In this episode, Tito Titov, CEO and co-founder of Jellyswap talks about his cryptocurrency experience and how he and his colleagues arrived at Jellyswap. He shares his knowledge about atomic swaps and how Jellyswap works.
Titov’s Background in Cryptocurrency
Titov has been into cryptocurrency for more than three years. He is working full-time designing smart contracts, training, and recently working on DeFi. Before getting into cryptocurrency, he graduated with a Bachelor in Computer Science. His co-founder, Krasimir Raykov, was his colleague at the university. They read articles about Blockchain and DeFi, which inspired them to establish Jellyswap.
The Concept of Atomic Swaps
The atomic swap is a swap of cryptocurrencies between two parties. It allows one party to exchange tokens with another party without the use of any centralized intermediaries. In Jellyswap it is a cross-chain atomic swap that supports many different chains.
How Jellyswap Works
At the end of 2017, Titov and his colleagues delved into IDEX and other limited book exchanges based on Ethereum. During this time, the ICO boom stopped, and the tokens were not useful anymore. They saw a new trend, which is automated market-making protocols. Titov saw its immediate liquidity and rewards for the market makers, so they decided to pivot a little bit to Uniswap.
When they started Ethereum-based projects, there was an underlying question, “what about bitcoin?” and “can I use your exchange to buy bitcoin?” They began with Uniswap, an interface where you just go with your MetaMask and connect your wallet to swap one token for another. They wanted to integrate into cross-chain, so they created Jellyswap that supports multiple blockchains.
The Structure of Jellyswap
Unlike other interfaces, Jellyswap supports multiple chains. It has a smart contract responsible for all the business logic and swaps for different tokens, such as bitcoin and ethereum. They created an automated market-making software, called Jelly Butler, that provides liquidity to the protocol.