Swap Implementation Comparison

Comprehensive comparison of swap methods in the futarchy-web application, including approval flows, contract addresses, and practical examples.

Quick Comparison Matrix
Approval Flow Differences
Contract Addresses
Detailed Examples
Step-by-Step Flows

Quick Comparison Matrix

Feature	UniswapSDK	SushiSwapV3	CoW Swap	Algebra (Swapr)
Approval Steps	2-step (Permit2)	1-step (Direct)	1-step (Direct)	1-step (Direct)
Spender Address	Permit2 → Universal Router	SushiSwap V3 Router	CoW Vault Relayer	Swapr Router
Chain Support	Multi-chain	Gnosis only	Gnosis only	Gnosis only
Order Type	On-chain	On-chain	Off-chain	On-chain
Split Required	Yes	Yes	Yes	Yes
Gas Limit	350k-500k	50M (high)	N/A (off-chain)	500k
Slippage Protection	Built-in	Manual	Quote-based	Manual

Approval Flow Differences

🔵 UniswapSDK (2-Step Permit2 Flow)

Step 1: Token → Permit2
├─ Contract: 0x000000000022D473030F116dDEE9F6B43aC78BA3
├─ Amount: MaxUint256
└─ Function: token.approve(permit2Address, MaxUint256)

Step 2: Permit2 → Universal Router
├─ Contract: 0x66a9893cc07d91d95644aedd05d03f95e1dba8af (Ethereum)
│            0x1095692a6237d83c6a72f3f5efedb9a670c49223 (Gnosis)
├─ Amount: MaxUint160
├─ Expiration: Max (0xffffffffffff)
└─ Function: permit2.approve(token, router, amount, expiration)

Final Swap: Universal Router
└─ Commands: [V3_SWAP_EXACT_IN (0x00), SWEEP (0x04)]

Why 2 steps?

Permit2 acts as a universal approval manager
Reduces approval transactions for frequent traders
Allows batched operations and signature-based approvals

🟠 SushiSwapV3 (1-Step Direct Flow)

Step 1: Token → SushiSwap V3 Router
├─ Contract: 0x592abc3734cd0d458e6e44a2db2992a3d00283a4
├─ Amount: MaxUint256
└─ Function: token.approve(routerAddress, MaxUint256)

Final Swap: V3 Router
└─ Function: router.swap(pool, recipient, zeroForOne, amount, sqrtPriceLimitX96, "0x")

Why 1 step?

Direct approval to router
Simpler flow, less abstraction
Lower gas on first approval

🟢 CoW Swap (1-Step to Relayer)

Step 1: Token → CoW Vault Relayer
├─ Contract: 0xC92E8bdf79f0507f65a392b0ab4667716BFE0110
├─ Amount: MaxUint256
└─ Function: token.approve(vaultRelayerAddress, MaxUint256)

Final Order: Off-chain signed order
├─ API: https://api.cow.fi/xdai/api/v1/quote
└─ Returns: Order ID (not tx hash)

Why off-chain?

MEV protection through batch auctions
No gas for failed orders
Better price execution

🟣 Algebra/Swapr (1-Step Direct Flow)

Step 1: Token → Swapr Router
├─ Contract: 0xffb643e73f280b97809a8b41f7232ab401a04ee1
├─ Amount: MaxUint256
└─ Function: token.approve(routerAddress, MaxUint256)

Final Swap: Algebra Router
└─ Function: router.exactInputSingle(params)

Contract Addresses

🌐 Multi-Chain (UniswapSDK)

Permit2 (Same on all chains)

0x000000000022D473030F116dDEE9F6B43aC78BA3

Universal Router (Chain-specific)

Ethereum (1):  0x66a9893cc07d91d95644aedd05d03f95e1dba8af
Polygon (137): 0x1095692a6237d83c6a72f3f5efedb9a670c49223
Optimism (10): 0xb555edF5dcF85f42cEeF1f3630a52A108E55A654
Arbitrum (42161): 0x4C60051384bd2d3C01bfc845Cf5F4b44bcbE9de5
Gnosis (100): 0x1095692a6237d83c6a72f3f5efedb9a670c49223

🟧 Gnosis Chain Only (All Other Methods)

Core Contracts

Conditional Tokens: 0xCeAfDD6bc0bEF976fdCd1112955828E00543c0Ce
Futarchy Router:    0x7495a583ba85875d59407781b4958ED6e0E1228f
Wrapper Service:    0xc14f5d2B9d6945EF1BA93f8dB20294b90FA5b5b1

Routers

SushiSwap V2 Router: 0xf2614A233c7C3e7f08b1F887Ba133a13f1eb2c55
SushiSwap V3 Router: 0x592abc3734cd0d458e6e44a2db2992a3d00283a4
Swapr/Algebra Router: 0xffb643e73f280b97809a8b41f7232ab401a04ee1
CoW Vault Relayer:   0xC92E8bdf79f0507f65a392b0ab4667716BFE0110
CoW Settlement:      0x9008D19f58AAbD9eD0D60971565AA8510560ab41

Base Tokens

sDAI (Currency): 0xaf204776c7245bF4147c2612BF6e5972Ee483701
GNO (Company):   0x9C58BAcC331c9aa871AFD802DB6379a98e80CEdb
wxDAI:          0xe91D153E0b41518A2Ce8Dd3D7944Fa863463a97d

Wrapped Position Tokens (YES)

YES_sDAI: 0x2301e71f6c6dc4f8d906772f0551e488dd007a99
YES_GNO:  0xb28dbe5cd5168d2d94194eb706eb6bcd81edb04e

Wrapped Position Tokens (NO)

NO_sDAI: 0xb9d258c84589d47d9c4cab20a496255556337111
NO_GNO:  0xad34b43712588fa57d80e76c5c2bcbd274bdb5c0

V3 Pools

YES Pool: 0x9a14d28909f42823ee29847f87a15fb3b6e8aed3 (Fee: 1%)
NO Pool:  0x6E33153115Ab58dab0e0F1E3a2ccda6e67FA5cD7 (Fee: 1%)

Detailed Examples

Example 1: Buy YES Position with UniswapSDK

Initial State

User Balance: 10 sDAI
Target: Buy 5 YES_GNO tokens
Chain: Gnosis (100)

Transaction Sequence

1. Split Collateral

// Contract: Futarchy Router (0x7495a583ba85875d59407781b4958ED6e0E1228f)
await futarchyRouter.splitPosition(
  proposalAddress,
  sdaiAddress, // 0xaf204776c7245bF4147c2612BF6e5972Ee483701
  ethers.utils.parseEther("5") // 5 sDAI
);

// Result: Receive 5 YES_sDAI + 5 NO_sDAI

2a. Approval Step 1: sDAI → Permit2

// Contract: sDAI token
// Spender: Permit2 (0x000000000022D473030F116dDEE9F6B43aC78BA3)
await sdaiContract.approve(
  "0x000000000022D473030F116dDEE9F6B43aC78BA3",
  ethers.constants.MaxUint256
);

// Gas: ~50k
// Only needed once per token

2b. Approval Step 2: Permit2 → Universal Router

// Contract: Permit2
// Spender: Universal Router (0x1095692a6237d83c6a72f3f5efedb9a670c49223)
await permit2Contract.approve(
  sdaiAddress,
  "0x1095692a6237d83c6a72f3f5efedb9a670c49223",
  "0xffffffffffffffffffffffffffffffffffffffff", // MaxUint160
  "0xffffffffffff" // Max expiration
);

// Gas: ~60k
// Only needed once per token

3. Execute Swap

// Contract: Universal Router
const commands = "0x0004"; // V3_SWAP_EXACT_IN + SWEEP
const inputs = [
  // V3 swap params
  abiCoder.encode(
    ['address', 'uint256', 'uint256', 'bytes', 'bool'],
    [
      recipient,
      amountIn, // 5 sDAI
      minAmountOut,
      path, // sDAI → YES_GNO (fee encoded)
      true // payerIsUser
    ]
  ),
  // Sweep params
  abiCoder.encode(
    ['address', 'address', 'uint256'],
    [tokenOut, recipient, minAmountOut]
  )
];

await universalRouter.execute(commands, inputs, deadline);

// Gas: ~350k
// Result: Receive ~5 YES_GNO

Summary

Total Transactions: 3 (or 1 if already approved)
Total Gas: ~460k (first time) or ~350k (subsequent)
Approvals Needed: 2 contracts, but cached indefinitely
Final Holdings: 5 YES_GNO, 5 NO_sDAI, 5 sDAI

Example 2: Same Trade with SushiSwapV3

Transaction Sequence

1. Split Collateral (Identical)

await futarchyRouter.splitPosition(proposalAddress, sdaiAddress, "5 ether");
// Result: Receive 5 YES_sDAI + 5 NO_sDAI

2. Approval: YES_sDAI → SushiSwap V3 Router

// Contract: YES_sDAI token
// Spender: SushiSwap V3 Router (0x592abc3734cd0d458e6e44a2db2992a3d00283a4)
await yesSdaiContract.approve(
  "0x592abc3734cd0d458e6e44a2db2992a3d00283a4",
  ethers.constants.MaxUint256
);

// Gas: ~50k
// Only needed once per token

3. Execute Swap

// Contract: SushiSwap V3 Router
// Pool: YES Pool (0x9a14d28909f42823ee29847f87a15fb3b6e8aed3)

// Determine swap direction
const token0 = await poolContract.token0(); // YES_sDAI
const token1 = await poolContract.token1(); // YES_GNO
const zeroForOne = true; // Swapping token0 → token1

const MIN_SQRT_RATIO = "4295128740";
const sqrtPriceLimitX96 = MIN_SQRT_RATIO; // For zeroForOne = true

await sushiV3Router.swap(
  "0x9a14d28909f42823ee29847f87a15fb3b6e8aed3", // pool
  recipient,
  zeroForOne,
  ethers.utils.parseEther("5"), // amount
  sqrtPriceLimitX96,
  "0x", // empty data
  { gasLimit: 50000000 } // High limit for safety
);

// Gas: ~200-300k (actual usage much lower)
// Result: Receive ~5 YES_GNO

Summary

Total Transactions: 2 (or 1 if already approved)
Total Gas: ~300k (first time) or ~250k (subsequent)
Approvals Needed: 1 contract per token
Final Holdings: 5 YES_GNO, 5 NO_sDAI, 5 sDAI

Example 3: Same Trade with CoW Swap

Transaction Sequence

1. Split Collateral (Identical)

await futarchyRouter.splitPosition(proposalAddress, sdaiAddress, "5 ether");
// Result: Receive 5 YES_sDAI + 5 NO_sDAI

2. Approval: YES_sDAI → CoW Vault Relayer

// Contract: YES_sDAI token
// Spender: CoW Vault Relayer (0xC92E8bdf79f0507f65a392b0ab4667716BFE0110)
await yesSdaiContract.approve(
  "0xC92E8bdf79f0507f65a392b0ab4667716BFE0110",
  ethers.constants.MaxUint256
);

// Gas: ~50k
// Only needed once per token

3. Get Quote from CoW API

// API Call: https://api.cow.fi/xdai/api/v1/quote
const quoteParams = {
  kind: "sell",
  sellToken: "0x2301e71f6c6dc4f8d906772f0551e488dd007a99", // YES_sDAI
  buyToken: "0xb28dbe5cd5168d2d94194eb706eb6bcd81edb04e", // YES_GNO
  sellAmountBeforeFee: "5000000000000000000", // 5 sDAI
  userAddress: recipient,
  validTo: Math.floor(Date.now() / 1000) + 3600,
  receiver: recipient,
  partiallyFillable: false
};

const quoteResponse = await fetch(apiUrl, {
  method: 'POST',
  body: JSON.stringify(quoteParams)
});

// Response includes:
// - buyAmount: Expected output
// - feeAmount: Protocol fee (often 0)
// - validTo: Order expiration

4. Sign and Submit Order

const order = {
  kind: OrderKind.SELL,
  sellToken: quote.sellToken,
  buyToken: quote.buyToken,
  sellAmount: "5000000000000000000",
  buyAmount: quote.buyAmount, // From API
  receiver: recipient,
  validTo: quote.validTo,
  appData: quote.appData,
  feeAmount: "0"
};

// Sign with wallet
const signedOrder = await cowSdk.signOrder(order);

// Submit to API
const orderId = await cowSdk.cowApi.sendOrder({
  order: { ...order, ...signedOrder },
  owner: recipient
});

// NO ON-CHAIN TRANSACTION YET
// Order waits in off-chain orderbook
// Solvers compete to fill it

5. Order Settlement (Happens later)

// Solver executes order in batch auction
// Transaction submitted by solver, not user
// User only pays approval gas
// Settlement happens at CoW Settlement contract
// Final result: Receive ~5 YES_GNO

Summary

Total Transactions: 1 on-chain (approval only)
User Gas Cost: ~50k (approval only)
Settlement Gas: Paid by solver
Execution Time: 1-5 minutes (batch auction)
MEV Protection: Yes
Final Holdings: 5 YES_GNO, 5 NO_sDAI, 5 sDAI

Step-by-Step Flows

🔵 UniswapSDK Complete Flow

flowchart TD
    A[Start: 10 sDAI] --> B[Split 5 sDAI]
    B --> C{Permit2 Approved?}
    C -->|No| D[Approve Token → Permit2]
    C -->|Yes| E{Router Approved?}
    D --> E
    E -->|No| F[Approve Permit2 → Router]
    E -->|Yes| G[Build Swap Commands]
    F --> G
    G --> H[Encode V3_SWAP_EXACT_IN]
    H --> I[Encode SWEEP]
    I --> J[Execute Universal Router]
    J --> K[Receive YES_GNO]

Contract Interactions:

Futarchy Router.splitPosition()
sDAI.approve(Permit2) (once per token)
Permit2.approve(UniversalRouter) (once per token)
UniversalRouter.execute(commands, inputs)

🟠 SushiSwapV3 Complete Flow

flowchart TD
    A[Start: 10 sDAI] --> B[Split 5 sDAI]
    B --> C{Router Approved?}
    C -->|No| D[Approve YES_sDAI → V3 Router]
    C -->|Yes| E[Get Pool Info]
    D --> E
    E --> F[Determine zeroForOne]
    F --> G[Set sqrtPriceLimitX96]
    G --> H[Execute Router.swap]
    H --> I[Receive YES_GNO]

Contract Interactions:

Futarchy Router.splitPosition()
YES_sDAI.approve(SushiV3Router) (once per token)
SushiV3Router.swap(pool, recipient, zeroForOne, amount, ...)

🟢 CoW Swap Complete Flow

flowchart TD
    A[Start: 10 sDAI] --> B[Split 5 sDAI]
    B --> C{Relayer Approved?}
    C -->|No| D[Approve YES_sDAI → Vault Relayer]
    C -->|Yes| E[API: Get Quote]
    D --> E
    E --> F[Sign Order Off-chain]
    F --> G[Submit to CoW API]
    G --> H[Wait in Orderbook]
    H --> I[Solver Matches Order]
    I --> J[Batch Settlement]
    J --> K[Receive YES_GNO]

Contract Interactions:

Futarchy Router.splitPosition()
YES_sDAI.approve(VaultRelayer) (once per token)
(Off-chain: Quote → Sign → Submit)
(Solver executes settlement)

Key Takeaways

When to Use UniswapSDK

✅ Multi-chain support needed ✅ High-frequency trading (Permit2 saves gas long-term) ✅ Complex routing or multi-hop swaps ✅ Need for batched operations

❌ First-time user (2 approvals upfront) ❌ Small one-time trades

When to Use SushiSwapV3

✅ Simple single-hop swaps ✅ Gnosis Chain only ✅ Want direct pool interaction ✅ Lower initial approval overhead

❌ Need MEV protection ❌ Multi-chain requirement

When to Use CoW Swap

✅ Best price execution ✅ MEV protection critical ✅ Large trades ✅ Can wait 1-5 minutes

❌ Need instant execution ❌ Very small trades (solver may not fill)

When to Use Algebra/Swapr

✅ Gnosis Chain liquidity fragmentation ✅ Specific pool preferences ✅ Alternative to SushiSwap pools

❌ Generally superseded by other methods

Gas Cost Comparison

Method	First Trade	Subsequent Trades	Notes
UniswapSDK	~460k gas	~350k gas	2 approvals initially
SushiSwapV3	~300k gas	~250k gas	1 approval per token
CoW Swap	~50k gas	~0 gas	User only pays approval
Algebra	~300k gas	~250k gas	Similar to SushiV3

Error Handling Examples

UniswapSDK Common Errors

// Error: Permit2 approval expired
// Solution: Re-approve Permit2 → Router
await checkPermit2Approval(); // Returns expiration status
if (expired) {
  await approvePermit2ToRouter(tokenAddress, signer);
}

// Error: Insufficient output amount
// Solution: Adjust slippage or check pool liquidity
const minOutput = calculateMinOutput(amountIn, slippageTolerance);

SushiSwapV3 Common Errors

// Error: "Too little received"
// Solution: Increase sqrtPriceLimitX96 tolerance
const sqrtPriceLimitX96 = zeroForOne
  ? MIN_SQRT_RATIO  // More permissive
  : MAX_SQRT_RATIO;

// Error: Wrong swap direction
// Solution: Verify token0/token1 order
const token0 = await pool.token0();
const zeroForOne = tokenIn.toLowerCase() === token0.toLowerCase();

CoW Swap Common Errors

// Error: "InsufficientFee"
// Solution: Quote API calculates fee, ensure feeAmount included
const order = {
  ...quote,
  feeAmount: quote.feeAmount || "0"
};

// Error: Order not filled
// Solution: Wait longer or adjust limit price
// Orders can take 1-5 minutes in batch auctions

Testing Commands

# Test Uniswap SDK swap
npm run test:uniswap-sdk

# Test SushiSwap V3 swap
npm run test:sushiv3

# Test CoW Swap order
npm run test:cowswap

# Interactive swap testing
npm run swap-test

Additional Resources

Last Updated: 2025-10-02

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Swap Implementation Comparison

Table of Contents

Quick Comparison Matrix

Approval Flow Differences

🔵 UniswapSDK (2-Step Permit2 Flow)

🟠 SushiSwapV3 (1-Step Direct Flow)

🟢 CoW Swap (1-Step to Relayer)

🟣 Algebra/Swapr (1-Step Direct Flow)

Contract Addresses

🌐 Multi-Chain (UniswapSDK)

🟧 Gnosis Chain Only (All Other Methods)

Detailed Examples

Example 1: Buy YES Position with UniswapSDK

Initial State

Transaction Sequence

Summary

Example 2: Same Trade with SushiSwapV3

Transaction Sequence

Summary

Example 3: Same Trade with CoW Swap

Transaction Sequence

Summary

Step-by-Step Flows

🔵 UniswapSDK Complete Flow

🟠 SushiSwapV3 Complete Flow

🟢 CoW Swap Complete Flow

Key Takeaways

When to Use UniswapSDK

When to Use SushiSwapV3

When to Use CoW Swap

When to Use Algebra/Swapr

Gas Cost Comparison

Error Handling Examples

UniswapSDK Common Errors

SushiSwapV3 Common Errors

CoW Swap Common Errors

Testing Commands

Additional Resources