DawnSwap and RetoSwap both run independent Haveno networks for non-custodial Monero trading. This review compares their fees, minimums, security history and current status as of late 2026.
Haveno is an open-source decentralized P2P exchange protocol forked from Bisq and modified to center on Monero as the settlement asset. It enables direct trades between users without accounts or KYC through Tor routing for network privacy, 2-of-3 multisig escrow that locks funds until both parties confirm completion, and a dispute system that routes unresolved cases to arbitrators.
DawnSwap and RetoSwap each run independent instances of this protocol on their own mainnets. Because the networks are separate, offers, order books and liquidity pools are not shared between them; a trader on DawnSwap cannot directly match with counterparties on RetoSwap. Both implementations retain the same core mechanics of Tor routing, multisig escrow and arbitrator resolution, yet they maintain distinct node lists, fee schedules and arbitrator sets. This separation means users must choose one network at wallet setup and cannot move open trades between the two without closing the position first.
DawnSwap launched in mid-2025 under the Dawn Collective as an independent Haveno network instance hosted at dawnswap.com. The deployment focused on reduced barriers for smaller traders while remaining side-by-side compatible with other instances.
Minimum trade size was lowered to 0.02 XMR against the protocol default of 0.1 XMR. Security deposits dropped to 5 percent from the standard 15 percent. Fees settled at 0 percent for makers and 0.4 percent for takers in the v1.2.2a release around February 2026. Arbitrator response targets were set at three days instead of the default six days, per the v1.2.1a update in September 2025.
These parameters appeared in site documentation and release notes through early 2026. On 25 May 2026 the project issued v1.6.0 on GitHub, announcing a complete pause pending third-party audits of the upstream Haveno codebase after multiple security incidents. No further trading or updates have followed.
RetoSwap operates its own public mainnet as the primary active deployment of the Haveno protocol. The site lists more than 19,000 completed swaps as of October 2026.
Fees stand at 0.1% for makers, 0.8% for crypto takers and 2% for fiat takers, applied after an earlier zero-fee phase.
Following the May 20 2026 exploit that affected large crypto-to-crypto trades, RetoSwap raised the minimum client version and blacklisted the attacker address within minutes. Trading paused briefly then resumed once protocol fixes were deployed. One analysis placed losses near 1,890 XMR while contemporaneous reports cited figures around 7,000 XMR.
Client releases continued through October 2026. Version 1.10.0 on October 10 added new UI elements, 24 extra payment methods including M-Pesa, GCash and BLIK, and further security hardening. Version 1.11.0 arrived on October 17 with Tor and additional updates, confirming RetoSwap as the main maintained network.
| Metric | DawnSwap | RetoSwap |
|---|---|---|
| Minimum trade size | 0.02 XMR | 0.1 XMR (default) |
| Security deposit | 5% | 15% (default) |
| Maker fee | 0% | 0.1% |
| Taker fee | 0.4% | 0.8% (crypto) / 2% (fiat) |
| Arbitrator response target | 3 days | 6 days (default) |
| Current status (Oct 2026) | Paused since May 2026 | Active with v1.10.0 and v1.11.0 releases |
| Cumulative swaps | Not reported | 19,000+ (as of Oct 2026) |
The table above uses figures drawn directly from project sites and release notes dated through October 2026. DawnSwap’s lower minimums and faster arbitrator target were set in releases v1.2.1a through v1.2.2a, while RetoSwap retained default Haveno parameters and later introduced tiered taker fees after its zero-fee period. Status entries reflect DawnSwap’s explicit pause announcement on GitHub v1.6.0 and RetoSwap’s continued client updates through October. Cumulative swap counts are available only for RetoSwap via its public site; DawnSwap has not published equivalent data.
Both networks route all peer communication and order-book activity over Tor while settling XMR trades through multisig escrow. This combination conceals counterparty IP addresses and prevents the public ledger from linking specific trades to users. Monero’s native privacy already shields on-chain amounts and destinations, so the protocol adds network-layer protection on top.
Visibility gaps remain. Users who fund or cash out through clearnet exchanges or payment rails expose their identity before entering the Tor-protected session. Arbitrators receive full trade details—including payment method, amounts, and addresses—when a dispute is opened. Node operators who misconfigure Tor or fall back to clearnet connections leak their IP to counterparties or observers. DawnSwap and RetoSwap share the same protocol, so these limits apply equally.
Practical steps reduce exposure on either network. Route all traffic exclusively through the bundled Tor client and verify the circuit before trading. Acquire and dispose of XMR only via non-KYC channels when possible. Run a local Haveno node instead of relying on public seeds. Never reuse payment details across trades, and close disputes promptly to limit arbitrator data retention. Review the client’s Tor logs after each session to confirm no fallback occurred.
DawnSwap sets maker fees at 0% and taker fees at 0.4% according to its v1.2.2a release notes. These rates are lower than RetoSwap’s current structure of 0.1% maker, 0.8% crypto taker and 2% fiat taker.
DawnSwap’s GitHub v1.6.0 release on 25 May 2026 stated the project is paused pending a third-party audit of the Haveno codebase. No further trading or updates have occurred since that announcement.
The 20 May 2026 incident on the Haveno/RetoSwap network produced loss estimates ranging from 1,890 XMR to 7,000 XMR. RetoSwap responded by raising the minimum client version, blacklisting the attacker’s address and later resuming trading after protocol fixes.
RetoSwap’s v1.10.0 release added 24 new payment methods including M-Pesa, GCash and BLIK. Both networks continue to support fiat and cryptocurrency trades against XMR without KYC.
RetoSwap remains the primary live deployment. It has issued updates through October 2026, reports over 19,000 cumulative completed swaps and continues to operate its own mainnet network.
DawnSwap lowered the minimum trade and deposit size to 0.02 XMR and the security deposit to 5%, compared with the default Haveno values of 0.1 XMR and 15%.
