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Cross-token swap and AMM

The cross-token swap is the most important fee surface for the business. Every streamer-token earned is potentially routed through here twice (once to hold something neutral, once to cash out), and every fee taken is BitView revenue.

What we're solving​

A viewer earns 50 PEWPIE in the morning, 200 LIRIK in the afternoon, 15 SHROUD over the weekend. They have three reasonable wishes:

  1. "Cash out everything to USDC." — they don't want exposure to any single streamer.
  2. "Convert it all to BTV and stake to reduce fees on my own pool." — prosumer behavior, especially for streamers themselves.
  3. "Convert my LIRIK winnings into more PEWPIE because I like PEWPIE more." — cross-streamer rebalancing.

All three of these involve at least one swap. The platform that frictionlessly handles them owns the value flow.

Recommended: BitView does not build a custom AMM. We build a swap router on top of Jupiter aggregator + Meteora DLMM pools.

Why not roll our own AMM​

Custom AMMs require:

  • Audit budget ($200K+ over multiple firms)
  • Security incident response capability
  • Continuous LP incentive program to bootstrap depth
  • ~12 months of engineering before you can launch confidently

Solana already has battle-tested liquidity infrastructure. Reinventing it is value-destructive. We instead specialize in:

  • The streamer-token launch flow — one-click pool creation on Meteora DLMM with sane bin steps and initial price.
  • The swap router UX — viewer sees one button "Cash out 50 PEWPIE", router decides STREAM → BTV → USDC vs STREAM → SOL → USDC depending on depth, slippage, fees.
  • The fee skimming layer — BitView takes a small % on top of the underlying DEX fees, settled atomically in the same transaction.

Routing logic​

For any swap of IN_TOKEN → OUT_TOKEN requested through BitView, the router executes:

1. Query Jupiter quote API for the best route IN → OUT directly.
2. Query Jupiter quote for IN → BTV → OUT specifically (forces BTV leg).
3. Pick the route with the best (output_amount - bitview_fee) for the user.
4. Submit the chosen route, atomically prepended with a
   transferChecked of bitview_fee from input balance to BitView treasury ATA.

The user sees a single signature flow. Slippage and price impact are computed against the chosen route. Failure to fill within slippage tolerance reverts the whole tx.

Fee schedule​

All numbers below are proposed defaults. The fee tiers are designed to be cheaper than alternatives so cashing out via BitView is the default rational choice.

ComponentRateRecipient
Jupiter / Meteora pool LP fee~0.04 – 0.30%Underlying LP holders
BitView protocol fee0.10%Treasury
Streamer creator royalty (Identity tier only)0.10%Streamer wallet
Total cost to viewer for cashing out STREAM → USDC~0.30 – 0.50%
Total cost to viewer for BTV → USDC~0.14 – 0.40%(no creator royalty leg)

Fee discounts​

ConditionEffect
Hold ≥ 10K BTVBitView protocol fee 0.10% → 0.07%
Hold ≥ 100K BTVBitView protocol fee 0.10% → 0.04%
First 100 swaps as a new viewerBitView protocol fee 0% (onboarding)
Pro/Plus streamer subscriptionBitView protocol fee on streamer's swaps 0%

Sample revenue per active streamer​

Conservative assumption — a streamer with 1,000 daily active viewers, average earned value $0.50/viewer/day, 70% cash-out rate within a month:

Daily earn        = 1,000 viewers × $0.50      = $500
Monthly earn      = $500 × 30                  = $15,000
Cashed out        = $15,000 × 70%              = $10,500
Per-swap avg cost = $10,500 × 0.30%            = $31.50
BitView fee leg   = $10,500 × 0.10%            = $10.50

So $10.50 per active streamer per month in raw swap fees. At 1,000 active streamers that's $126K/year — modest but additive. The unit economics scale with two levers we control:

  1. Average viewer earned value — controlled by tier mix (Identity tier has higher per-viewer accrual because of speculative upside on streamer-token).
  2. Cash-out rate — controlled by UX. If we make cashing out frictionless AND give a small reason to hold (BTV fee discount, exclusive perks), we get high cash-out rate AND a sticky BTV float that compounds.

A top-50 streamer at 50,000 daily active viewers and $1.50 average daily earned value generates roughly $1.6K/month in swap fees alone, before sub revenue.

Liquidity bootstrap problem​

The thing that killed Rally and Roll was illiquid creator tokens. Our defenses:

  1. Auto-seeded pool at token creation — BitView treasury seeds 50K BTV into a STREAM/BTV Meteora DLMM pool when the streamer creates their token. This is funded from the 15% liquidity-bootstrap allocation in the BTV emission schedule.
  2. Concentrated liquidity — Meteora DLMM lets us seed liquidity in a narrow band around the launch price. We can run with much less capital than a constant-product AMM.
  3. Match-funding incentive — streamers get a 1.5x bonus in their reserve allocation if they match-fund the initial liquidity.
  4. Auto-rebalancing job — a background worker monitors STREAM/BTV pools owned by treasury and shifts liquidity bin ranges as the price moves so the depth follows. This is operationally heavier than a constant-product pool but worth it given how much it improves UX.
  5. Cooldown for streamer reserve dumps — the 10% streamer reserve has a 2-year linear unlock so the streamer can't dump on day-one liquidity.

What this means for the API​

The swap router lives at:

POST /swap-api/quote
POST /swap-api/swap

Returns:

  • route — encoded Jupiter route + BitView fee instruction
  • out_amount — net of all fees
  • price_impact_bps — informational
  • txn — base64-serialized unsigned transaction for the wallet to sign

This is documented in the API reference once swap routing ships in Phase 2.

Implementation plan​

PhaseScope
P2.1BTV token deployed, BTV/USDC pool seeded, BTV/SOL pool seeded.
P2.2Swap router integrated against Jupiter aggregator. Cash-out UX in viewer dashboard.
P2.3Streamer-token launchpad flow (Meteora DLMM seeding automated).
P2.4Creator royalty hooks via custom Token-2022 transfer hook for streamer tokens.
P3+Auto-rebalancing job for treasury-owned pools.