Swap Monster

Swap.monster is built by Node.monster, a validator and infrastructure operator running 30+ networks with over $1.5B in assets under management and 12+ years of operational history.

The team has been operating Canton validators since the network's early days. The product came directly out of a problem we experienced ourselves. Canton has over 400 institutional participants and more than $6T in tokenized assets, but no venue where those participants can trade at scale without market impact.

AMM pools are too thin to absorb institutional size, order books expose trading intent before execution, and manual coordination over chat introduces settlement risk and doesn't scale.

Traditional finance solved this decades ago through OTC desks, where two parties negotiate privately, agree on a price, and settle directly without the rest of the market knowing.

That model has never existed on-chain in a form institutions can actually use. We built swap.monster to close that gap.

- Private execution where only selected counterparties can see and quote on an order.

- No slippage, because the quote you accept is the price you get at any size.

- Atomic settlement through Daml smart contracts, where both legs settle or neither does.

- Fully non-custodial, with assets moving directly between counterparties.

- Wallet Gateway (CIP-0103) support from day one, removing custom integration work.

- Asset issuer tooling for listing and deploying new tokens (in development).

Canton is the only network where a genuinely private OTC marketplace is possible without a trusted intermediary. Its sub-transaction privacy model ensures only the parties involved in a trade can see its details, enforced at the protocol level rather than wrapped around an application. For institutional participants, that isn't a nice-to-have. It's what makes on-chain OTC trading viable at all.

Swap.monster is the first OTC marketplace on Canton. Existing venues are AMMs and order books, which serve different use cases and cannot provide private bilateral execution at scale. Swap.monster won 2nd place at the first HackCanton by Noders.

RFQ Trading The core of the platform. Participants post an order, select which counterparties can see it, receive competing quotes, and execute against the best price. Nothing is broadcast to the wider network. Atomic Settlement Engine Trades settle through Daml smart contracts with soft-lock protection and on-chain finality. Both legs execute simultaneously or the trade does not happen. Wallet Gateway Integration Native CIP-0103 support allows any Canton node operator to connect with their existing validator and signing provider.

Swap.monster gives Canton the trading layer that institutional participants require in order to hold and move meaningful positions on the network. Without a private venue for size, institutions are structurally limited in how much they can commit to any on-chain asset.

Swap.monster distributes $CC rewards to its most active traders. Leaderboard rewards opportunities are on the near-term roadmap. Follow us on X to learn more about our upcoming trading activities.

Trade and Earn: Active users earn rewards through trading activity. Follow Swap.monster on X for more information.

The near-term roadmap focuses on institutional accessibility and asset expansion. Direct integrations with custodians will allow institutions to connect through their existing custody setup. A third-party security audit of the settlement logic is underway. Beyond that, we are building an onboarding pipeline for asset issuers to tokenize and list assets directly on Swap.monster, positioning the platform for the wave of tokenized securities coming to Canton.