Technology behind Swapbox

Decentralized, open source, resilient

The philosophy behind Swapbox is very different from most other crypto ATM projects. Our goal is to achieve frictionless crypto global adoption in a 100% decentralized way, using mostly open-source and decentralized tools. Overall, you can consider Swapbox as a DeFi adoption project more than a simple crypto ATM.
Community driven
Decentralized way
Global adoption
Other crypto ATM
Semi-centralized way
Profit driven

Cheap and fast transactions

Scalability with zkSync

As you probably know, transactions on the Ethereum mainnet are slow and expensive. This is fine for large transactions, but is not ideal for small transactions, (of which cash transactions are a part) nor for the overall adoption of the crypto ecosystem.

To make cash ↔ crypto transactions doable, we need a solution that is much faster and cheaper than mainnet, but not less secure.

Zero-knowledge proof rollups are making this possible.

We belive zkSync is the most reliable and consistent scaling solution for the Ethereum network, and is here to stay. That’s why we chose their network to build our first version of the software. On top of that, funds can be moved efficiently and fast between zkSync and Ethereum mainnet.

We are designing the system to be modular, so that support for other networks can be easily added (either by us, subject to funding, or by the community)

MainnetOther scaling solutionszkSync
Average tx fee$ 6.21$ 5.00$ 1.50
Tx confirmation time5 min to 4 h15 sec10 sec
Tx finality-1-2 weeks10 min
EVM-compatibleYesIt dependsYes
Community-ownedYesIt dependsYes

Cash in transaction

As you know, our core value is to build a 100% trustless, so we need to rely on trustless protocols. Transactions occurs on an AMM compatible with zkSync : for now this looks like Unisync.

Swapbox is running a smartcontract, which trades the amount of cash in stablecoin against the user's chosen token, using the liquidity of the decentralized exchange. The smart contract then sends the crypto funds directly to the user's mobile wallet, or prints a paper wallet.

Cash in diagram

Cash out transaction

User requests cash, then the payment adress is displayed (QR code). The user scans the QR code and accepts the transaction. The smart contract sends the transaction to the DEX and swaps the user’s crypto for stablecoins. The smart contract keeps the stablecoins and the machine dispenses the cash (less the operator’s fee) for the user.

Cash out diagram

Liquidity on decentralized AMM

To have access to a deep liquidity, Swapbox executes on a Uniswap fork for zkSync, UniSync. We rely on the robust Uniswap protocol, while having low fees and fast transactions. Swapping on an decentralized AMM has the advantage to the operator of not having to manage the balances of a wallet, or rely on a centralized exchange, like many other crypto ATMs.

No volatility risk with stablecoins

Thanks to this architecture, you can support any cryptocurrency, while only having to deal with a stablecoin of your choise (subject to available market liquidity). There is no need for any float in supported cryptocurrencies.

Volatility diagram

The operator can use differents strategies to maintain a suitable cash / stablecoins ratio.
Read the docs to learn more about cash ratio strategies.

New ownership models

Whether there is one or more operators, Swapbox can be operated with confidence, thanks to the smart contract. It is possible to configure the redistribution of income independently of who operates and maintains the machine. This offers endless management possibilities: The owner of the machine does not have to be the operator, while having good controls to ensure good operations. We can even imagine a case where a Swapbox is entirely governed by a DAO!

1. Single operator / owner
Single operator / owner diagram
2. Single owner who hire an operator
Single owner who hire an operator diagram
3. A DAO owns Swapboxes and hire an operator
A DAO owns Swapboxes and hire an operator diagram

Underlying technology

Swapbox relys on the beauty of open-source. Here is a non comprehensive list of technology we are proud to use to power Swapbox.

Underlying tech

You own Swapbox

We believe in the power of decentralization and open-source. This is why our main guideline is to build something that is 100% open, easily edited by anyone. We provide all our plans, code, roadmap so that you can play around, and even create your own version of the Swapbox. After all, the ultimate goal is adoption by the people, not privatization. our final goal is to entrust the governance of the project to a DAO. In the meantime, you can help us achieve our mission in many ways.

Contribute to the development
Any technical help or suggestion is greatly appreciated. You can create issues on Gitlab, or fork the code to add your personal touch.
Donate to fund the project
Your donation is greatly appreciated, and will directly help us to finance running costs. However, we do not accept investment.
Share for the adoption
We often underestimate the power of sharing. If you like the project, tell your friends and family about it!