I had wanted to use Nash as my primary platform for swapping between BTC and USDC. When I go to Exchange on the app, and use the quick exchange (swap) feature, it presents a price and a fee which I am happy with. Ok great, so all looks good.
But say now I want to exchange 2 BTC for USDC using the quick exchange. As far as I understand it, Nash leverages its exchange to allow for these ‘quick’ trades. In other words fees are kept low because all trades/swaps go through Nash’s own exchange. But taking a look at the exchange volume, depth and spread over the last week, with the 24hr volume for BTC/USDC right now being $54 000 (not even a single bitcoin), where is the liquidity to guarantee the price of my swap? How is there sufficient liquidity for me to make this instant 2 BTC exchange and keep the stated price? If Nash places a market buy for 2 BTC there will potentially be massive slippage. Is the quick exchange a market buy or is there some other mechanism or hidden volume I am unaware of?
So my main question to you is, if I quick exchange 2BTC to USDC on the nash app, will the entire amount execute at the stated exchange price? If so, how is this possible if the exchange is providing the liquidity and it does not have the liquidity to make this trade without massive slippage?
If the fundamental lever of all Nash platform features is the exchange, how can the new market strategy de-prioritise it to such an extent? If the exchange dies, how can the other services survive? What am I missing?
Could someone clarify please. Thanks.