[Crypto projects](https://revain.org/projects/) › AirSwap

# 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

## Key facts

- **Ticker**: AST
- **Official site**: [airswap.xyz](https://www.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](https://medium.com/fluidity/critical-vulnerability-in-a-new-airswap-smart-contract-c1204e04d7d3) |

## Official AST contracts

| Network | Contract address |
|---|---|
| Ethereum | [0x27054b13b1b798b345b591a4d22e6562d47ea75a](https://etherscan.io/address/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](https://www.airswap.xyz/)
- Docs: [about.airswap.xyz](https://about.airswap.xyz/)
- Source code: [github.com/airswap](https://github.com/airswap)
- Governance forum: [dao.airswap.eth.limo](https://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)](https://about.airswap.xyz/)
- [AirSwap — Deployments and audits](https://about.airswap.xyz/technology/deployments)
- [AirSwap — FAQ](https://about.airswap.xyz/about/frequently-asked-questions)
- [AirSwap — Earning](https://about.airswap.xyz/community/earning)
- [AirSwap — Announcements](https://about.airswap.xyz/announcements)
- [AirSwap — website](http://www.airswap.xyz/)
- [AirSwap (Fluidity blog) — Critical Vulnerability in a New AirSwap Smart Contract, 13 September 2019](https://medium.com/fluidity/critical-vulnerability-in-a-new-airswap-smart-contract-c1204e04d7d3)
- [AirSwap — protocols licence (GitHub)](https://raw.githubusercontent.com/airswap/airswap-protocols/main/LICENSE)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/airswap/