This allows users to trade XMR to get BTC without having to trust an intermediary or the trading counterparty. Users can more easily trade without having a regulated bank.
The Monero cryptocurrency is best known because of its personal and fungible possessions. This allows its privacy protections to grow to pay more trades than are included in BTC mixing, Ethereum mixing; and all other“solitude coins“ combined.
Atomic swaps are now live on COMIT Network, but other similar projects have been in development by other groups including:
- The Farcaster project increased 2727 XMR (worth $650,000 today) to build a similar trustless atomic swaps implementation.
- Haveno, a Monero-focused branch of Bisq, is executing atomic swaps for their XMR/BTC trading pair.
- Relatedly, cross-chain bridges are announced for Secret Network and Thorchain, which will allow for effortless trading using Ethereum and Binance Smart Chain tokens.
Restricted trading venues despite surging retail user demand for personal and fungible money have made a strong demand for these decentralized exchanges. There are more than twice as many typical daily Monero trades as there have been a year ago.
„The decentralized Monero exchange technology is here, so now it’s a race for pockets to provide the best user experience,“ says Justin Ehrenhofer, an organizer of Monero Space, a workgroup that provides solutions for its Monero ecosystem. „With these high user demand for private and easy peer-to-peer exchanges; it’s merely a matter of time before pockets widely implement them““
A couple popular BTC and Monero pockets have shown an interest in encouraging atomic swaps. Samourai Wallet and Monerujo conducted an evaluation swap earlier this month; and Cake Wallet has also expressed excitement in encouraging atomic swaps.