What is Swingby Protocol (SWINGBY) | What is Swingby Protocol token | What is SWINGBY token
Swingby is a decentralized cross-chain swap protocol for moving assets between blockchains. It builds trustless bridges between BTC, Ethereum, Binance Chain and other blockchains secured by a network of node groups that facilitates fast inter-blockchain swaps based on Threshold Signature Cryptography (TSS) and Multi-Party Computing (MPC) technology.
Bridge to DeFi in 3 steps:
Book a swap
Using our simple widget, select the coin that you would like to swap from and to. Once you have entered in your destination address, press “Swap”.
Send tokens
Next, the widget will request for a specific amount of coins to be sent to a displayed address. The requested amount is slightly less since it has a POW element applied to it.
Complete!
Once the requested coins have been sent and confirmed, Skybridge Metanodes will form a consensus and deliver your new coins to your destination address.
What is Swingby?
Swingby is a staking powered protocol for warp speed bridging of DeFi assets and aggregating liquidity.
Swingby’s bridge protocol, Skybridge, builds trustless bridges between BTC, Ethereum, Binance Chain and other blockchains secured by a network of node groups that execute fast token swaps using ‘multi-party computing’ and layer 2 technology.
Skybridge allows users to move Bitcoin tokens between the Bitcoin, Ethereum and Binance Chain blockchains without relying on a central custodian, opening up a whole world of DeFi capabilities such as liquidity pooling and DEX trading with easy to use UX.
Swingby plans to launch its Ethereum MainNet in early 2021, bringing Bitcoin to an ecosystem which already has $750MM in Bitcoin capital locked up in DeFi contracts. Building on exciting partnerships with projects such as Elrond, Waves and Kira Protocol, Swingby aims to expand its reach to other chains and projects, adding support where the most value can be added.
What has the team been working on?
Poloniex <> Swingby AMA with our CTO
Last week our CTO, Jacob Samuel, was invited by the Poloniex team to host an AMA and discuss the Swingby protocol. The video can be found on YouTube and we recommend all readers to go over and watch it since Jacob does such a great job of breaking down Swingby into easily understandable chunks.
The session begins with an in depth introduction to Swingby, highlighting how we benefit the DeFi ecosystem and explaining the reasons why people should use the protocol to truslessly swap between pegged tokens.
Further on into the conversation, Jacob highlights the key differences between the Swingby protocol and our competitors, before eventually moving on to complete the AMA by detailing key up and coming focus points for the team.
Pre-Staking System Changes
If you haven’t been living under a rock for the past week, you might have noticed that Swingby’s pre-staking rewards APR has increased from 67% to a whopping 117% compounded. The on-chain and Bitmax supported pre-staking promotion is a thank you message to our loyal stakers who have stuck with the project through thick and thin. We are so grateful to have a community full of Swingby superheroes!
Since the last update our devs have been hard at work updating the payout service to allow for temporary promotions such as this. Now, the services can be initiated with a config that defines key variables such as ‘weekly_apr’. Although the changes seem quite minimal, the payout service actions weekly transactions of over 200k Swingby tokens and for this reason all code changes need to be seriously tested.
Pre-staking is how the project distributes the Swingby Token, used for bonding to secure the full nodes, to participate in ChaosNet and MainNet bridge networks. Watch this space for news about upcoming network launches!
Time Lock Pre-Staking
As mentioned previously in the previous dev update, where we had just begun development of a new BEP time locking tool, we are now done! Once we have rolled-out MainNet the tool will make it much easier for future Swingby node operators to delegate the required stake in order to operate a full node.
We want to start encouraging our community to use this tool now, so everyone is familiar with how it works once we are ready to go live with MainNet. To do this, in the next couple of weeks, we will be launching an additional pre-staking system which will reward users that have time locked their Swingby Tokens on a 90 day basis.
Keep your eye on our twitter for the official announcement!
Full-Node Staking via BEP20 and ERC900
The Swingby Token will become a BEP20 token deployed on the new Binance Smart Chain.
Following the first mention of staking improvements for Smart Chain in the previous dev update, the team has added ERC900 staking functionality to the contracts to support upcoming full-node bonding on Binance Smart Chain.
Check out the new BEP20 contracts and the shiny new ERC900 functionality for the Swingby Token on our GitHub here.
Stakeborg Strategic Investment
On Monday, Stakeborg, a large European staking service provider and venture capital firm, announced a six figure investment in Swingby Labs. You can read the full article here.
With plans to support the Swingby node network infrastructure on their platform, Stakeborg will be a great addition to the quickly growing list of official staking service providers, alongside BNB48, who will lead the charge when Swingby starts rolling out its ChaosNet and MainNet in the near future.
The dev team has, and will, continue to work closely with the official staking service providers to ensure that the roll-out to ChaosNet will go as smoothly as possible. To do this, the team has been adding to their developer documentation and reworking the node daemon to be easily deployable on a vast range of different machine types.
We Are Hiring
Join Swingby! We are growing rapidly and building the A-team of DeFi engineers. If you’re a blockchain engineer then please apply here. If you’re skilled in another way but still think you can help out the project, then please email the team at careers@swingby.network.
Participate in our TestNet competition! We would really appreciate your help and in return you will be in for a chance to receive 1,000 Swingby Tokens.
Would you like to earn SWINGBY right now! ☞ CLICK HERE
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