Cross-chain swap

A cross-chain swap combines two operations, moving value between chains and trading one asset for another, into what looks like one step. Under the hood there are several approaches: aggregators that chain a DEX trade, a bridge transfer and another DEX trade; intent systems where a solver delivers the target token on the destination chain from its own inventory; and protocols like THORChain that hold native assets in pools on each chain.

Demand comes from users who hold assets on one network and want to use an app on another without a detour through a centralised exchange. Wallets increasingly embed cross-chain swaps directly, and the market for routing them has become competitive, with aggregators comparing bridges and solvers for each quote.

Every leg adds risk: bridge or solver failure, slippage on each trade, and price moves while funds are in transit. A failed step can leave the user holding an intermediate token on the wrong chain. Cross-chain swap routes have also been abused to launder stolen funds, so some services screen addresses.