--- title: What the OPS swap is nav: What it is description: What swap.3adao.org sells, what OPSBTC and OPSSOL are, what the pool price and the NAV mean, and which chains it works on. section: Swap order: 10 --- [swap.3adao.org](https://swap.3adao.org) is a web page where you can buy OPSBTC and OPSSOL, two "OPS" tokens. You can also sell them back. It does not run an exchange of its own. It builds the trade, shows you the numbers, and asks your wallet to sign. 3A DAO's own footer says it plainly: "This website is provided for convenience only." The trade itself is made with someone else. Read [Risks and fees](/swap/risks-and-fees) before you put money in. ## What OPSBTC and OPSSOL are The swap page describes OPS tokens like this: they "track actively managed trading strategies", going long in uptrends and short when momentum turns, decided by a rules-based machine-learning model. The page says they are issued by Optima Financial. - **OPSBTC** follows a Bitcoin strategy. The page names it "Enhanced BTC Perp Momentum". - **OPSSOL** follows a Solana strategy. The page names it "Enhanced SOL Long Short Momentum". For OPSSOL the page does not state an ISIN, a custodian or a start date, and it sends you to optima.financial for the terms. The page lists the tokens whose pool can currently fill a buy. A token whose pool is empty is hidden. A token the page has no description for gets a box that says "This page does not yet carry a description of" that token, with a link to the issuer. The claims about backing, custody and the prospectus come from the issuer. The page puts them under "What backs it" and "Important disclosures", and the page itself adds: "Collateralization, custody and NAV statements describe how the product is structured. They are not a guarantee of price or return." Treat them the same way. Read the issuer's own documents on [optima.financial](https://optima.financial) before you rely on them. ## Where the trade happens Both tokens trade against USDC in a Uniswap v3 pool on Arbitrum One. Your money buys tokens from that pool. There are two ways in, and the page tells you which one you are on. | You pay with | Route | Who you trade with | |---|---|---| | USDC on Arbitrum | Direct. Your wallet swaps against the pool. | The Uniswap pool on Arbitrum | | Any other token or chain the page lists | Cross-chain. You sign one message, then send a deposit. | NEAR Intents, a service run by Aurora, which then swaps in the same pool | The page prints one of these two lines under "From (pay with)": - "You trade directly with the Uniswap pool on Arbitrum … 3A DAO does not hold your funds and is not responsible for the pool or your transactions." - "You trade through NEAR Intents, a third-party service run by Aurora … For a problem with a cross-chain trade, contact Intents support. 3A DAO does not hold your funds and is not responsible for that service." How to do each: [Buy with USDC on Arbitrum](/swap/buy-with-usdc-on-arbitrum) and [Buy from another chain](/swap/buy-from-another-chain). ## Pool price and NAV Two numbers matter, and they are not the same number. - **The pool price** is what the Uniswap pool charges right now. It moves when people trade. - **NAV** is the net asset value of the strategy behind the token. The page shows it as "Value per token" under "What backs the token". The chart is titled "Pool price against strategy value". One line is the pool price and the other is the strategy value. The gap between them is how far the pool sits from NAV. The page says an arbitrage bot trades against any gap to pull the pool back toward NAV. It also says the pool price is not guaranteed to equal NAV, and that a gap "is an arbitrage opportunity, not a guarantee of exit price". If you want to buy at NAV rather than at the pool price, the page points to the Optima app at optima.financial. The page says that route is for KYC-verified users and is not available on the swap. See [Reading the page](/swap/reading-the-page) for every number on screen. ## Proof of reserve The "Proof of reserve" box shows the assets held against the token and a status taken straight from the data feed, for example "fully reserved". It also shows how much of the token's liabilities the assets cover and the surplus or shortfall. The status is strict. The page warns that it "flags a shortfall in at least one sub-account, however small", even when the whole book is covered. The box also shows the account so you can look at it yourself. Proof of reserve describes the strategy's assets. It says nothing about the pool, and it does not remove the risks on the [risks page](/swap/risks-and-fees). ## Which chains - **Arbitrum One** is where the tokens and the pool live. Buying with USDC here is the direct route. - **Other chains** are available only through NEAR Intents, and only for the chains and tokens the page lists at the moment you look. The list changes. See [Before you start](/swap/before-you-start). The page shows prices and the chart with no wallet connected. You need a wallet only to review and buy.