The key feature of cryptocurrency exchanges is that they can be done directly within different blockchains with different native currencies, or through off-chain networks, which are significant blockchain offshoots. Cross-chain swap, also known as cryptocurrency swap, is an alternative term for cross-chain trade. To provide a crystal clear explanation. Two parties who agree to Cryptocurrency Swaps reach an agreement. The parties exchange cryptographic keys if and only if their secrets match. As a result, if anyone else enters this trade, they will be unable to keep any of the coins in their possession because they will be unaware of this technique.
If a trader is familiar with the lightning network, he or she should be familiar with how hashed timelock contracts work. We will also provide a brief explanation of timelock hash agreements at this time. Similar to a cryptocurrency exchange, cryptocurrency swap is the peer-to-peer exchange of cryptocurrencies between two parties without the use of a third-party provider. Throughout the procedure, users retain complete ownership and custody of their private keys. The order book will be simplified to ensure complete liquidity, and customers will have the option of settling regional commercial transactions with cryptocurrency swaps.