SpookySwap is the leading decentralized exchange on Fantom, offering near-zero gas fees, 1-second transaction speeds, and high-yield farming. Learn how it works, who it's for, and why it dominates DeFi on Fantom.
Crypto Swap: How Decentralized Exchanges Work and What You Need to Know
When you do a crypto swap, a direct exchange of one cryptocurrency for another without using a central exchange. Also known as peer-to-peer crypto trading, it’s how people trade tokens like OWN or WAG without handing over their keys to a company. This isn’t just convenience—it’s control. You’re not depositing funds into a wallet owned by Binance or Coinbase. You’re swapping directly, using code, not customer service.
Behind every crypto swap are three key pieces: decentralized exchanges, platforms like Uniswap or GMX that run on blockchain smart contracts, atomic swaps, trustless trades between different blockchains using hash time-locked contracts, and cross-chain bridges, tools that move assets like Bitcoin or ETH between networks like Ethereum and Arbitrum. These aren’t optional extras—they’re the backbone of modern trading. A liquidity pool, for example, is what makes a DEX work. Instead of waiting for someone to buy your ETH for USDT, the pool holds both and lets you trade instantly. But that same pool can lose value if prices swing too fast—that’s impermanent loss, and it’s real.
Not all swaps are safe. Some platforms pretend to be DEXs but are just fronts for scams—like Bitskrix or BitbabyExchange. Others, like 4swap, use atomic swaps for privacy but move so slowly most users give up. Cross-chain bridges have lost over $2 billion to hacks since 2022. And if you’re swapping tokens tied to expired airdrops like WAG or FEAR, you’re chasing ghosts. The tech works—but only if you know where to look.
What you’ll find here aren’t theory lectures or hype posts. These are real breakdowns of platforms that actually let you swap, the tokens people trade, the risks they ignore, and the ones that vanished overnight. Whether you’re trying to move ETH to Arbitrum, avoiding China’s ban with P2P USDT, or checking if a new token like BTSG is even tradable—this collection shows you what’s live, what’s dead, and what’s a trap.