openSwap mechanics
A settlement-first swap design: on-chain RFQ, oracle-priced execution, volatility-sized protections, and verifiable telemetry.
Automatic price updates : Execution price updates until settlement.
P2P liquidity : RFQ-style propose → match → execute (no AMM pool).
MEV-as-a-feature : MEV bots compete to keep pricing fair.
Engineered to undercut AMM fees : Frequently beats AMMs on total cost.
Fully on-chain RFQ swaps : No off-chain matching / no “trust me” quotes.
Oracle-powered execution : Price is determined by openOracle at settlement.
Escalating matcher fee : Fulfillment fee auctions up until someone matches.
Auto max slippage : Max slippage sized from live volatility (not guesses).
Gas-aware rewards : Settler reward + gas compensation auto-calculated.
User-first refunds & bailouts : Cancel before match, bail out on delays, refund if price exits tolerance.
Price safety checks : Swap blocked when price sources disagree or go stale.
Delay mode : Get paid for meaningful oracle delay (optional).
Timing anomaly guardrails : Mitigations for chain timing edge cases (with safe bailouts).
Permissionless oracle : Anyone can report, dispute, and settle.
Economic security + escalation mechanics : Dishonest actors can lose money; disputes scale exponentially.
Volatility-adaptive accuracy : No-dispute band tight in calm markets, wider in volatile markets.
Network-local prices : Reflects chain-specific premiums/discounts automatically.
No admin keys / no upgradeability : No privileged roles in the contracts.
Configurable security per instance : Tune settlement time, liquidity, multiplier for the risk.
openScan transparency : Live oracle telemetry anyone can verify.
FAQ
What is openSwap?+
openSwap is a fully on-chain swapping application designed to frequently beat AMMs in fees. It is an RFQ system: a user proposes a swap, someone matches it, and openOracle determines the execution price at settlement.
What token pairs are supported?+
openSwap currently supports swapping ETH ↔ USDC.
Can I cancel a swap?+
Yes. After you create a swap, you can cancel it any time before it is matched.
What is the fulfillment fee?+
The fulfillment fee is paid to the matcher. It starts at 0.005% and increases over time until matched; the UI notes a current max fulfillment fee of 0.06%.
How is the execution price determined?+
Execution is priced at settlement using openOracle. The oracle game can update the price until settlement, and a network of MEV bots helps ensure fair pricing.
What happens if the price moves too much?+
You set a slippage tolerance. If the execution price is outside your slippage tolerance, the swapper and matcher are refunded their original amounts.
Do I need to settle manually?+
Settlement is typically handled by MEV bots. If a bot does not pick up settlement, the UI exposes a Settle button so the user can call it.
What is “expiration” in Advanced Settings?+
Expiration is how long you must wait after an order is matched to cancel and get tokens back, assuming nobody has yet matched (the oracle game has not started).
How is slippage set in the UI?+
Slippage is automatically calculated by the UI as a multiple of prevailing market volatility, aiming for a high probability of success while keeping the tolerance as small as possible.
What is the settler reward?+
Settler reward is the amount paid to the MEV bot that settles the oracle game and executes the transaction. The UI automatically calculates the appropriate settler reward based on prevailing gas prices.
What is settlement time?+
Settlement time is the per-round timer of the oracle game. Generally, shorter settlement times lead to more accurate execution prices; the docs note a square-root-ish relationship between settlement time and accuracy.
What is delay mode?+
Delay mode adds a small fee to each dispute in the oracle game. Meaningful delay can accrue fees which are routed back to the swapper and matcher at swap execution; it can reduce oracle accuracy, so it’s recommended to leave it off unless there’s a lot of oracle network activity.
What is the “My Orders” page for?+
My Orders lets you manage active swaps stored in local storage—useful if you refresh/close the swap page. You can cancel before match or bail out and get tokens back if the oracle game never ends (refund available after 30 minutes).
Which chain is openSwap live on?+
openSwap is live on OP Mainnet and Base.
Are the contracts audited?+
The docs state the contracts/protocol/UI are still in the research stage and have not yet been audited; users should proceed with care.
Where can I verify the contracts?+
The docs list verified contracts with links on Optimism and Base.