forked from Ethereum and kept its address format. If you send Fusion’s coin FSN, or tokens on Fusion like ANY to an Ethereum address, you will not see them in an Ethereum wallet like Trustwallet, ot MyEtherWallet because they use a different blockchain (and blockchain ID). YOU HAVE NOT LOST YOUR assets though, since you can simply open a Fusion wallet using the same Private Key, wallet file + password, or hardware wallet (using the ETH extension) and you will see your assets there. The same applies to assets on the other blockchains Fantom and Binance Smart Chain.
Q: Is the bridge for assets onto Anyswap decentralized?
A: For now the answer is ‘partially’, since the Bridge is controlled by 5 DCRM nodes run by either Anyswap (at different locations), or their auditors Slow Mist. After the election of the Anyswap Working Nodes (AWN’s) by ANY token holders at the end of 2020, we can say that the Bridge of assets into the Anyswap smart contract will be decentralized. There will be at least 5 AWN’s (maybe many more, with testing of 11 nodes currently taking place) added to the DCRM nodes run by Anyswap and these AWN’s can be replaced by votes of ANY token holders.