COMIT Network, an open protocol that enables “trustworthy” cross-blockchain applications, has announced that peer-to-peer Atom swaps between Monero (XMR) and Bitcoin (BTC) are now available on the mainnet. This allows users to swap XMR for BTC without having to trust an intermediary or the trading partner. Users can trade more easily without using a regulated financial institution.
The Monero cryptocurrency is best known for its private and fungible properties. Unlike other cryptocurrencies, Monero hides the sender, recipient and amount for all transactions. This allows privacy protection to be expanded to cover more transactions than is required when mixing Bitcoin and Ethereum. and all other “data protection coins” together.
Atomic Swaps are now live on the COMIT Network, however other similar projects are being developed by other teams including:
- The Farcaster Project has raised 2,727 XMR (valued at $ 650,000 today) to build a similar trusted implementation of Atom swaps.
- Do not have, a Monero-focused fork from Bisq, implements atomic swaps for their XMR / BTC trading pair.
- In a similar wayCross-chain bridges have been announced for Secret Network and Thorchain, which enable easy trading of Ethereum and Binance Smart Chain tokens.
Limited trading venues despite increasing consumer demand for private and fungible money have resulted in strong demand for these decentralized exchanges. There are more than twice the average daily Monero Transactions like a year ago.
“The decentralized Monero exchange technology is here. Now it is a race for wallets to offer the best user experience,” says Justin Ehrenhofer, organizer of Monero Space, a working group that provides services to the Monero ecosystem. “With such high user demand for easy and private peer-to-peer exchanges; It is only a matter of time before wallets fully implement them. “
Some popular Bitcoin and Monero wallets have shown interest in supporting atom swaps. Samourai Wallet and Monerujo conducted a test swap earlier this month. plus Cake Wallet has also expressed enthusiasm for supporting atom swaps.