OpenChat integrates ICPSwap and TACO for on-chain token swaps
OpenChat has integrated ICPSwap and TACO to compare exchange quotes and help users get the best available return when swapping tokens through the decentralised messaging platform.
The integration allows OpenChat to request quotes from both services and proceed with the option offering the higher return after fees, according to the announcement.
The quoted amounts represent the expected tokens users will receive in their wallets after fees have been deducted. OpenChat also applies a minimum-return condition, requiring the final amount received to be at least 98 per cent of the quoted amount for the swap to proceed.
A screenshot shared with the announcement illustrates the process using a swap of 0.382324 Internet Computer (ICP) tokens for Bitcoin (BTC). In the example, TACO quotes a return of 0.0000132 BTC, compared with 0.00001306 BTC through ICPSwap. The interface identifies TACO as the better rate and displays an estimated value of US$1.08 for the BTC return, compared with US$1.03 for the ICP being exchanged.
The 98 per cent minimum-return condition provides a degree of protection against the amount received falling too far below the original quote. However, it does not guarantee that every swap will complete, and users may still face changes in market prices or liquidity before execution.
By comparing quotes from two services, OpenChat aims to simplify the swap process for users who might otherwise need to check multiple platforms themselves.
The feature brings token-swapping options from ICPSwap and TACO into OpenChat’s existing ecosystem. Actual returns will depend on the assets being exchanged, available liquidity, fees and the conditions at the time the swap is processed.
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