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The Multi-Swap instrument allows makers to post their intend for a token exchange. Taker can engage the issuance and complete the exchange.
The Multi-Swap instrument is similar to Swap but it allows multiple engagements to the same issuance. Maker defines the expected input token amount and output amount. When a taker engages with output token less than the expected output amount, the proportional amount of input token is swapped.
The image below shows the lifecycle of Multi-Swap issuance and engagement.
- When a multi-swap issuance is created and the input token is deposited, the multi-swap issuance becomes Engageable;
- When a taker engages the multi-swap issuance and deposits the output token
- If there is enough input token remaining, the multi-swap engagement is created and Complete with input token transferred to taker and output token transferred to maker
- If there is not enough input token remaining, the engagement transaction will fail
- If there is no input token left after this engagement, the multi-swap issuance is Complete
- When maker cancels an Engageable multi-swap issuance and there is no engagement, the multi-swap issuance becomes Cancelled and the deposited input token is returned;
- When the multi-swap issuance is due, the multi-swap is Complete and remaining input tokens are returned.
The multi-swap instrument is highly customizable. It defines a set of parameters which allows both Service providers and makers to customize the multi- instrument and its issuances.
The following parameters allow Service Provider to customize the multi-swap instrument. They are all defined in the multi-swap instrument contract.
The following parameters allow makers to customize the multi-swap issuance. They are defined as the maker data in creating new multi-swap issuance.
The following parameter allows takers to customize the multi-swap engagement. They are defined as taker data in engaging multi-swap issuance.
The multi-swap issuance defines a set of custom property. It includes all the maker parameters shown in the previous section with the addition of one field:
- Remaining input token: The amount of input token remaining in the Issuance Escrow
The multi-swap engagement defines the following custom property:
- Output amount: The amount of output token deposited in this engagement.