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.

Multi-Swap lifecycle

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.

Multi-Swap Parameters

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.

Multi-Swap Service Provider Parameters

The following parameters allow Service Provider to customize the multi-swap instrument. They are all defined in the multi-swap instrument contract.

Multi-Swap Instrument Parameter



Max issuance duration

Maximum duration of the issuance in seconds

90 days

Min issuance duration

Minimum duration of the issuance in seconds

2 days

Multi-Swap Maker Parameters

The following parameters allow makers to customize the multi-swap issuance. They are defined as the maker data in creating new multi-swap issuance.

Multi-Swap Issuance Parameter


Issuance duration

The duration of issuance in seconds

Input token address

Input amount

Output token address

Output amount

Max engagement output amount

Maximum output amount for individual engagement

Min engagement output amount

Minimum output amount for individual engagement

Multi-Swap Taker Parameters

The following parameter allows takers to customize the multi-swap engagement. They are defined as taker data in engaging multi-swap issuance.

Multi-Swap Engagement Parameter


Engagement output amount

The amount of output token in this engagement

Multi-Swap Custom Property

Multi-Swap Issuance Custom Property

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

Multi-Swap Engagement Custom Property

The multi-swap engagement defines the following custom property:

  • Output amount: The amount of output token deposited in this engagement.

Last updated