🔗What is Chainflip?

Chainflip is a decentralised, trustless protocol that enables cross chain swaps between different blockchains.

Chainflip is like Uniswap, but allows users to swap assets between major blockchains without any wrapped tokens, traditional bridging, and at extremely competitive pricing using the JIT AMM. It is totally generalised, decentralised, and can be integrated with any chain using any transaction type.

The team have a fantastic youtube video explaining how they work and what they do here.

Find out more - https://www.youtube.com/watch?v=V1TG08BeYvQ

How Does Chainflip Work?

Consider a centralised exchange. At its heart, an exchange is a software system which manages private keys (to collect deposits and send withdrawals) in a settlement layer and handles the execution of trades for users in a logically separated accounting layer. Chainflip is not really any different at a high level, except instead of the software being run by a single entity, Chainflip is a consensus-driven software which relies on a quorum of Validator nodes. In order to manage wallets, Chainflip uses Multi Party Computation (MPC) (also knows as TSS) to govern high-threshold multi signature wallets (100/150) operated through the permissionless Validator network. The network requires a constant supermajority to function, and can safely operate so long as an honest superminority remains, which is guaranteed through strong economic security. The State Chain defines the AMM and accounting ruleset, and the Validator Software manages individual shares of the multisig wallets owned by the protocol.

In a nutshell, the Validators operate a virtual AMM system that facilitates swaps between the industry's most liquid and most traded assets.

Check out our Protocol documentation to guide you through more detail. If you still have further questions, feel free to join our Discord or Telegram community and ask away!