SWAPS.ES || https://www.swaps.es/

SWAPS.ES || https://www.swaps.es/

OTC desk for digital assets: an Alpine Secure P2P token-swapping extravaganza using ACCOUNT ABSTRACTION (ERC-4337)

The problem SWAPS.ES || https://www.swaps.es/ solves

Swaps.es is solving the security and trust issues when doing P2P digital assets swaps by eliminating the intermediaries. The problems Swaps.es solves is: counterparty risk, high barriers to entry, high fees.

Swaps.es is a project that's all about making life easier for people who want to swap digital assets with one another. We know that in the current system, trust can be a big issue, and that's why we're getting rid of the middlemen. By doing this, we can create a more secure and trustworthy environment for these transactions.

We're also taking on the challenge of counterparty risk. You know how sometimes you're worried that the other party might not hold up their end of the bargain, or that the escrow provider might not play fair? We're tackling this issue head-on by creating a decentralized solution that lowers the chances of anyone defaulting or acting maliciously.

Another problem we're addressing is how tough it can be to get started with traditional over-the-counter (OTC) trading desks. They can be a real pain to set up, and we believe that everyone should have access to digital asset swaps without jumping through hoops. That's why we're creating a platform that's user-friendly and efficient so that more people can get in on the action.

And last but not least, we're taking on those pesky high fees that OTC desks charge. We know that these fees can really add up, and we think it's time to provide a more cost-effective solution. With Swaps.es, users can expect lower transaction fees and more money in their pockets.

In short, Swaps.es is all about making digital asset swaps more secure, accessible, and affordable for everyone. We're excited to help revolutionize the way people exchange their digital assets!

Challenges we ran into

Our approach was to try novel things and we were aware that things could be complicated. We assumed and accepted the risks.

Thus, during the hackathon we encountered the follwowing issues:

ZKsync lack of documentation and guidance
Finding integrating infrastructure for account abstraction - we ended choose one platform after evaluating a couple of them
ZKsync, Biconomy and Stack UP lack of responsiveness on the discord channels
Integrating the backend with the frontend

We chose Biconomy platform for their Account Abstraction sdks. We were able to batch certain types of transactions together but not all of our transaction types. Had a brief discussion with Biconomy devs on discord and it appears we pushed their server to each limits and got all kinds of unparsable API errors. For this reason, we could not integrate our frontend app with the biconomy sdks. We managed however to provide some batch transactions through node.js scripts with an integrated paymaster who paid for the fees. For example, here is one TX which batches the token approval and the create ask calls in one TX with paymaster enabled:
If one inspects the SwapsiesV1 contract, you can see that there is no external txs other than creation and there is at least one internal tx. The latter is coming from our smart wallet (account abstraction wallet) which can be found here:

We were proactive to reach to the mentors and the mentors were kind and thoughtful and also approached us multiple times to ask how we are progressing:

Some of the mentors spent time with us (more than 30mins) - thank you for that to try to help us debug some of the issues
They connected us with the relevant people we could've reached (conference speakers and developers of the technologies we used)

Again: Thank you!

Overall, was fun ^^