Swap
The exchange of one crypto-asset for another. In a non-custodial swap on the same network, the exchange usually occurs atomically within a single transaction, even when multiple pools or intermediate tokens are involved. The recipient may differ from the address that initiated the swap. Cross-chain swaps involve activity on separate networks, with the connection between the two legs established through bridge messages, protocol records or other evidence (see Bridge).
In a custodial swap through a centralised exchange or instant exchange service, the on-chain trail may break between the incoming and outgoing transfers. Timing and amounts can suggest a probable link, but service records may be needed to confirm it. In derivatives markets, “swap” can also refer to a financial contract rather than an exchange of crypto-assets.
Related
Essays
- The Strings Stay Public (Why Tracing Is Not Enough)
“Often both ends pass through the same swap service or exchange, from the same machine, and the service saw one device fingerprint on the way in and on the way out.”
- A Finding Stands Without You
“"The funds were consolidated by the attacker before the swap" is one clause of record and one clause of attribution, fused.”