As a report has it, the first atomic swap providers for Bitcoin-Monero atomic bomb on the Monero network have started to surface.
It can be recalled that in May 2021, a BTC-XMR atomic swap went live on the mainnet.
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Back then, the announcement read as follows:
“XMR <-> BTC atomic swaps are live on mainnet! We’re delighted to see Seth and others working to make them easily accessible such that anyone can swap trustlessly and privately!”
According to a tweet, a Menoro user has become one of the first providers on the Monero network. This implies that all Monero (XMR) users are now liable to perform swaps with the help of a command-line interface (CLI).
Going by the tweet shared by Seth By Privacy, the exchange is provided with a 20% fee that is fondly used in Bitcoin ATMs. With the availability of more swap providers on the network, the community is looking forward to reducing the fee.
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Seth By Privacy noted:
“Just completed my first mainnet atomic swap (as the broker/XMR-seller) with an unnamed Bitcoiner. The process took 34min, was done entirely over Tor, required no interaction by me, and was peer-to-peer with *no* middle-man or custodian. I think I just witnessed the future.
“Second swap completed, 37min to complete and no issues at all. I don’t think I’ve been this excited for a tool in a *long* time. Docs on how to get swapping are almost completed, will share once they’re done and once I decide on a spread %.”
Second swap completed, 37min to complete and no issues at all.
I don't think I've been this excited for a tool in a *long* time.
Docs on how to get swapping are almost completed, will share once they're done and once I decide on a spread %.
— Seth For Privacy (@sethforprivacy) August 17, 2021
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Monero (XMR) and Atomic Swaps
Atomic swap is a decentralized way of swapping or exchanging coins without third parties’ inference.
Due to the fact that Monero (XMR) is a privacy coin, atomic swaps were highly anticipated by the community. As aforementioned, users will still be using CLI to swap until when graphic interfaces are ready.
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