AirSwap Review: What It Is, How It Works, and Why It Matters

When you think of AirSwap, a decentralized peer-to-peer crypto trading platform that let users swap tokens without intermediaries. Also known as a non-custodial swap protocol, it was one of the earliest attempts to make crypto trading as simple as sending a text message—no order books, no deposits, just direct trades between wallets. Unlike centralized exchanges like Coinbase or Kraken, AirSwap didn’t hold your funds. You kept control. That was the big promise: trustless, permissionless swaps. But here’s the catch—while the idea was solid, the execution didn’t stick.

AirSwap was built on Ethereum and used a unique mechanism called the order book, a system where traders post bid and ask prices for tokens they want to swap. Also known as an off-chain order relay, it allowed users to find counterparties without relying on liquidity pools like Uniswap. But that also meant you needed someone else to be on the other side of your trade. If no one wanted your token, your swap didn’t happen. Meanwhile, newer protocols like O3 Swap, a cross-chain aggregator that pulls liquidity from multiple networks to execute swaps in one click. Also known as a multi-chain DeFi bridge,> started offering faster, cheaper, and more reliable swaps across Bitcoin, Ethereum, Solana, and more. AirSwap stayed on Ethereum. And as gas fees climbed and users moved to Layer 2s and other chains, AirSwap got left behind.

What’s more, AirSwap never built a strong community or clear use case beyond being a niche swap tool. There were no staking rewards, no governance tokens for users to earn, and no real roadmap after the initial launch. Compare that to platforms like Alcor Exchange, a DEX built specifically for EOSIO chains that offers tight spreads and cross-chain swaps. Also known as an EOS-focused decentralized exchange,> which carved out a loyal user base by solving a real problem for a specific group of traders. AirSwap tried to be everything to everyone—and ended up being nothing to most.

Today, AirSwap’s token, AST, trades with almost no volume. The platform’s website still exists, but updates stopped years ago. The team vanished. No new features. No marketing. No audits. It’s a ghost of what it once was. If you’re looking to swap tokens today, you don’t need AirSwap. You need something that works across chains, has deep liquidity, and keeps improving. That’s why posts here cover real alternatives—like how O3 Swap handles cross-chain trades, or why Alcor is still relevant for EOSIO users, or why GateHub and DIFX are better avoided. The crypto space moves fast. Tools that don’t evolve die quietly. AirSwap is one of them.