The Crypto Swap Reseller Problem

The Scheme

NEAR Intents is a cross-chain swap protocol. It aggregates liquidity from competing market makers and executes swaps across 20+ blockchains. The protocol is free — zero fees for registered partners. The API is publicly documented at docs.near-intents.org.

Swap.my, LizardSwap, and EagleSwap are frontends built on this free API. They present themselves as independent exchanges. They are not. They take the NEAR Intents rate, add a markup, and pocket the difference. LizardSwap and EagleSwap disclose their fees. Swap.my does not — its fee is hidden inside the exchange rate, and it actively obscures the underlying provider.

Every transaction is recorded on the NEAR blockchain with the fee amount and recipient baked into the appFees field. We pulled it all. Here's what we found.

Swap.my (swap.my)

5,213

Successful Swaps

$3,434,417.24

Total Volume

$24,210.32

Profit from Users

0.72%

Hidden Fee (72 bps)

On-Chain Fee Recipient

appFees: [{
  "recipient": "swapmybuddy.near",
  "fee": 72
}]

Every Swap.my transaction contains this fee entry. 72 basis points (0.72%) — more than double the markup charged by LizardSwap and EagleSwap. The NEAR account name swapmybuddy.near makes attribution unambiguous.

Metric	Value
Fee Wallet	`swapmybuddy.near`
Fee Rate	72 bps (0.72%) per swap
Active Since	2025-12-01
Days Active	86 days
Total Swaps	5,213
Total Volume	$3,434,417.24
Total Revenue	$24,210.32
Daily Revenue	$281.52/day
Unique Users (senders)	1,069
Largest Single Swap	$70,685.74
Referral Tag	None set (no attribution to NEAR Intents)
Provider Field	Listed as "A" in their API — actively hides the provider name

View all 5,213 Swap.my transactions (raw JSON) →

Quote Discrepancy

In our testing, Swap.my quoted a user 0.748856 USDT for a 0.01 SOL swap. The NEAR Intents Explorer shows the solver actually filled 0.749848 USDT. The difference is small on a $0.78 swap — but on a $10,000 swap at 72 bps, the user loses $72 to an invisible fee they never agreed to.

LizardSwap (lizardswap.com)

1,399

Successful Swaps

$2,038,836.81

Total Volume

$6,116.51

Profit from Users

0.30%

Fee (30 bps)

On-Chain Fee Recipient

appFees: [{
  "recipient": "trustswap.near",
  "fee": 30
}]

Every LizardSwap transaction on the NEAR blockchain contains this fee entry. 30 basis points (0.30%) routed to trustswap.near. Same fee rate as EagleSwap.

Metric	Value
Fee Wallet	`trustswap.near`
Fee Rate	30 bps (0.30%) per swap
Active Since	2026-01-30
Days Active	26 days
Total Swaps	1,399
Total Volume	$2,038,836.81
Total Revenue	$6,116.51
Daily Revenue	$235.25/day
Unique Users (senders)	534
Largest Single Swap	$44,349.68
Referral Tag	None set (no attribution to NEAR Intents)

View all 1,399 LizardSwap transactions (raw JSON) →

EagleSwap (eagleswap.to)

1,140

Successful Swaps

$2,197,200.15

Total Volume

$4,253.16

Profit from Users

0.30%

Fee (30 bps)

On-Chain Fee Recipient

appFees: [{
  "recipient": "Gcj5A3a5mF2BEPm4LujddTit7tTR8pNmUKXkcuzM4dC1",
  "fee": 30
}]

Every EagleSwap transaction on the NEAR blockchain contains this fee entry. 30 basis points (0.30%) routed to a Solana address they control. Verify any transaction at explorer.near-intents.org.

Metric	Value
Fee Wallet	`Gcj5A3a5mF2BEPm4LujddTit7tTR8pNmUKXkcuzM4dC1`
Fee Rate	30 bps (0.30%) per swap
Active Since	2026-01-15
Days Active	41 days
Total Swaps	1,140
Total Volume	$2,197,200.15
Total Revenue	$4,253.16
Daily Revenue	$103.74/day
Unique Users (senders)	389
Largest Single Swap	$108,351.01
Referral Tag	None set (no attribution to NEAR Intents)

View all 1,140 EagleSwap transactions (raw JSON) →

Security Issues

EagleSwap exposes an unauthenticated API at /api/swap/{id} that leaks:

Full NEAR Intents quote responses including solver signatures
User wallet addresses (both recipient and refund)
Deposit addresses and correlation IDs
Recent swap feed at /api/swaps — no authentication required

Any user's swap can be looked up by anyone who knows the order ID. This is how we identified their fee structure without any privileged access.

Side-by-Side Comparison

Metric	Swap.my	LizardSwap	EagleSwap	uSwap Zero
Underlying Protocol	NEAR Intents	NEAR Intents	NEAR Intents	NEAR Intents
Discloses Provider	No (lists as "A")	No	No	Yes — on every page
Protocol Fee	0%	0%	0%	0%
App Fee (markup)	0.72%	0.30%	0.30%	0%
Fee Disclosure	Hidden in rate	Disclosed	Disclosed	$0.00 shown explicitly
Total User Cost	~0.82%	~0.40%	~0.40%	~0.05-0.15% (spread only)
Open Source	No	No	No	Yes — MIT License
Verifiable Deploy	No	No	No	Yes — reproducible builds
User Data Stored	Unknown	Unknown	Yes (leaks via API)	Nothing. Zero state.
Client-Side JS	Yes (full SPA)	Yes (full SPA)	Yes (full SPA)	None (server-rendered HTML)
Cost on $1,000 Swap	~$7.20	~$3.00	~$3.00	$0.00
Cost on $10,000 Swap	~$72.00	~$30.00	~$30.00	$0.00
Cost on $100,000 Swap	~$720.00	~$300.00	~$300.00	$0.00

Combined Impact

$7,670,454.20

Combined Volume Processed

$34,579.99

Total Profit from Users

7,752

Total Swaps Processed

1,992

Unique Users Affected

Every dollar above was charged for adding a frontend to a free API. The users received no additional value — the same swap, the same speed, the same liquidity. Just a worse rate.

How We Found This

No hacking. No private data. No insider access. Just public blockchain records.

Identified the protocol: All three services use nep141: asset IDs, ed25519 signatures, and deposit addresses that resolve on NEAR — all signatures of the NEAR Intents 1Click API.
Found the fee wallets: EagleSwap's API is unauthenticated — their /api/swaps endpoint returns recent swaps with correlation IDs. We matched those to the NEAR Intents Explorer, which shows the appFees field on every transaction.
Pulled the full history: The NEAR Intents Explorer API supports filtering by affiliate — the fee recipient address. One query returns every swap that paid fees to that address, with full TX hashes on both the source and destination chains.
Verified independently: Every transaction hash in this report is clickable and verifiable on the respective blockchain's explorer. The origin chain TX shows the user's deposit. The destination chain TX shows what they received. The NEAR TX shows the fee that was extracted.

Reproduce It Yourself

# Search the NEAR Intents Explorer for EagleSwap's fee wallet
curl -H "Authorization: Bearer YOUR_JWT" \
  "https://explorer.near-intents.org/api/v0/transactions-pages?\
affiliate=Gcj5A3a5mF2BEPm4LujddTit7tTR8pNmUKXkcuzM4dC1&perPage=10"

# Search for LizardSwap's fee wallet
curl -H "Authorization: Bearer YOUR_JWT" \
  "https://explorer.near-intents.org/api/v0/transactions-pages?\
affiliate=trustswap.near&perPage=10"

# Search for Swap.my's fee wallet
curl -H "Authorization: Bearer YOUR_JWT" \
  "https://explorer.near-intents.org/api/v0/transactions-pages?\
affiliate=swapmybuddy.near&perPage=10"

# Get an Explorer API key at: partners.near-intents.org

Returns full transaction details: TX hashes, sender/recipient wallets, amounts, fees, timestamps. All public data.

Raw Data

Every transaction referenced in this report is included in our repository as raw JSON:

eagleswap_transactions.json — 1,140 EagleSwap transactions
lizardswap_transactions.json — 1,399 LizardSwap transactions
swapmy_transactions.json — 5,213 Swap.my transactions
near_intents_reseller_analysis.json — Summary statistics

The Point

We're not saying Swap.my, LizardSwap, and EagleSwap are scams. They provide a service — a frontend for a swap protocol. Charging for that is a legitimate business model.

The problem is that none of them disclose the underlying provider, and Swap.my actively hides its fee inside the rate. All three charge for wrapping a free API — and none tell you that the same swap costs nothing elsewhere.

uSwap Zero exists to prove that a swap frontend can be free, open source, privacy-first, and fully transparent — while using the exact same infrastructure. You shouldn't have to pay 0.30–0.72% to swap crypto. And you shouldn't have to trust us when we say that. Read the code.