the most secure
token exchange
on the planet

fully decentralized

priced p2p token swaps

More ERC20 tokens are coming on October 1st, 2019

Secure ERC20 token swapping means you are protected from things like front running, high-frequency trading or transaction reordering. It is ensured by a cryptographic commit/reveal process:

  • Unique but random looking hash corresponding to your swap is getting committed to reserve your spot in the market execution order.
  • Reveals are submitted 3 - 5 blocks after commits. Reveals are price-matched and executed in the same order as commits came in. Swap confirmation time would take only 3 - 5 blocks longer than a regular Ethereum transaction (about 30 - 60 seconds longer). If someone decides not to reveal their commit, market would hold execution of that swap pair for 7 blocks before evicting such commit. This round would take 7 blocks to clear (2 minutes).
  • There is no maker/taker commission but there will be a fixed fee (disabled for now) to commit a swap: 1,000,000 gas paid in ETH. This is required to prevent spamming and demotivate gas price manipulation. The fee is about $0.50 to submit a slow commit and goes up as you increase your gas price.
  • Your tokens are kept in your wallet all the time and swapped directly into counter-party wallet when matching counter-commit appears. If tokens are not present in your wallet at such moment, your commit gets evicted.


Full decentralization:

  • Blockstack authentication and storage for user accounts and private data.
  • Secure IPFS site hosting with Cloudflare distributed web gateway.
  • All market functionality is implemented in an autonomous smart-contract on Ethereum blockchain. This includes commit/reveal book, buy/sell swap request books, price matching engine and wallet to wallet clearance.
  • Pure peer to peer swapping. Tokens are never held in custody, they are transferred directly from wallet to wallet.
  • This app communicates only with Blockstack and Ethereum blockchains. No backend servers, no user tracking, no cookies.
  • Open source: you can inspect the source code on Github.
  • ethereal.market is a cryptographically secure sorted message board. Each message represents an intent to swap one token for another. When you reveal your intent and matching counter-intent already exists on that board, your reveal is allowing you to take tokens from that counter-wallet and transfer your tokens instead.


This is Mainnet public beta:

  • Make sure you have installed Metamask browser extension or using any other Web3 compatible wallet.
  • If you are on the phone you can use Cipher Browser, Coinbase wallet, Opera Touch or other
  • You are able to buy and sell Wrapped Ether (WETH) for Wrapped Bitcoin (WBTC)
  • You can convert ETH to WETH by simply wrapping it
  • Add token addresses to you Wallet to see it appear there
  • If you have Ropsten or Kovan ETH you can select Ropsten or Kovan Test Network in your wallet.
  • Please approve market to swap tokens for you.
  • Submit your first commit and then reveal it to start swapping.
  • When you commit or reveal and wallet pops up, remember set the gas price and pick average or fast TX time.