👋Introduction

Get to know LocalSolana

LocalSolana is a decentralised protocol for peer-to-peer trading between fiat and cryptocurrencies without the need for intermediaries such as centralised exchanges or escrow services. The protocol is deployed on the Solana blockchaina and utilises smart accounts to enable two parties to trade between crypto and fiat.

LocalSolana aims to provide a secure and reliable protocol that offers a better peer-to-peer trading experience than centralised exchanges. The protocol is entirely self-custodial meaning us or no other centralized entity ever has control of your funds. You can trade directly from your wallet like Phantom for a blazing fast experience between fiat and your favorite degen activities.

Key Features

Some of the key features of LocalSolana include:

• Decentralised: LocalSolana is working towards being a fully decentralised protocol that can operate without the need for a centralised party. Right now our escrow mechanism is fully decentralised, and we intend to decentralise our order book and arbitration in the near future.

• Self-custodial: LocalSolana is a self-custody platform, meaning that users control their own funds. This is in contrast to centralised exchanges, where users must trust the exchange to hold their funds both in their account and in escrow. With LocalSolana you trade directly from your wallet like Phantom

• Low fees: LocalSolana charges a low transaction fee of 0.3% whenever you sell crypto for fiat. V2 of the protocol will work towards a model where you pay zero trading fees.

How It Works

As a user, LocalSolana is designed to look familiar to centralised p2p exchanges. Inspired by LocalBitcoins, we believe P2P trading should happen on the best chain for payments. Interactions are on-chain done through smart accounts that are controlled by your wallet. We recommend connecting to LocalSolana through a self-custody wallet like Phantom or Backpack. When accessing LocalSolana on mobile we recommend using the embedded browser within these wallets. If you don't have a wallet you can create one in LocalSolana using your email or social login.

When a seller wants to sell crypto assets and exchange them for fiat money, they post an ad on LocalSolana. The advertisement states the available crypto assets for sale, minimum and maximum trade sizes, acceptable payment methods, and any price rules.

A buyer selects one of the ads to purchase the crypto assets from the seller with fiat money. The crypto is locked in escrow in the seller's smart account and the sellers payment details are made visible to the buyer.

Once the buyer sends fiat payment and the seller confirms receipt of payment the crypto locked in escrow is released to the buyer. If a dispute arises, either party can initiate arbitration and assign the LocalSolana team to resolve the dispute.

Conclusion

LocalSolana is a decentralised protocol for peer-to-peer trading between fiat and cryptocurrencies. Entirely self-custodial, LocalSolana aims to provide a more secure and faster trading experience between fiat and crypto compared to centralized exchanges.