[{"data":1,"prerenderedAt":332},["ShallowReactive",2],{"api/learn-center-post-en-GB-what-is-swarm-markets-smt":3,"en-gb/learn/cryptocurrency-guide/what-is-swarm-markets-smt-en-GB-seo":63,"footer-en-GB":68,"navigation-en-GB-learn-center":241,"api/learn-categories-en-GB":292},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":45,"title":5,"formattedPublishedAt":56,"geofencings":57,"category":58,"pagination":60,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is Swarm Markets (SMT)?","What is Swarm Markets (SMT)? - Cryptocurrency Guide","Swarm Markets (SMT) is a regulated DeFi trading infrastructure for crypto assets and securities.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_is_Swarm_Markets_SMT_1png_1e088db4ac_47d619754c.png","image/png",".png",743,381,"What_is_Swarm_Markets_SMT_1png_1e088db4ac.png","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/cryptocurrency-guide/what-is-swarm-markets-smt/","en",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-is-swarm-markets-smt/","es",{"pathname":27,"locale":28},"/en-gb/learn/cryptocurrency-guide/what-is-swarm-markets-smt/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-swarm-markets-smt",false,"\u003Cp>Swarm Markets is a regulated DeFi trading infrastructure for crypto assets and securities.\u003C/p>\n",{"url":39,"mime":40,"ext":41,"width":42,"height":43,"name":44,"alt":17},"bitstampImageUrl/What_is_Swarm_Markets_SMT_svg_3f158a9e67_11069b85b1.svg","image/svg+xml",".svg",1676,858,"What_is_Swarm_Markets_SMT_svg_3f158a9e67.svg",[46],{"component":47,"props":48,"content":49,"secondaryContent":53,"ctas":54,"secondaryCtas":55,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":50,"width":51,"align":52},"\u003Cp>Swarm Markets is a regulated DeFi trading infrastructure for crypto assets and securities.\u003C/p>\n\u003Cp>Swarm Markets claims to be the world’s first licensed platform for \u003Ca href=\"/en-gb/learn/web3/what-is-decentralized-finance-defi/\">DeFi,\u003C/a> regulated by the German Federal Financial Supervisory Authority (BaFIN.) The project operates as a compliant AMM-based \u003Ca href=\"/en-gb/learn/web3/what-is-a-decentralized-exchange-dex/\">decentralized exchange (DEX)\u003C/a> for \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-ethereum-eth/\">Ethereum\u003C/a>. The project targets both institutions and individual investors seeking a less risky way to participate in DeFi.\u003C/p>\n\u003Cp>Swarm supports multiple different types of tokens, both crypto-assets and tokenized versions of \u003Ca href=\"/en-gb/learn/crypto-101/what-are-real-world-assets-rwas/\">real-world assets (RWAs)\u003C/a> and was one of the earliest entrants into the now-high-growth segment of tokenized RWAs.\u003C/p>\n\u003Ch2>How was Swarm Markets developed?\u003C/h2>\n\u003Cp>Swarm Markets was founded in 2017 by two tech entrepreneurs and investors – Philipp Piper and Timo Lees. Both previously led companies through to IPO.\u003C/p>\n\u003Cp>They spotted the potential of asset tokenization relatively early and set about developing a platform that could bring RWAs on-chain, which later also developed into a \u003Ca href=\"/en-gb/learn/crypto-trading/what-is-liquidity/\">liquidity\u003C/a> solution for such assets.\u003C/p>\n\u003Cp>The founders, based in Berlin, took the unconventional step of approaching BaFIN early on, seeking regulatory oversight akin to traditional financial institutions. They recognized a growing demand for DeFi products and tokenized assets among both institutional and individual investors, but the unregulated nature of the industry was hindering their adoption.\u003C/p>\n\u003Cp>In 2021, the project announced it was onboarding up to 250 liquidity providers, who had pledged $15 million. It also launched the first version of its DEX on Ethereum.\u003C/p>\n\u003Cp>As of 2024, many different types of tokens are authorized for listing on Swarm Markets, including tokenized versions of stocks like Apple, Tesla, and Nvidia.\u003C/p>\n\u003Ch2>How does Swarm Markets work?\u003C/h2>\n\u003Cp>Automated market makers (AMMs) are a familiar setup for decentralized exchanges in the DeFi sphere. Most, such as \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-uniswap-uni/\">Uniswap\u003C/a>, Balancer, or \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-curve-finance-crv/\">Curve\u003C/a>, use AMMs only for cryptocurrencies and tokens. However, Swarm Markets targets investors who want to trade on-chain tokens representing all kinds of assets, including stocks, bonds, commodities, and more.\u003C/p>\n\u003Cp>The Swarm AMM DEX is a \u003Ca href=\"/en-gb/learn/crypto-101/what-are-blockchain-forks/\">forked\u003C/a> version of the Balancer protocol, which also features compliance layers. The underlying AMM works in the same way as Balancer, in that liquidity providers contribute \u003Ca href=\"/en-gb/learn/crypto-101/what-is-erc20/\">ERC-20\u003C/a> tokens representing crypto-assets or securities into \u003Ca href=\"/en-gb/learn/web3/what-are-liquidity-pools/\">liquidity pools\u003C/a>, where they are available to traders who want to swap the same assets.\u003C/p>\n\u003Cp>However, participation in Swarm Markets is only permissible for those who have obtained a Passport. This is effectively a \u003Ca href=\"/en-gb/learn/security/know-your-customer-kyc/\">Know Your Customer (KYC)\u003C/a> process that connects to a self-custodial \u003Ca href=\"/en-gb/learn/crypto-101/how-to-choose-the-right-crypto-wallet/\">crypto wallet\u003C/a> such as \u003Ca href=\"/en-gb/learn/web3/what-is-metamask/\">MetaMask\u003C/a> or \u003Ca href=\"/en-gb/learn/security/how-to-use-ledger-wallet/\">Ledger\u003C/a>. Swarm also operates business accounts, which enable participation by institutions.\u003C/p>\n\u003Cp>Swarm also operates a permissionless, decentralized over-the-counter (dOTC) trading service for institutions wanting to execute large transactions on-chain. It supports features like configurable partial order fulfillment and expiration dates, and private offers between specific wallets.\u003C/p>\n\u003Cp>The project implemented dOTC orders following a clarification from the European Supervisory Market Authority (ESMA) that the scope of the new Markets in Crypto Assets Regulation (MiCA) will not apply to decentralized applications and services. Therefore, the operation of the dOTC service may change in the future if ESMA adopts a different position regarding DeFi services.\u003C/p>\n\u003Cp>Due to legal restrictions, Swarm Markets isn’t available in all countries. It does not service US residents, although residents in many European, Asian, and Latin American countries are permitted.\u003C/p>\n\u003Ch2>How is SMT used?\u003C/h2>\n\u003Cp>SMT is the Swarm Markets token, which offers several utilities.\u003C/p>\n\u003Ch3>Fee reductions\u003C/h3>\n\u003Cp>Swarm traders can reduce their trading fees by up to 50% if they opt to pay the fee in SMT.\u003C/p>\n\u003Ch3>Liquidity rewards\u003C/h3>\n\u003Cp>Providers of liquidity to Swarm pools can earn additional rewards in SMT to act as an extra incentive.\u003C/p>\n\u003Ch3>Loyalty rewards\u003C/h3>\n\u003Cp>Swarm will allocate rewards to users who hold SMT alongside other assets in their crypto wallet, according to the ratio. Loyalty rewards are tiered, starting at the base level for holding 1% of a wallet balance in SMT and increasing up to double rewards if the wallet comprises more than 10% SMT.\u003C/p>\n\u003Ch3>Tokenomics and token distribution\u003C/h3>\n\u003Cp>SMT is an ERC-20 token issued on Ethereum. The maximum supply is set at 250 million tokens, with half of those allocated to the reward pool. A further 20% is held in reserve, while 10% goes towards the SMT Community pool, which receives 1.25% of the allocation per quarter.\u003C/p>\n\u003Ch2>Swarm Market essentials\u003C/h2>\n\u003Cul>\n\u003Cli>Swarm Markets is a licensed trading platform for crypto-assets and tokenized real-world assets, such as stocks, regulated by the German financial watchdog, BaFIN.\u003C/li>\n\u003Cli>Users must undergo a KYC check to have their wallet authorized by the platform, before they can trade or provide liquidity to a Swarm pool.\u003C/li>\n\u003Cli>SMT is a token used to obtain fee discounts and incentivize loyalty and liquidity provider participation.\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"July 29th, 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Pulse","/crypto-pulse/",{},{},{"title":182,"content":17,"items":183},"Address",[184,188,192,196],{"noFollow":36,"isExternal":36,"name":185,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":186,"geofencings":187},"Bitstamp Ltd",{},{},{"noFollow":36,"isExternal":36,"name":189,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":190,"geofencings":191},"5 New Street Square",{},{},{"noFollow":36,"isExternal":36,"name":193,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":194,"geofencings":195},"London, EC4A 3TW",{},{},{"noFollow":36,"isExternal":36,"name":197,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":198,"geofencings":199},"United Kingdom",{},{},{"title":201,"content":17,"items":202},"Contact",[203,208,212,216,220,224,229,234],{"noFollow":36,"isExternal":36,"name":204,"value":205,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":206,"geofencings":207},"Customer support","/customer-support/",{},{},{"noFollow":36,"isExternal":36,"name":209,"value":209,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":210,"geofencings":211},"info@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":213,"value":213,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":214,"geofencings":215},"press@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":217,"value":217,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":218,"geofencings":219},"support@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":221,"value":221,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":222,"geofencings":223},"complaints@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":225,"value":226,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":227,"geofencings":228},"+44 20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":230,"value":231,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":232,"geofencings":233},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":235,"value":236,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":237,"geofencings":238},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":242,"ready":33,"platformButtonText":288,"backButtonText":289,"logInButtonText":290,"signUpButtonText":291},[243,248,254,257,261,266,271,274,279,284],{"headerName":244,"sidemenuName":125,"url":245,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":246,"submenu":247,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":249,"sidemenuName":249,"url":250,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":251,"submenu":252,"tag":253},"Derivatives","/perpetual-futures/",{},[],"NEW",{"headerName":140,"sidemenuName":140,"url":141,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":255,"submenu":256,"tag":17},{},[],{"headerName":258,"sidemenuName":258,"url":113,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":259,"submenu":260,"tag":17},"Mobile App",{},[],{"headerName":262,"sidemenuName":262,"url":263,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":264,"submenu":265,"tag":17},"Markets","/markets/",{},[],{"headerName":267,"sidemenuName":267,"url":268,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":269,"submenu":270,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":117,"sidemenuName":117,"url":118,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":272,"submenu":273,"tag":17},{},[],{"headerName":275,"sidemenuName":275,"url":276,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":277,"submenu":278,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":280,"sidemenuName":280,"url":281,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":282,"submenu":283,"tag":17},"Learn","/learn/",{},[],{"headerName":285,"sidemenuName":285,"url":113,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":286,"submenu":287,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[293,297,301,305,309,313,316,320,324,328],{"title":294,"url":295,"geofencings":296},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":298,"url":299,"geofencings":300},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":302,"url":303,"geofencings":304},"Crypto 101","/en-gb/learn/crypto-101/",{},{"title":306,"url":307,"geofencings":308},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":310,"url":311,"geofencings":312},"Crypto trading","/en-gb/learn/crypto-trading/",{},{"title":32,"url":314,"geofencings":315},"/en-gb/learn/cryptocurrency-guide/",{},{"title":317,"url":318,"geofencings":319},"People profiles","/en-gb/learn/people-profiles/",{},{"title":321,"url":322,"geofencings":323},"Security","/en-gb/learn/security/",{},{"title":325,"url":326,"geofencings":327},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":329,"url":330,"geofencings":331},"Web3","/en-gb/learn/web3/",{},1775055443269]