Peer-to-peer atomic swaps between Monero (XMR) and Bitcoin (BTC) are now enabled on mainnet, according to COMIT Network, an open protocol that enables ‘trustless’ cross-blockchain applications. Users can trade XMR for BTC without having to trust a middleman or the trading counterparty. Users can trade more simply without having to go via a regulated financial institution.
The Monero cryptocurrency is well-known for its privacy and fungibility. Monero, unlike other cryptocurrencies, conceals the sender, receiver, and transaction amount for all transactions. This lets it to expand its privacy safeguards to include more transactions than Bitcoin, Ethereum, and all other “privacy coins” combined.
Atomic swaps are presently available on COMIT Network, however other teams are working on comparable projects, such as:
Haveno, a Monero-focused fork of Bisq, is introducing atomic swaps for its XMR/BTC trading pair.
Farcaster, to build up a similar trustless atomic swaps system, the Farcaster project raised 2727 XMR (about $650,000 today).
Relatedly, Cross-chain bridges for Secret Network and Thorchain have also been released, allowing for seamless trade with Ethereum and Binance Smart Chain tokens.
Trading options are limited. Despite rising retail user demand for private and fungible money, these decentralized exchanges are in high demand. There are more than twice as many Monero transactions per day than there were a year ago.
“Now that the decentralized Monero exchange technology is out, it’s a race for wallets to give the greatest user experience,” says Justin Ehrenhofer, a Monero Space organizer. “With such tremendous user demand for simple and private peer-to-peer exchanges, it’s only a matter of time before wallets adopt them in a big way.”
A few well-known Bitcoin and Monero wallets have expressed interest in atomic swaps. Earlier last month, Samourai Wallet and Monerujo executed a test swap, and Cake Wallet has expressed interest in implementing atomic swaps.