Swapping Tokens

EXNIHILO pools also function as standard AMM swap venues.

How swaps work

Swaps use SWAP-1, the simplest of the three curves:

x = backedAirToken
y = backedAirUsd
amountOut = amountIn * y / (x + amountIn)  (minus fee)

You can swap in either direction:

• Token → USDC: Deposit tokens, receive USDC
• USDC → Token: Deposit USDC, receive tokens

Swap fee

A configurable swap fee (default 1%) is applied to every swap. The fee stays in the pool as passive yield for the LP.

The fee is computed on the spot value of the input:

fee = amountIn * reserveOut / reserveIn * feeBps / 10000

This ensures the fee is a true percentage of notional value, regardless of trade size.

Slippage protection

Every swap accepts a minAmountOut parameter. If the output would be less than this value, the transaction reverts.

Wrapper tokens

Under the hood, swaps operate on AirTokens (airToken / airUsd). The pool automatically wraps your raw tokens on deposit and unwraps on withdrawal — you interact with the real tokens directly.