Peer-to-Peer Atomic Swap
A peer-to-peer atomic swap can be done in two ways on the Riverex platform – swapping through the SWAP feature and the CHAT feature.
Both ways provide an easy and accessible approach to trade cryptocurrencies between multiple blockchains in Riverex Mobile App through Peer-to-Peer Atomic Swap.
The only difference between both processes is that users are able to negotiate a better price through the chat using the unique counter offer feature of Riverex.
Here’s how to swap cryptocurrencies through the SWAP feature.
Step 1: Log in to Riverex Mobile App.
**Note: Before navigating through the swap page, ensure that you connect your digital wallet. The wallet icon can be found in the upper right corner of your mobile app; tap to connect. Currently, Riverex supports MetaMask and TrustWallet.
Step 2: Navigate the Menu Bar and press the Swap Icon.
Step 3: Press the Plus (+) Icon to initiate the swap request.
Step 4: Select the networks and assets of your chosen tokens to be swapped, then enter the values.
Note 1: By default, your wallet address will be affixed to the address section; this can be changed or edited.
Note 2: Riverex charges a fixed platform fee of 0.03%.
Step 5: Set a time limit for the swap. Ensure that the time set is sufficient for both parties to complete the transaction. Then press Create Swap Order to generate the swap link.
Step 6: Select the COPY icon to share the swap link with anyone through various media channels.
Select the SHARE icon to post the swap link to any chatrooms you have joined or created on Riverex or share directly to any media channel.
Once shared, select the current transaction to proceed. Alternatively, press the ALL dropdown menu if you have several transactions and choose the respective category for all your transaction lists.
Note: If the other party approves the transaction, it will be indexed under the IN-PROGRESS category; all unapproved transactions will be documented under the OPEN category. All transactions, whether open, in-progress, successful, cancelled, or refunded, will be registered under the ALL category.
Step 7: If the other party (USER B) clicks on your swap link, he will have complete details of the transaction to approve.
Note: User B’s address will also be automatically affixed to the address section, which can be changed or edited. User B should recheck the amount, network, transaction fees, and time for the swap prior to approving the transaction.
Step 8: Once User B clicks on Approve, the transaction will be indexed to the In-progress stage. We recommend you only navigate through other pages or refresh this page after the transaction is completed.
You, as User A, will then create a contract from your wallet by inputting and confirming your password.
Meanwhile, on User B’s page, he will be alerted once you are creating your contract.
Step 9: Your wallet pop-up message will ask you to provide access to your funds. Click Approve.
Step 10: Another wallet pop-up message will ask you to confirm the transaction gas fees. Click Confirm.
Step 11: The swap timer only starts when the contract is created by User A. Then, it is User B’s turn to create his contract, too.
Note: A transaction hash is generated after creating a contract and collecting funds where users can track the complete details of the transaction; this serves as proof that the transaction from both parties was executed.
Step 12: On User B’s page, he will be instructed to create his contract, too.
Meantime, User A will be alerted that User B is creating a contract. We advise you not to navigate to other pages or refresh this page until the transaction is completed.
Step 13: User B will do the same steps User A has done by approving his wallet to access his funds and confirming the gas fees on the wallet pop-up messages.
Step 14: Once User B creates his contract, you will be notified to collect your funds. Enter the password you previously created for this particular transaction and press Collect.
Step 15: Confirm the fees from the wallet pop-up window to collect your funds.
Step 16: After User A collects his funds, the swap timer stops, and User B will be advised to collect his funds, too.
Step 17: User B will confirm the transaction gas fees to proceed.
Once User B collects his funds, both parties will have a confirmation page that the swap transaction is COMPLETED.
This transaction will now be indexed to the COMPLETED category. You have now successfully performed a peer-to-peer atomic swap in the Riverex Mobile App.
Counter Offer on P2P Atomic Swap
What if the token rates in the swap request do not correspond to your swap price requirement?
Intending to equip the users with a seamless trading experience in one platform, Riverex has the distinct feature of providing a counter offer to a swap request using the Chat function.
Aside from navigating the Swap Icon, users can enter the chatrooms (public or private) and create their own swap offers or counter offer to other swap offers.
Here’s how to send a counter offer via the chatroom swap function. Let’s say you are User B.
Step 1: User A will navigate the Menu Bar and tap the Chat Icon.
Step 2: User A has the option to create a swap offer through the Public or Private Chatroom.
Option 1: If User A chooses to send a swap offer to a public chatroom, he taps on the swap icon, selects the network and token details, along with the amount, and directly sends a swap offer template to the chatroom.
Option 2: If User A wants to send a swap offer through a Private chatroom, he has to select a member in any of the chatrooms and tap on the member’s name (User B). Then, he will hit Start Chatting.
Step 3: In this example, we will use Option 1. User A will tap on the Swap Icon and enter the swap details accordingly – the network, tokens, and amount of the tokens to be swapped.
Step 4: While tapping on Create swap request, a swap template will be generated, and you, as User B, will receive the swap order request with the network and token details.
If you are happy with the rate of tokens to be received, tap on Swap; else, tap on Counter to enter your offer.
Press on Counter to send your offer to User A.
Step 5: If User A disagrees with your offer, he will tap on Counter and provide you with an offer until both parties agree to the rates.
Note: There is no maximum limit on counter offers.
Step 6: If User A approves your offer, he’ll tap the Swap button to start the transaction. The process will be the same as Step 4 of the Peer-to-Peer Atomic Swap above, where User A will create and share a swap order link then User B will Approve to begin the transaction.