The aggregator model
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Kotova X has no rate of its own. Every rate you see belongs to an independent provider that answered a question Kotova asked on your behalf. This page covers who takes part in that comparison and what decides its outcome.
Why aggregate
Section titled “Why aggregate”The same pair does not trade at the same price everywhere. Providers hold different inventory, quote different spreads, and each covers a different slice of the asset universe. The venue that is best for one pair is often not the best for that pair at a different size an hour later.
A single venue can only give you one answer. Aggregating redoes the comparison for every order, at your amount, in your direction — and removes any one provider as a point of dependence.
The liquidity sources Kotova connects to
Section titled “The liquidity sources Kotova connects to”Nine sources are integrated. Each is an independent business or protocol with its own pricing, limits and terms.
| Source | Type |
|---|---|
| FixedFloat | Centralised instant swap |
| Changelly | Centralised instant swap |
| ChangeNOW | Centralised instant swap |
| SideShift | Centralised instant swap |
| StealthEX | Centralised instant swap |
| Godex | Centralised instant swap |
| Exolix | Centralised instant swap |
| CCE Cash | Centralised instant swap |
| Chainflip | Decentralised cross-chain protocol |
No source covers everything. Between them they reach hundreds of assets across dozens of networks, but for any given pair only a subset can quote. The provider list in the app is the authoritative view for your order; Liquidity sources covers each one in detail.
Centralised instant-swap venues
Section titled “Centralised instant-swap venues”Eight of the nine are centralised. They take your deposit into their own custody, swap it, and send the output to your address. They offer both fixed and variable rates, and they run their own compliance procedures — which also means they are able to hold funds in specific cases. See Counterparty and freeze risk.
Decentralised routes
Section titled “Decentralised routes”One source, Chainflip, is a protocol rather than a company. Your deposit goes to a protocol-controlled deposit channel and no operator takes custody of it. It quotes variable rates only, so a fixed-rate order is never routed to it.
How a source is selected for your order
Section titled “How a source is selected for your order”Selection runs in three phases: an eligibility filter, a ranking on the server, and a re-ranking in your browser.
Phase 1 — eligibility. Before any price is requested, each source is checked against the following. One failure and it is not asked to quote.
| Check | Shown as, if it fails |
|---|---|
| The source is switched on and has a working integration | Down for maintenance |
| Both assets are mapped for that source, on the exact networks you chose | Pair not supported |
| The source supports the rate type you selected | Not available for this rate type |
| The source currently allows sending your input asset and receiving your output asset | Asset unavailable |
| Your amount falls inside that source’s own minimum and maximum | Below min / Above max |
Phase 2 — the server asks everyone at once. Every eligible source is queried in parallel, each with a budget of roughly five seconds. Whatever has arrived by then is ranked; a source that does not answer in time is marked as timed out and takes no part.
Phase 3 — your browser re-ranks. Results stream into the page, which re-runs the ranking over the sources you have left enabled. The provider selected in your browser when you press confirm is the one submitted with the order. The server checks that it is still available; it does not substitute a different one.
Ranking parameters and their weighting
Section titled “Ranking parameters and their weighting”There is one ranking parameter, and it carries the entire weight.
The amount you receive. Quotes are ordered by the output each source offers for your input, as that source reports it and inclusive of everything it charges. The highest output ranks first and is preselected.
Two qualifications:
- Direction. If you type in the receive field rather than the send field, the output becomes the constant and the ranking inverts: the source needing the smallest input to deliver that output ranks first.
- Ties. When two sources return an identical amount, the tie is broken by a fixed display order and then alphabetically. This decides presentation only, never which of two unequal offers wins.
The following are not ranking parameters and carry no weight at all:
- what Kotova earns on an order, or which source it earns it from
- any commercial or contractual arrangement with a provider
- estimated completion time, brand, or size of the provider
- payment of any kind for placement — a provider cannot buy its position
Sources that cannot be selected — down for maintenance, out of range, or without a quote — are grouped beneath the selectable ones in a fixed display order. That grouping is presentational and has no influence on which source is chosen.
Quoting and routing covers the mechanics in full; Fees covers what the quoted rate already includes.
Excluding a source yourself
Section titled “Excluding a source yourself”The preselected provider is a default, not a decision. In the provider list you can switch any source off: it stops being eligible to win, the next best takes its place, and the amount updates accordingly. Those choices are stored in your browser, on your device. They are not attached to an account, do not follow you to another browser, and are never sent to the provider you excluded.
DEX-only mode is a blunter version of the same control. Instead of naming sources individually it removes every source able to freeze funds. Today exactly one source qualifies — Chainflip — so switching it on narrows you to a single provider, variable rates only, and a substantially smaller set of assets and networks. It is off by default, and it is a preference held in your browser rather than a routing rule enforced by the server. See DEX-only mode.
What happens when a source is unavailable
Section titled “What happens when a source is unavailable”Unavailability is normal and is shown rather than hidden. Each row in the provider list carries its own state: a quote, a reason it could not quote, or a maintenance flag. Your order is never routed to a source that did not answer.
If the provider you selected goes offline between the quote and your confirmation, the order is refused rather than placed. The app drops that source from your list and you can retry against the next best offer.
Independence from any single source
Section titled “Independence from any single source”No single provider is structurally required. A quote round runs over whichever sources are live at that moment, so one being unreachable narrows the field without breaking the flow, and integrating or retiring a source changes nothing about how you use the product.
Kotova’s role ends at asking the question, ranking the answers on one criterion, and handing your order to the source you ended up with. The provider does the rest — including holding your funds for the duration of the swap, the subject of Non-custodial architecture.