Retrospective on 2022 and outlook for 2023

Remember the meme

In 2022, we went from “bull markets create weak protocols” to “bear markets create strong protocols”. We witnessed the downfall of several bad actors fueling each other (Terra/Luna, 3AC, Celsius, FTX).

This triggered contagion across the whole crypto ecosystem, with ETH dropping from $3,600 to $1,200, despite very bullish news like the merge and trading volumes dropping massively.

At Swaap, we want to see the bear market as an opportunity. Instead of relying on narratives, prices and interest are now driven by fundamentals. This allows us to focus on building for the long term.

During this first year of the bear market, we delivered an amazing amount of milestones, here are a few highlights.


  • Recruitment & onboarding of the core team (6 people in total)
  • Launch of the testnet: lots of feedbacks collected from the community!

February/ March

April/ May


July/ August

  • Preparation of integrations with aggregators
  • 60 days LP challenge with NFTs attribution
  • Talk at ETH CC



  • Integration with Debank



We would like to thank all Swaapers for their contribution to the adoption and the development of the protocol. Your feedbacks are precious! Thanks to you we now have $1.6m TVL, $4m volume, 2K+ LPs.

2023 has a lot of exciting things ahead for Swaap:

  • Delivering the v2 of the protocol, which will focus on providing better returns to LPs by increasing the level of risk.
  • Driving more adoption of the protocol

Source : Polygon Medium

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