Introducing SwaySwap: A Blazingly Fast DEX on Ethereum's Modular Execution Layer

Today Fuel Labs is proud to announce the launch of a Uniswap-like decentralized application running on a persistent Fuel devnet: SwaySwap.

Please try out SwaySwap here: https://fuellabs.github.io/swayswap

Both the Sway contracts and TypeScript frontend are completely free and open-source, and available on GitHub here: https://github.com/fuellabs/swayswap

What can you do as a user?

• Create a browser-based integrated Fuel wallet. (standalone wallet coming soon)
• Faucet test ETH to your wallet.
• Swap two different kinds of native assets: test ETH and test DAI. Native assets means no more approve + transferFrom!
• Pool native assets.

The assets being swapped, transferred, and created as LP tokens are native assets, not tokens. They have the same first-class features as ETH does on Ethereum: they can be pushed with contract calls, and contracts have a balance of assets.

The 3 key takeaways for engineers and developers

• This is built with a new smart contract language called Sway. Sway learns from the shortcomings of Solidity and strengths of Rust, delivering an unparalleled developer experience.
• Sway targets a novel, blazingly fast blockchain virtual machine, the FuelVM. The FuelVM is effectively the EVM, improved, and with waste reduced. No need to learn an entirely different smart contract programming model; if you can write contracts for the EVM you already know how to write contracts for the FuelVM!
• SwaySwap runs on a completely new execution layer: Fuel, a UTXO-based modular execution layer.

As the fastest modular execution layer, Fuel brings globally accessible scale to Ethereum. The result is maximum security and the highest flexible throughput. Read more about modular execution layers here.

This demonstration should also dispel the false idea that UTXO-based blockchains can’t have a similar user experience to Ethereum. Other UTXO-based smart contract systems of the past saw users experience contention when trying to interact with the same contract at the same time. Fuel has no contention issues thanks to a research breakthrough in blockchain design: malleable transactions. Applications on Fuel can be interacted with in the same way as those on Ethereum directly.

As a modular execution layer, Fuel can achieve global throughput in a way not possible with monolithic chains, all while inheriting security from Ethereum. Building on Fuel is building on Ethereum. #BeyondMonolithic

Read the Sway Book to start developing: https://fuellabs.github.io/sway/latest

Additional Notes

• This is a demo application on a devnet. It is not a mainnet deployment.
• The block explorer is under active construction and an early version can be found here: https://fuellabs.github.io/block-explorer-v2
• Fuel will be supporting Ethereum-based key management in the future (i.e. MetaMask and WalletConnect for account management and transaction signing).
• While currently a standalone network, future Fuel networks will be fully bridged to Ethereum (testnets, then mainnet), so that Ethereum assets can be used in Fuel execution contexts.