Swaap
Entrepreneur First '22Paris, FR · Founded 2022 · 1 known investors
Swaap operates an automated market maker built to limit impermanent loss for DeFi liquidity providers. It combines on-chain market data with quantitative pricing models to set trading parameters. The result is intended to give liquidity providers market-neutral returns and traders access to larger pools.
Also known as APESU · Swaap Finance · SWAAP FINANCE · Swaap Labs
Founders & leadership
Swaap was founded in 2022 by Cyrille Pastour and David Bouba.
Investors · 1
Company profile
researched Aug 2026Swaap (legal entity APESU, trading as Swaap Finance / Swaap Labs) is a Paris-region decentralized finance project that builds and operates onchain trading systems. Its public documentation presents two main product lines: Swaap Maker, a Request-for-Quote (RfQ) API through which integrators can access the protocol's liquidity, and Swaap Lend, lending markets where users supply crypto assets to earn yield, described as available on the Euler and Pwn platforms.
The protocol is positioned as a next-generation market-making protocol that aims to deliver higher returns to liquidity providers by using market-making models developed with mathematicians, combining price oracles with a dynamic spread mechanism. One directory characterizes Swaap as a non-custodial protocol enabling onchain yield generation. The company maintains public GitHub repositories and a Twitter presence for protocol updates.
Founding story
Cofounder David Bouba, who holds a master's degree in mathematics from Université PSL and previously served as Head of Research & Engineering at Unissey, was a Founder in Residence at Entrepreneur First in April–May 2021 before starting as Co-CEO and founder of Swaap Labs in June 2021.
Business model
Swaap operates a non-custodial onchain protocol rather than a custodial service: liquidity providers supply crypto assets to the protocol's pools and lending markets to earn yield, while trading counterparties access that liquidity through an RfQ integration API. Directory data classifies the company as B2B, delivered via web platform and services.
Not described in the available sources beyond the protocol's yield-generating and liquidity-provision mechanics.
Traction
Publicly verifiable traction is limited: the protocol's documentation shows live products (Swaap Maker RfQ API and Swaap Lend markets on Euler and Pwn), a French startup directory reports a headcount band of 11 to 50 and cumulative funds raised of EUR 4.1 million, and a crypto fundraising tracker lists Swaap on 46 watchlists. No user, volume or TVL figures appear in the sources.
Latest developments
The current documentation site presents Swaap as operating onchain trading systems with an RfQ integration path (Swaap Maker) and lending markets (Swaap Lend) live on Euler and Pwn.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
A small French DeFi protocol in the decentralized market-making and onchain yield segment; a French startup directory scores sector competition at 10 versus a national average of 4.8, indicating a crowded sector.
The stated differentiator is a market-making design built with mathematicians that pairs oracle-based pricing with a dynamic spread, intended to produce durable, real yield for liquidity providers rather than relying on conventional constant-function AMM pricing.
Technology
Swaap's market-making approach combines price oracles with a dynamic spread, based on market-making models developed in collaboration with mathematicians, with the stated aim of producing sustainable returns for liquidity providers. Products are delivered as onchain smart-contract systems plus an RfQ quoting API, with lending markets deployed on the Euler and Pwn platforms. The company's website stack includes Next.js, React, Segment analytics, and hosting via Netlify, Amazon, and Google Cloud.
Go-to-market
Distribution is through developer-facing integration (public documentation, RfQ API and GitHub repositories) and through deployment of its lending markets on third-party protocols such as Euler and Pwn, supplemented by community communication on Twitter.
Crypto liquidity providers and yield seekers supplying assets to Swaap pools and lending markets, and trading venues, aggregators or market participants integrating the Swaap Maker RfQ API for liquidity.
Geography
Registered in the Île-de-France region of France, with an address at 5 Avenue du Général de Gaulle, 94160 Saint-Mandé (Val-de-Marne); products are distributed globally as onchain protocols.
History
Directory records show the French legal entity APESU (SIRET 90530032300011, société par actions simplifiée, NAF code 6209Z) associated with a creation year of 2021 and a capital change recorded in the BODACC in May 2023. Cofounder David Bouba is listed as leading the company since June 2021, following a two-month stint as Founder in Residence at Entrepreneur First in spring 2021. A crypto fundraising tracker lists a seed round dated 19 April 2023.
Risks & controversies
Funding data across sources is inconsistent and partly unreliable: a French directory reports EUR 4.1 million raised and a 2021 creation year, while a crypto fundraising tracker lists a seed round of only $100 at a $50,000 valuation with investor names gated behind registration. Sector competition is reported as high relative to the French average.
Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 2
launches, deals, and filingsSwaap's documentation lists Swaap Lend markets, where users supply crypto to earn yield, as available on the Euler and Pwn platforms, alongside the Swaap Maker RfQ API for liquidity integration.
A crypto fundraising tracker lists a Swaap seed round dated 19 April 2023; the listed amount ($100) and valuation ($50K) appear to be placeholder or gated data.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 7
primary sources listed
- Hello from Swaap | Swaapdocs.swaap.finance · web
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Swaap do?
- French DeFi protocol building onchain trading systems, including an RfQ market-making API and lending markets.
- Who founded Swaap?
- Swaap was founded by Cyrille Pastour, David Bouba in 2022.
- Who are Swaap's investors?
- Swaap's investors include Entrepreneur First.
- Where is Swaap headquartered?
- Swaap is headquartered in Paris, FR.