Swapsteem - Crypto markets are now live!

in #utopian-io2 years ago (edited)




Swapsteem is a peer to peer exchange for Steem blockchain. We creating a platform for Steem users to enable P2P trading of STEEM/SBD to different Fiat and Crypto Currencies using secure escrow transactions. This post is regarding the new p2p crypto markets we have added at Swapsteem.

Post Body

Trading STEEM/SBD is still a daunting task today. There are a lot of things that needs to be addressed when it comes to trading STEEM/SBD as mentioned in below points.

  • Markets : As of coingecko, There are only 18 markets for STEEM as of now. STEEM is listed on only 7 exchanges. Similarly there are only 10 pairs for SBD and it's listed on same 7 exchanges. At Swapsteem, we have currently enabled BTC and EOS crypto currencies on the Demo and Alpha, but we are planning to list more Crypto Currencies in near future.

  • Prices : STEEM prices are very fluctuating. The trades must be finalized as fast as possible to get the best prices for the trade. At Swapsteem, we enable p2p trading with prices derived from coingecko for the pair at the time of order creation. The price can NOT be changed after order creation.

  • Fees : Trading STEEM also comes with some fees. Exchanges usually charge some percentage of the trade as fees. There is also fees for deposits and withdrawals on traditional exchanges. Blocktrades.us provides a fast way to trade STEEM to other Crypto, but the prices are lower than market due to their commission which is 1%. At Swapsteem, We take a fee of 2% for fiat trades and 1% for Crypto trades, which are the current standard fees. We also give discounts to delegators as mentioned in our fundition campaign.

  • Security : When you deposit your funds to an exchange, you actually don't own your funds anymore. The exchange might be hacked or taken down at anytime and you may loose your funds as seen in many previous cases. At Swapsteem, We respect the proof of keys movement. You never have to deposit your funds to @swapsteem. Upon creation of an Order the funds will need to be moved into an Steem escrow transaction with @swapsteem as agent. Only you can release the funds in the Escrow until a dispute is created. In case of dispute, @swapsteem will have authority to move funds to either party. The funds in Escrow can never be sent to anyone other than the traders involved, not even to the agent account. So you can be sure about the security of your funds in escrow.

Call to Bug Hunters

You can test the Fiat and Crypto pairs on our Demo by creating a new listing or simply buying from existing listings as shown in below screenshot. Please find the tutorials on the process in the links below. Bugs acknowledged by us will be rewarded by utopian and other supporters.

Call for Delegation

Swapsteem is an open source project, recognized and supprted by @utopian-io and @fundition. Please consider delegating to @swapsteem to help us with the Development and maintenance of the application. The delegation will be used to upvote the Development and other contributions towards @swapsteem.
The delegators will be eligible to get an early access to our alpha which is already live.
You can trade unlimited amounts on the alpha with discounts on trades upto the SP delegated weekly.


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Posted using Partiko Android


This is another awesome update. To be honest, I am thrilled with the incorporation of multiple cryptos. This improvement will spur more people to use the services you provide. Also, with the current state of the project, I think the fees for transactions are fair enough. The exchange that I regularly use to convert also charge a similar fee.

I like the explanation about the security of the platform. However, I would appreciate more if the content contains more visuals about the process.

Thanks for providing the information.

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Thank you for your review, @tykee! Keep up the good work!

Looking good guys keep up the good work!

Need to have LTC on there for sure.

Posted using Partiko Android

Thank you @enginewitty for your suggestion. We will soon add some new pairs in all markets as soon as the alpha testing is done.
Thank you for checking out Swapsteem. See you on the exchange!

Posted using Partiko Android

Right on! Look forward to checking it out 😎

Thanks for the project. I love the hard work

Posted using Partiko Android

Thank you for the acknowledgement. Please watch this space for more updates soon.

Posted using Partiko Android

This in my opinion is really needed so thanks for working on this project.

Posted using Steeve, an AI-powered Steem interface

Thank you for the feedback! STEEM ON!

Posted using Partiko Android

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Gret news, thanks!

This post has been included in the latest edition of SoS Daily News - a digest of all you need to know about the State of Steem.

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