AirSwap (AST): how it works, supply and reviews
In short
- Type
- Peer-to-peer token trading protocol (RFQ, LastLook and OTC) with on-chain settlement
- Staking rewards
- Staked AST earns voting points that claim a share of the protocol-fee rewards pool
- Risks and caveats
- Unstaking AST takes 20 weeks, with no withdrawals in the first 4 weeks.
- Checked
- 31 October 2026
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Key facts
- Ticker
- AST
- Official site
- airswap.xyz
Key facts checked on 31 October 2026 against official sources.
What is AirSwap
AirSwap is a peer-to-peer trading network for tokens on Ethereum and other EVM chains, built on request-for-quote (RFQ) and LastLook protocols in which two parties swap tokens atomically. It is developed and governed by an open-source community and DAO; AST is its governance token.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Peer-to-peer token trading protocol (RFQ, LastLook and OTC) with on-chain settlement |
| Runs on | Ethereum, BNB Chain, Polygon, Linea and Avalanche |
| Smart contracts | Non-custodial swap contracts; no deposits or escrow |
| Launched | 10 October 2017 |
Supply and issuance
| Parameter | Details |
|---|---|
| Staking rewards | Staked AST earns voting points that claim a share of the protocol-fee rewards pool |
| Initial distribution | AST launched on 10 October 2017 with the original peer-to-peer network |
What AST is used for
- Staked to vote on AirSwap Improvement Proposals on Snapshot.
- Staked voters earn points that claim part of the protocol fees.
- Makers stake AST in the Registry contract to list supported tokens.
Who develops and governs AirSwap
- Governance
- AirSwap Improvement Proposals (AIPs), voted on Snapshot by AST holders
- Developer
- An open-source community and DAO
- Open source
- Protocol contracts on GitHub under an MIT-style licence
History
| Date | Event |
|---|---|
| 10 October 2017 | AirSwap and the AST token launch. |
| 25 April 2018 | The AirSwap network goes live ("AirSwap is Here"). |
| 12 September 2019 | An internal review finds a critical flaw in a newly released swap contract; AirSwap Instant is rolled back to the original contracts. |
| 2022 | AirSwap V3 is released. |
| 2023 | AirSwap V4 is released. |
| 30 January 2024 | Makers must migrate to V4.1 contracts. |
| 2024 | AirSwap V5 is released. |
Security and audits
- AirSwap lists PeckShield audit reports for its V3, V4, V4.1 and V4.3 contracts.
- In September 2019 an internal review found a flaw in a new swap contract that was live for under 24 hours; AirSwap rolled back the contract and moved at-risk funds to a withdrawal contract.
- The protocol is non-custodial: swaps settle between two parties in one atomic transaction.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 12 September 2019 | Exploit: AirSwap's internal review found a critical flaw in a newly released swap contract, live for under 24 hours, that could let an attacker swap without the counterparty's signature. AirSwap rolled back AirSwap Instant, de-risked the largest affected user and drained at-risk funds into a withdrawal contract; 5 accounts remained affected as of 3 October 2019. No theft is stated. Funds returned: Drained funds were placed in a withdrawal contract available only to the account that held the original tokens. | medium.com |
Official AST contracts
| Network | Contract address |
|---|---|
| Ethereum | 0x27054b13b1b798b345b591a4d22e6562d47ea75a |
AST token on Ethereum as listed on AirSwap's deployments page; swap, registry and staking contract addresses for each chain are on the same page.
Risks and caveats
- Unstaking AST takes 20 weeks, with no withdrawals in the first 4 weeks.
- In 2019 a newly deployed swap contract had a critical flaw that could allow a swap without the counterparty's signature.
- Prices come from market makers off-chain; each swap is only between the two parties to it.
Official links
- Website: www.airswap.xyz
- Docs: about.airswap.xyz
- Source code: github.com/airswap
- Governance forum: dao.airswap.eth.limo
Questions and answers
What is AirSwap?
A peer-to-peer token trading network using RFQ and LastLook protocols, where two parties swap tokens in one atomic, non-custodial transaction.
What is the AST token used for?
AST is staked to vote on AirSwap Improvement Proposals; stakers earn points that claim part of the protocol fees.
Who runs AirSwap?
AirSwap is developed and governed by an open-source community and DAO; it launched on 10 October 2017.
Has AirSwap been hacked?
In September 2019 AirSwap disclosed a critical flaw in a new contract live for under 24 hours; it rolled the contract back and moved at-risk funds to a withdrawal contract.
Sources
- AirSwap — Welcome (docs)
- AirSwap — Deployments and audits
- AirSwap — FAQ
- AirSwap — Earning
- AirSwap — Announcements
- AirSwap — website
- AirSwap (Fluidity blog) — Critical Vulnerability in a New AirSwap Smart Contract, 13 September 2019
- AirSwap — protocols licence (GitHub)
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