Introduction to CrypTop

Are you looking for a decentralized P2P market to swap BTC (bitcoin) for ETH (ethereum)? Or swap USDC for some BTC? CrypTop gives an answer.

CrypTop is a dapp based on web 3.0 tech. It introduces refundable deposit for both seller and buyer. All deposit funds are locked in an open source smart-contract. This makes traders trust each other.

An exchange sample

1. Tom wanted to sell 0.01 BTC for 1000 USDC. He made an offer with 1000 USDC deposited into contract (refundable after swap).
2. Jerry found the offer and wanted to buy it. Jerry took this offer with 2000 USDC deposited (1000 to buy + 1000 refundable). His bitcoin address was also provided;
3. Then 3000 USDC was locked in the contract;
4. Tom found the offer was taken by Jerry. Tom sent 0.01 BTC into Jerry's bitcoin address.
5. Jerry received the 0.01 BTC, then he told the contract to release all the deposited funds. He got 1000 USDC (refund). Tom got 2000 USDC (1000 refund + 1000 from sale).
6. Trade finished.
7. Why Tom would send BTC and Jerry would release the money? Because they both wanted their refundable 1000 USDC back.

A further sample (lower deposit)

1. Tom wanted to sell 0.01BTC for 1000 USDC. But the 1000 USDC deposit was too much for him. He made an offer. The offer asked seller and buyer to swap 10 times, 0.001BTC to 100 USDC for each time. Tom deposited 100 USDC;
2. Jerry took this offer with 200 USDC deposited (100 to buy + 100 refundable);
3. Tom sent 0.001 BTC to Jerry. Then Jerry sent 100 USDC to Tom;
4. Tom sent the 2nd 0.001 BTC. Then Jerry sent the 2nd 100 USDC;
5. ... ...
6. Tom sent the 9th 0.001 BTC. Then Jerry sent the 9th 100 USDC;
7. At the last time, Tom sent the 10th 0.001 BTC. Jerry didn't send USDC. He told the contract to release the deposited funds. He got 100 USDC (refund). Tom got 200 USDC ( the 10th 100 USDC + 100 USDC refund).
8. Trade finished.
9. In this sample, the deposit funds was reduced to 1/10 .

Note:

1. To make a swap, the web browser need MetaMask extension.
2. Both seller and buyer should deposit during swap. If you only have BTC, you can't sell it here.
3. An offer can be cancelled by its sender before it is taken, all the deposited funds will be back to the sender.
4. If one offer is taken, the trade must be done.
5. If trades was delayed, the traders could appeal for their deposited funds.