How Swaps work in the Klever app?

Swapping is the fastest way to exchange crypto today and this has been on the rise for some time now.

Suppose you believe a crypto project will help you fulfill a financial need, but you are unable to buy it, as it requires specific cryptocurrency, which you do not possess.

So how do you solve this problem and obtain the cryptocurrency you desire? 

If you want to use the swapping method, it's best to use Klever App, which provides you with over 300 pairs with low swapping fees.

Klever Wallet Swap mechanism

In order to address various problems faced by users, Klever Exchange has come up with a simple technology that integrates the swap mechanism inside the Klever Wallet.

Klever swap is based on a simple and well tested software computer model: 'State Machine' that addresses and executes a simple coin exchange model, which is a multi-chain, fast, cheap, reliable and safe.

What is a State Machine?

State Machine, finite-state machine or finite-state automation is a very simple computer model that enables us to build systems based on 'states', well defined since the 'start state' until 'end state' with the input of data for triggering the 'transition' between states. Those 'transitions' will produce outputs also, and all data is stored, so it's possible to track each process, or swap in our case, from the 'start' to the 'end'.

State Machine is used in so many solutions out there from traffic lights automation to financial systems. 

Klever Swap: an integrated state machine

Klever Swap has built an in-house state machine integrated with the crypto market (liquidity pools, trading engines, exchanges). It functions with autonomous bots that are continuously hunting for the best prices on the market for that specific asset listed on the swap machine, all for our users’ benefit. 

Directly integrated into the wallet, the swap machine makes it possible to exchange assets multi-chain in a fully decentralized way, from wallet to wallet. Independent on which blockchain the user is swapping coins from or two. 

Addressing users concern

The technology that Klever Swap uses does solve the problem faced by users in the early days in the crypto space. No trading view, no complexity, no obstacles. Instead, Klever simply replaced the difficult process with pure simplicity. 

Klever is also working to add a new feature that gives users the choice in their hands to tolerate some variations in price, in case a large price market fluctuation is occurring. Through a slippage tolerance, informed by the user, the swap machine will take an even more accurate decision to complete the swap.

The tech team has significantly improved the Klever Swap’s accuracy since product inception over a year and half ago, to today it records over 99,7% success rate of the swaps for our users. 

The very small number of failed swaps are nowadays refunded to the specific user through an automatic process, and any potential failure is often due to insufficient gas from the user, or strong and sudden fluctuations in price for the specific swap pair in question. 

By monitoring and reviewing swap data and numbers each and every day to improve our accuracy, precision, speed and liquidity, the Klever App is regularly working to reach 100% success rate.

Jagdish Kumar
Klever Writer
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