Chainflip: Abbreviated Introduction
Decentralized, trustless options are not abundant for anyone to swap ETH to BTC or BTC to DOT natively. The few alternatives in the market often involve wrapped assets, synthetics, or a cumbersome user experience. Therefore, naturally, the most convenient option for users is usually
to rely on Centralized Exchanges (CEXs).
Chainflip promises to develop a cross-chain Automated Market Maker (AMM) to deliver a user experience similar to swapping assets on any CEX (e.g., Coinbase or Binance) but in a trustless and decentralized setup, with a Uniswap/like experience for native tokens across any blockchain.
To achieve its goal, Chainflip takes a middle-chain approach. At its core, Chainflip is a set of validators, multiple wallets that jointly hold assets (using Threshold Signature Schemes), a widely replicated database (State Chain) governed by a Proof-of-Stake consensus, Quoters (its interface
between users and the State Chain), Liquidity Pools, and a network token (the Ethereum-native $FLIP).
Chainflip is currently under heavy development with the backing of a series of investors. It has been launched on its incentivized testnet Soundcheck.
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