Airswap – Exchange Review

Origin and mission

Airswap started in 2017 to provide ERC-20 trading without order books. Users trade directly with each other, connecting through a maker-signer matching system. No deposits, no accounts, no custodians. The idea was simple – pure peer-to-peer on Ethereum.

How the protocol works

Airswap uses an off-chain negotiation and on-chain settlement design:

• Makers must stake 250 AST tokens to provide liquidity.
  
• Trades are fee-free, with only gas costs.
  
• Users connect wallets, agree on terms, and settle directly on Ethereum.
  

It was marketed as a trustless, non-custodial alternative to centralized exchanges.

Token model

The AST token underpins the system:

• Required staking for makers to list liquidity.
  
• Governance rights for holders.
  
• No trading fees, but limited incentives beyond staking.
  

Today, AST has a small market cap, low volume, and little governance participation.

Use and activity

By 2025, Airswap remains technically operational but largely inactive:

• Daily trades often total under a few hundred thousand dollars.
  
• Most token pairs see near-zero liquidity.
  
• Active use is limited mostly to AST-related pools.
  

The platform functions, but trading activity is minimal.

Security and trust

Strengths include:

• Non-custodial design – users keep control of their assets.
  
• Open-source codebase.
  
• No KYC requirements.
  
• No major hacks or exploits reported.
  

Risks mainly stem from illiquid markets, which make real trading unreliable.

Ecosystem and supported assets

Airswap supports only ERC-20 tokens on Ethereum. There are:

• No fiat rails.
  
• No derivatives.
  
• No multichain integration.
  

Some developer tools exist (like indexes), but they remain niche and underused.

Interface and UX

The interface is extremely minimal:

• Wallet connection, maker selection, trade confirmation.
  
• No charts, analytics, or advanced tools.
  
• No mobile app.
  

For some, this simplicity feels refreshing. For most traders, it feels empty and outdated.

Pros and cons

Pros

• Pure peer-to-peer trading model.
  
• No custody or account requirements.
  
• Fee-free trades (gas only).
  
• Simple and secure for those who value self-custody.
  

Cons

• Extremely low liquidity and volume.
  
• Limited to ERC-20 tokens only.
  
• Weak governance and token utility.
  
• Minimal user interface and no advanced features.
  
• Negligible adoption in 2025.
  

Final verdict

Airswap was once innovative, offering fee-free ERC-20 swaps without custody or order books. In 2017, that was groundbreaking. But by 2025, it feels like a relic of early DeFi experiments.

The protocol still runs, but volume is gone, users have moved on, and AST governance is inactive. For developers, it may still serve as a reference protocol. For traders, it’s irrelevant. Airswap survives as a quiet corner of Ethereum, alive in code but abandoned in practice.