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Dec 10, 2023
Educational
Launching OnChain Swap: The Easy Token Swapping Tool for Developers
by Orderly Network
orderly-onchain-swap-is-now-live

Eliminating the Hassle of Off-Chain APIs with a One-Click Token Swap

In the rapidly evolving world of blockchain technology, developers constantly face challenges that make development cumbersome and time-consuming. The separation of on-chain and off-chain components and the need to deal with deposits, trades, and withdrawals as distinct actions are two such challenges developers face on Orderly.

We are excited to introduce a solution that addresses these challenges head-on: On Chain Swap. This developer-friendly token-swapping experience is designed to streamline the process for developers and platforms by eliminating the need for off-chain APIs. With just a single smart contract call, users can create an order, deposit tokens, and initiate a trade.

By combining the deposit, trade placement via REST API, and withdrawal processes into a single on-chain action, On Chain Swap makes it easier for developers to create seamless on-chain-only applications like wallets. This approach overcomes the previous limitations of multi-level interactions with smart contracts, REST, and WebSocket APIs.

To get started with One-Click Swap, check out the developer documentation at https://docs.orderly.network/build-on-orderly/smart-contract-api/on-chain-order

FAQs: Understanding On Chain Swap and Its Benefits for Developers

Q: What is On Chain Swap and how does it benefit developers?

A: On Chain Swap is a token swapping solution that simplifies the process of interacting with both on-chain and off-chain components in digital asset trading. By streamlining deposit, trade placement, and withdrawal processes into a single smart contract call, developers can efficiently build on-chain-only applications, such as wallets, saving time and effort.

Q: How does On Chain Swap differ from traditional off-chain APIs?

A: Unlike traditional off-chain APIs, which require separate calls for depositing, trading, and withdrawing tokens, as well as interacting with on-chain and off-chain components, On Chain Swap combines these actions into one smart contract call. This approach enables developers to create seamless on-chain-only applications with ease.

Q: What are the requirements to start using On Chain Swap?

A: To begin using On Chain Swap, developers must integrate our smart contract into their platform or application. Our comprehensive documentation provides step-by-step instructions, ensuring a smooth integration process.

Q: Which tokens does On Chain Swap support?

A: On Chain Swap supports all tokens available on the Orderly platform. Currently, swaps can only be executed for supported markets on Orderly, with USDC as the base currency. For a list of supported markets, visit: https://docs.orderly.network/trade-on-orderly/supported-markets

Q: Are there any fees associated with using On Chain Swap?

A: Yes, On Chain Swap charges a flat fee for each token swap. The fee amount, based on the token currency, is designed to mitigate potential spam of orders with small amounts and ensure the platform’s smooth operation and sustainability. For more information on fees, refer to the following API call: https://docs.orderly.network/build-on-orderly/smart-contract-api/on-chain-order-swap#get-the-onchain-order-fee

These FAQs aim to provide a clear understanding of On Chain Swap and its benefits for developers. Experience the enhanced simplicity and efficiency it brings to the world of token swapping by integrating it into your projects today.

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