AnySwap competition comparison

Here are some pointers from my research about AnySwap and its competition: Thorchain and SwingBy.

first of all, they all use the same technology: Threshold Secret Sharing to shard the private key of generated network addresses.
I believe Thorchain is too naive in their approach of trading with no wrapped assets:

  1. they assume people will want to wait for 30 minute to make a swap (BTC needs three confirmation blocks , each is ten minutes). and for that they are claiming “unwrapped and unpegged” as a good thing. it’s NOT. AnySwap let you mint your coins then trade at your convenience. no price changes during the 1 hour of waiting to mint the coins.
  2. They have to pair all-new tokens with their RUNE token. AnySwap supports direct tokens. It’s really bad for the trading fees not to have direct pairs, as well as an entry barrier. Since many people feel comfortable holding Eth, USDT but not Rune.
  3. Thorchain won’t launch for another few months at least. AnySwap is live
  4. finally Thorchain market cap is 20 times AnySwap

Next SwingBy, Interestingly, SwingBy advisor is one of the four cryptographers Fusion hired to audit their DCRM technology and code (the technology behind the cross-chain interoperability). So I guess it’s the same.

SwingBy promises also to use GG20, similar to Thorchain. Note that only AnySwap is the only live platform that uses GG20.

some more DEX if you are interested in the topic:

  1. Kira from Cosmos and PolkaSwap from Polkadot. still in funding
  2. TurtleNetwork, BlockDX: both market buyer and seller have to download their software and trade. very thin orderbooks
  3. Nash: not a DEX. just server-based solution that requires sign-up
  4. TomoDEX: not a dex. You desposit your tokens to specific addresses on their site.
    Nash and TomoDex are not truly decentralized