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The Utexo Swap DEX enables cross-chain exchange between native Bitcoin (BTC) and and RGB-native assets including RGB USDT directly on the Bitcoin network. Swaps are executed via a decentralised intent system, eliminating the need for custodians, wrapped assets or centralised exchange venues. The Swap DEX is powered by the HotPot protocol, an open liquidity layer that coordinates quote requests, intent creation, and resolver execution across the swap lifecycle.

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How It Works

Every swap involves two participants: the user, who initiates the swap, and the resolver (liquidity provider), who executes it. The lifecycle proceeds as follows:
StepAction
1. QuoteUser specifies the asset pair and amount. The HotPot Quote API returns a time-limited execution estimate including fees.
2. IntentUser creates a signed intent - a structured, off-chain commitment that cryptographically approves the swap parameters and authorises resolvers to execute under the quoted conditions.
3. ExecutionThe winning resolver deposits assets into a swap-specific escrow contract on-chain and transfers the corresponding RGB asset to the user.
4. SettlementThe RGB asset is delivered to the user’s Utexo Wallet. If the resolver does not complete execution within the validity window, the escrow is released back to the user automatically.

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Swap Mechanism

The Utexo Swap uses the HotPot intent-based execution model - a trustless, cross-chain swap architecture where the user’s intent governs the entire execution flow:
  • The user signs an intent off-chain, cryptographically committing to the quoted swap parameters.
  • HotPot notifies the winning resolver to begin execution by depositing the required assets into a dedicated on-chain escrow.
  • The resolver transfers the corresponding RGB asset to the user’s Utexo Wallet.
  • Escrow funds are only released to the resolver once fulfillment is verified on-chain.
  • If the resolver fails to execute within the validity window, the escrow is returned to the user with no loss of funds.
This model ensures neither party can take funds without fulfilling their obligation. RGB asset delivery is validated client-side by the user’s Utexo Wallet before the transaction is finalised. Utexo does not hold user funds at any point.

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Supported Assets

Asset PairDirectionSettlement
BTC / RGB USDTInbound & OutboundOn-chain escrow + RGB client-side validation
BTC / SatoshiRamenInbound & OutboundOn-chain escrow + RGB client-side validation

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Security

The Utexo Swap is non-custodial by construction:
  • Intent atomicity - The swap either completes in full or reverts. There is no partial execution risk.
  • Resolver constraints - Resolvers can only withdraw escrowed funds after fulfillment is verified. They cannot withdraw funds before fulfillment conditions are met or access funds from any other swap.
  • Escrow protection - User assets are locked in a swap-specific escrow and can only be released once the swap is fulfilled or the validity window expires.
  • Client-side validation - RGB asset delivery is validated locally by the user’s Utexo Wallet before the transaction is confirmed, consistent with the broader Utexo privacy model.