What Is AirSwap (AST) and How Does It Work?
AirSwap (AST) is a decentralized,
peer-to-peer trading protocol built on
Ethereum that enables users to swap ERC-20 tokens directly from their wallets. Instead of relying on liquidity pools like traditional
AMM-based
DEXs, AirSwap focuses on direct trades between participants, prioritizing privacy, price certainty, and protection from front-running. The protocol is governed by a DAO, with the AST token used for governance participation and ecosystem incentives.
At its core, AirSwap uses a Request-for-Quote (RFQ) model. When you want to trade a token, you request a quote from professional market makers connected to the AirSwap network. These market makers respond with firm prices, and you can choose whether to accept a quote before executing the trade on-chain. Because prices are agreed upon before execution, this model helps eliminate slippage and reduces exposure to MEV attacks and sandwich trading.
Once a quote is accepted, the trade is settled via smart contracts on Ethereum, ensuring non-custodial and trust-minimized execution. You keep full control of your assets throughout the process, as tokens never leave your wallet until the swap is finalized. This design makes AirSwap particularly attractive for larger or more sensitive trades, DAO treasuries, and users who value transparent pricing and secure peer-to-peer execution over automated pool-based swaps.
When Did AirSwap Launch?
AirSwap debuted its native token AirSwap (AST) and peer-to-peer trading protocol on October 10, 2017, marking its official entry into the decentralized exchange landscape built on Ethereum. The project was co-founded by Michael Oved, Don Mosites, and Sam Tabar, with roots in the early DeFi movement and backing from industry figures such as Joseph Lubin. From its inception, AirSwap aimed to enable secure, direct token swaps without order books or liquidity pools, pioneering RFQ-style peer-to-peer trading that reduces slippage and front-running risks.
AirSwap Key Milestones and Roadmap Highlights
- October 10, 2017 – AST token launch and protocol debut on Ethereum.
- April-October 2018 – Early ecosystem expansions including “AirSwap is Here” and Spaces launch.
- 2019 – Launch of AirSwap Instant 2.0 and AirSwap Trader.
- February 2020 – Delegates feature introduced.
- 2021 – Phase II transition complete, NFT/OTC enhancements, new Web App.
- 2022–2024 – Successive protocol upgrades (V3–V5) and expansion into NFT and OTC 2.0 offerings.
What Is the AST Token Used for?
The AST token is the native utility and governance token of AirSwap. It is primarily used for DAO governance, allowing holders to propose and vote on protocol upgrades, parameter changes, and treasury decisions that shape the future of the AirSwap ecosystem. AST is also used for staking and participation incentives, helping align traders, market makers, and community members with the long-term growth and security of the protocol.
In addition, AST plays a role in coordinating peer-to-peer liquidity within AirSwap’s RFQ-based trading model, where professional market makers and traders interact directly without relying on liquidity pools. This governance-first utility differentiates AST from typical DEX tokens, as its value is closely tied to protocol control, community decision-making, and ecosystem sustainability rather than fee farming alone.
You can trade AST tokens on the
BingX spot market by buying or selling
AST/USDT using real-time market prices. BingX’s intuitive spot trading interface makes it easy to place market or limit orders, manage your positions, and track AST price movements directly from one secure platform.
What Is AirSwap Tokenomics?
The AST token has a fixed maximum supply of 500 million tokens, meaning no new AST can ever be minted.
AST Token Allocation
- 40% – Presale Round
- 20.96% – Advisors and Partners
- 10% – Founders
- 10% – New Partnerships
- 10% – Main Sale
- 6.02% – L(AST) Chance Sale
- 2.38% – Beta Tester Sale