AirSwap

AirSwap is a decentralized, peer-to-peer token trading network built on a request-for-quote (RFQ) model, where pricing logic runs off-chain and settlement executes on-chain. Launched in 2017, it is one of the oldest trustless OTC trading protocols in the digital assets space, with over $4.42 billion in all-time volume across more than 2.64 million swaps. For family offices with digital asset exposure seeking to execute large token trades without routing through a centralized exchange, AirSwap offers a non-custodial alternative where counterparties settle directly.

The protocol operates across multiple blockchain networks and uses mutual cryptographic signatures to secure each swap, meaning a transaction only completes if tokens transfer successfully between both parties in a single atomic transaction. This eliminates settlement risk from partial fills or intermediary failure. The largest single swap recorded on the network was $30.7 million, suggesting the infrastructure can support block-trade-sized digital asset transactions.

Key characteristics relevant to institutional or family office users include:

• Trustless OTC execution with no central intermediary holding assets at any point
• Atomic settlement that prevents one-sided transfer failure
• Support for Ethereum, BNB Chain, Polygon, Linea, and Avalanche
• Permissionless liquidity provision for firms wishing to act as market makers
• $3.4 million in distributed protocol fees returned to participants

AirSwap is a community-governed, open-source protocol rather than a managed service. There is no client onboarding, dedicated support, or compliance infrastructure oriented toward regulated wealth managers. Pricing is fee-based at the protocol level with no disclosed institutional pricing tier. Family offices without in-house blockchain technical capability will find the integration requirements significant.

• Peer-to-peer token swaps via OTC and RFQ protocols
• Large-block digital asset trades without centralized exchange routing
• Atomic on-chain settlement of token transactions
• Permissionless liquidity provision for market makers

• Off-chain pricing with on-chain settlement
• Mutual cryptographic signature security for each swap
• Atomic transaction execution preventing partial transfers
• Multi-chain support: Ethereum, BNB Chain, Polygon, Linea, Avalanche
• Permissionless maker network for liquidity providers
• Non-custodial swap architecture
• Request-for-quote (RFQ) trading model
• Open-source, community-governed protocol

Built for Investment Teams.