Paper 2020/024

The Arwen Trading Protocols (Full Version)

Ethan Heilman, Sebastien Lipmann, and Sharon Goldberg


The Arwen Trading Protocols are layer-two blockchain protocols for traders to securely trade cryptocurrencies at a centralized exchange, without ceding custody of their coins to the exchange. Before trading begins, traders deposit their coins in an on-blockchain escrow where the agent of escrow is the blockchain itself. Each trade is backed by the coins locked in escrow. Each trade is fast, because it happens off-blockchain, and secure, because atomic swaps prevent even a hacked exchange from taking custody of a trader’s coins. Arwen is designed to work even with the "lowest common denominator" of blockchains—namely Bitcoin-derived coins without SegWit support. As a result, Arwen supports essentially all "Bitcoin-derived" coins e.g., BTC, LTC, BCH, ZEC, as well as Ethereum. Our protocols support Limit and RFQ order types, we implemented our RFQ protocol and are available for use at

Available format(s)
Cryptographic protocols
Publication info
Published elsewhere. Major revision. Financial Cryptography and Data Security 2020
fair exchangecryptographic protocolscryptocurrencies
Contact author(s)
ethan @ arwen io
2020-01-09: received
Short URL
Creative Commons Attribution


      author = {Ethan Heilman and Sebastien Lipmann and Sharon Goldberg},
      title = {The Arwen Trading Protocols (Full Version)},
      howpublished = {Cryptology ePrint Archive, Paper 2020/024},
      year = {2020},
      note = {\url{}},
      url = {}
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