diff --git a/docs/_pages/docs/03-understand/09-swaps.md b/docs/_pages/docs/03-understand/09-swaps.md index 5e72ce66..a5c5e8de 100644 --- a/docs/_pages/docs/03-understand/09-swaps.md +++ b/docs/_pages/docs/03-understand/09-swaps.md @@ -8,6 +8,74 @@ sidebar: src: "_pages/docs/03-understand/09-swaps.md" --- - +Apart from the various fiat payment methods available, there are something +called *Swap Destinations* as well. These are payment methods, but for BTC, on +a network other than the Lightning Network. This is useful if you want to +exchange lightning satoshis for on-chain satoshis (or on any other network like +Liquid BTC if you prefer). This process of exchanging satoshis on the Lightning +Network for on-chain satoshis is usually referred to as a "swap". -{% include wip %} \ No newline at end of file +The table below makes it simple to understand swap in terms of "buyer" and "seller": + +| Side | Sends | Receives | Swap type | +|--------|---------------|--------------|-----------| +| Seller | ⚡BTC | 🔗 BTC | Swap out | +| Buyer | 🔗 BTC | ⚡BTC | Swap in | + + +### How to do a P2P Swap + +Remember, in RoboSats you always buy or sell Lightning Network satoshis. If you +want to receive satoshis over the Lightning Network in exchange for your +on-chain satoshis, then you create a **BUY** order. On the contrary, if you +want to receive satoshis on-chain in exchange for your Lightning Network +satoshis, then create a *SELL* order. + +In the Order Create screen, select "BTC" from the currency dropdown menu: + +
+ +
+ +Select your Swap Destination from the dropdown: + +
+ +
+ +You then set the amount or range you want to swap for. Remember that if you +are a seller, then you will receive on-chain BTC and if you are the buyer, you +will be sending on-chain BTC: + +
+ +
+ +You then simply create the order and wait for a taker to take your order. In +the chatroom you move forward as usual, but this time the payment method is +simply an on-chain bitcoin address. + + +### Order amount and mining fees + +The amount to be sent on-chain must be the exact value mentioned in the order +amount. The sender of on-chain sats needs to cover for mining fees (on-chain +transaction fees). + +### What premium do I set? + +In case of a swap it's better to keep premium to 0% but if you want to make the +offer a little more attractive to your counterparty you can follow the below +recommendations: + +1. If you are the **seller** - you will be **receiving** on-chain BTC; setting + the premium slightly below 0% (eg. -0.1%, -0.5%) will make your offer + attractive. The taker already pays 0.125% fees on the trade plus they have + to pay mining fees for sending the on-chain BTC. + +2. If you are the **buyer** - you will be **sending** on-chain BTC; setting the + premium slightly above 0% (eg. 0.1%, 0.5%) will make your offer attractive. + +These are just general recommendations about what premium to set to get started +with swaps, but at the end of the day, the price is what the market sets, so +experiment and see what works for you. diff --git a/docs/assets/images/understand/amount-swap.png b/docs/assets/images/understand/amount-swap.png new file mode 100644 index 00000000..be6550d8 Binary files /dev/null and b/docs/assets/images/understand/amount-swap.png differ diff --git a/docs/assets/images/understand/btc-swap-in-dropdown.png b/docs/assets/images/understand/btc-swap-in-dropdown.png new file mode 100644 index 00000000..4a9a64a9 Binary files /dev/null and b/docs/assets/images/understand/btc-swap-in-dropdown.png differ diff --git a/docs/assets/images/understand/swap-destination-selection.png b/docs/assets/images/understand/swap-destination-selection.png new file mode 100644 index 00000000..cf9df8c9 Binary files /dev/null and b/docs/assets/images/understand/swap-destination-selection.png differ