SafeSwap: Connecting The Links Of the Future By Enabling Atomic Swapping Of Digital Assets

August 05 23:42 2022

Blockchain is an evolving space with thousands of tokens and investors. In fact, the global blockchain market was valued at USD 4.67 billion in 2021. In such a thriving space, how do we accelerate innovation by allowing smart contracts and tokens to interact seamlessly with different blockchains? Surely, that future must be atomic, right?

Well — SafeSwap by Safe Haven is here to help fill that void and advance the crypto space. Safeswap is a fully decentralized atomic swapping platform. Here, you can swap tokens from various known blockchains like Polygon, Ethereum, Binance Smart Chain, and VeChain, in a more efficient manner.

The easy steps for atomic swapping

Atomic swapping — as the name suggests, is the exchange of tokens without the involvement of intermediaries. This will give the owner more control over their tokens. 

“Builders can deploy their products cross-chain in no time and they can now do this with a minimum of development efforts and budget, without having to change or manipulate their Tokenomics.” – SafeSwap

Here is how atomic swapping works:

  1. Initiate

This is a generic step where you will connect your wallet to the blockchain through which you want to swap your tokens, and enter the amount that you want to swap. 

  1. Secure

The integrated UI of SafeSwap creates a secret code that disseminates the hash data to the smart contract. 

  1. Lock

Once the swap is started, Safeswap safely locks all tokens from the source wallet into a pool of tokens for the destination. 

  1. Unlock

Safeswap uses its secret code to unlock the token in your final destination. 

  1. Claim

Your tokens reach the destination, and there you go! You have easily swapped tokens from one blockchain to another. 

Atomic swaps use HTLC (Hash timelock contracts), where the exchange happens on the mutual agreement of both parties. If the transaction is not acknowledged by either party, the exchange becomes void. So you know when SafeSwap declares it safe, and this is not just for show. 

Benefits of SafeSwap

It is an ASaaS (Atomic Swap As A Service) software whose technology will simplify the operation of blockchain projects.

The benefits of SafeSwap are many, but here are the key benefits.

  1. No fees if your swap fails

If either of the parties fails to acknowledge the transaction, it fails. Your tokens are safe under a secure code and you will experience no asset loss. 

  1. Reduce the limitations to building DApps

With SafeSwap, the barriers to expanding to other blockchains are greatly reduced. Projects are able to share their products with multiple blockchain communities without worry that their Tokenomics will change, due to the atomic nature of SafeSwap.

  1. Low operational costs

For projects looking to list their tokens on SafeSwap, there is a one-time listing fee. Since SafeSwap connects new and different communities, you will enjoy greater exposure.

For users, there will be a fractional transaction fee to use the service.

Is SafeSwap The Next Big Thing In Blockchain?

SafeSwap has been created with a focus on customer experience, efficiency, and security, the things that SafeHaven is well known for. 

SafeSwap is the only platform that supports VeChain, which provides a competitive advantage compared to other contenders. 

In the future, this platform will grow and bring more multi-chain solutions that you should definitely keep an eye on. To know more, visit their website here.

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