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What is OneSwap?

OneSwap is a decentralized token swap and liquidity protocol built on the Canton Network. It lets you exchange tokens, provide liquidity to earn trading fees, and manage your assets through direct Canton-party deposits.

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How It Works

OneSwap uses an intent-based architecture. Instead of constructing complex on-ledger swap transactions yourself, you simply:
  1. Tell OneSwap what you want to do
  2. Get the pool party that should receive the deposit
  3. Send tokens from your wallet or app-controlled party
  4. OneSwap detects the deposit and executes automatically

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Core Features

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Token Swaps

  • Swap between CC (Amulet), USDCx, and other supported tokens
  • Get a price quote before you commit
  • Set slippage tolerance to protect against price movement
  • Receive output back to the sender party by default

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Liquidity Pools

  • Pools are created with a pair of tokens
  • The exchange rate is determined by the ratio of reserves
  • Every swap adjusts the reserves, keeping the product constant

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Earning Through Fees

When you provide liquidity to a pool, you earn a share of every swap fee generated by that pool.
See Fee Sharing & Earning for a detailed breakdown of the fee model.

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Architecture

  • Automated Market Maker (AMM) — Executes swaps using constant product pools
  • Deposit Monitors — Detect incoming token transfers and trigger execution
  • Intent System — Manages swap and LP intents with automatic expiration
  • Direct-party settlement — Deposits and payouts use the user’s own party ID directly
  • DB-tracked LP ownership — Liquidity positions are tracked by OneSwap and withdrawn through a locked settlement flow

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Security model

  • Swaps are direct-party — The user sends input directly to the pool and receives output back to the sender party by default.
  • Liquidity deposits are direct-party — Both LP deposits come from the same connected party to the pool LP address.
  • No custodial user wallet layer — OneSwap does not create a separate execution wallet for end users.
  • Important boundary — LP balances are still maintained in the OneSwap database rather than as user-held on-ledger LP tokens.