BridgeRadar
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Squid
Squid is a cross-chain swap service built into many wallets and apps. It started on Axelar and now also uses Circle CCTP, IBC, Chainflip and LayerZero. It also has a fast mode where solvers fill your order. It grew out of the Axelar ecosystem but now runs as an independent project.
Official websiteHow it works
- 1You deposit the token you want to swap on the starting network.
- 2Squid then takes one of two paths. Either solvers compete in an auction to fill your order (Squid Intents), or a messaging protocol carries the transfer together with swaps on exchanges.
- 3You receive the token you asked for on the destination network.
Trust model
It depends on the route. On intent routes, you are trusting the system Squid’s operator runs and the solvers. On message routes, you are trusting the protocol underneath, for example Axelar’s validators.
Strengths
- Covers Ethereum-style networks, Cosmos, Bitcoin, Solana and XRP Ledger in one place.
- Built into many wallets and apps.
Limitations
- Who you are trusting changes with the route you get, so check it.
- Intent orders are handled off the blockchain, on the operator’s systems.
