🔄Prop AMM / Swap
Swap your favorite tokens with competitive execution.
Wasabi's swap functionality routes trades across multiple onchain liquidity sources to find the best available rate. One of those sources is Wasabi's Prop AMM: a proprietary automated market maker that actively quotes tight spreads onchain for supported markets.
How Swapping Works
Initiate a Swap: On the Trade page, select "Swap". Alternatively, while viewing a specific vault, select the token dropdown.
Select Tokens and Amount: Choose the tokens you wish to exchange and specify the desired amount.
Smart Routing: Wasabi's Smart Router evaluates pricing across multiple liquidity sources to find the most favorable rate. For markets where the Prop AMM is active, it competes alongside other sources and wins routing when it offers the best price.
Execute the Swap: Confirm the transaction to complete the swap.
You can swap tokens into, out of, or between vaults while maintaining your vault streaks.
What Is the Prop AMM?
A traditional AMM (like Uniswap) prices assets along a fixed mathematical curve. The pool does not actively reprice when external markets move. Instead, arbitrageurs trade against stale quotes to realign the price, extracting value from LPs in the process. This works for small trades but breaks with size: slippage and fees compound, and execution quality degrades fast.
The Prop AMM replaces passive curves with active market making. Professional operators continuously quote both sides of the market onchain, updating prices at every block inclusion (~200ms on Base). This is closer to how a market maker operates on a centralized exchange than how a traditional AMM pool works.
Active quoting allows:
Tight spreads that stay competitive as prices move
Deep quoted size near the mid price for larger trades
Dynamic risk management: when flow becomes one-sided, the operator hedges externally and continues quoting
The Prop AMM is currently live on a select number of markets, with more pairs being added over time.
How It Compares
Pricing
Passive curve
Offchain signed quotes
Active onchain quoting
Prices reflect real-time markets, not a stale curve
Repricing
Through arbitrage
At quote time
Every inclusion (~200ms)
Less value lost to arbitrageurs between your trades
Composability
Fully atomic
Limited (offchain coordination)
Fully atomic
Your swap settles in one transaction, no offchain dependencies
Execution at size
Degrades with slippage
Tight but not composable
Tight and composable
Larger trades fill at competitive prices without excessive slippage
Aggregator Integrations
Wasabi's Prop AMM is integrated with DEX aggregators, including 0x, KyberSwap, and Base App. This means you may already be benefiting from Wasabi's liquidity when you swap through your preferred aggregator, even outside of wasabi.xyz.
When a swap routes through the Prop AMM, you get:
Tighter spreads than passive AMM pools for the same pair
Deeper fill sizes without excessive slippage
Fully atomic, onchain settlement
For contract-level integration details, see the PropSwapRouter Integration Guide.
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