Arweave-based DeFi platform everFinance has just released a new swap tool as part of everPay which enables swaps between AR and USDT. All that’s necessary to start is either AR in an ArConnect wallet, or USDT in Metamask.
How to buy AR with USDT, anywhere in the world
- Add USDT as a token to your Metamask wallet. This is possible while on the Ethereum mainnet – guide here.
- Send USDT to your Ethereum wallet, or swap an existing asset for USDT using a DEX like Uniswap.
- Go to everPay’s deposit tool and login with Ethereum.
- Deposit as much USDT as you’d like to swap with AR
- Use the swap tool to swap the USDT to AR
- Then, withdraw the AR to your chosen AR wallet address
How everPay’s swap works
everPay is a trusted cross-chain settlement protocol built based on Arweave using a storage-based computing paradigm. everPay locks cryptographic assets on other public chains in a smart contract and maps them to the corresponding assets, enabling users to transfer funds and make payments based on a specific protocol. Locked assets are governed by watchmen for multiple signatures.
Goblin Team is one of everPay’s watchmen, maintaining a locked pool of USDT and AR on everPay which it uses to facilitate the swaps via an AMM pool which uses a UniV3-like AMM algorithm.
Outprog from the everFinance team told us:
The Goblin process is completely automatic, and the user does not need to worry about Goblin fraud – if there is not 1 AR in the Goblin pool [for a 1 AR swap], then the transaction will not be successful at all. At the same time, Goblin does not have to worry about user fraud. If there is not 55 USDT [for a swap of this value], the transaction will not be successful either. It is a completely decentralized trust. These transactions are ultimately packaged on Arweave, and everPay can’t forge either user or Goblin signatures.
Security is ensured since multiple transactions in the bundle must all be completed; if one fails then the entire bundle will not succeed. These bundled transactions work similar to 0xProtocol.
Using the everpay-js SDK, developers can also implement their own version of this system.
Plans for the future
Going forward everPay is looking to support swaps between AR and any currently depositable asset, including ETH, WBTC, USDC, DAI and UNI. Further than this, there are plans to expand beyond just the Ethereum network and support tokens on Solana and other chains.
As well as ERC-20 tokens, everPay will also provide bundled transactions using Arweave profit-sharing tokens (PSTs) such as VRT, ARDRIVE, WIKI, DLT, and more.