Wormhole Swap leverages the Wormhole Token Bridge’s mint-and-burn architecture enhanced by Wormhole’s generic message-passing capabilities to enable seamless cross-chain, one-click token swaps. Developed by Mayan, this protocol embeds swap-specific metadata alongside Token Bridge messages, making cross-chain swaps efficient and trustless. How it works:
- Users initiate a swap that sends tokens via the Wormhole Token Bridge using mint-and-burn.
- Swap details are embedded in generic Wormhole messages delivered by relayers on Solana.
- Drivers receive all swap information and participate in a Mayan on-chain auction to determine the best execution price.
- The auction winner performs a flash swap on Solana, obtaining the funds and atomically sending the promised output amount within the same transaction.
- Post-swap, if the destination address is on Solana, the relayer directly transfers output tokens to the user’s wallet. Otherwise, relayers send tokens to destination chains via the Token Bridge.
- Atomic flash swaps ensure secure, simultaneous execution without intermediary risk.
- Fully permissionless and open-source.
- Efficient use of Wormhole messaging coupled with Mayan’s competitive auction to optimize pricing and execution.
The Wormhole Swap fees are set at 10 basis points (0.10%).