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Skybridge has been live since the successful release of the Chaos-MainNet on December 28th.

What does it mean? Users have started to swap their BTC to WBTC back and forth, metanodes have been running smoothly. They have been collecting network fees that are shared with liquidity providers who deposited BTC or WBTC to any side of the bridge.

We are only getting started!

Maybe you still wonder why Skybridge should be used. We’ve got you covered! This short article introduces three reasons why Skybridge has become the easiest way to transfer your bitcoins in the DeFi ecosystem on Ethereum.

1. One transaction is all it takes ↪️

Skybridge makes cross-chain interactions very simple. …

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Ever wanted to convert your WBTC to Bitcoin without paying crazy high fees and losing custody of your precious tokens? Don’t worry, we’ve got you covered. With the Skybridge WBTC to BTC bridge, it’s an absolute breeze, you can do it in just 3 steps.

Head to this widget to use our simple user interface.

What is Skybridge?

On December 28th, Swingby launched Skybridge, a decentralized proof-of-stake network that allows digital assets to move across chains without the need for a central custodian.

This new development will completely change the world of DeFi (decentralized finance) because, for the first time, DeFi users can convert their wrapped Bitcoins (WBTC) into native Bitcoins (BTC) without providing KYC information or having to trust a central entity. …

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Note: This audit was conducted by an external anonymous smart contract auditor, so the report has been categorized as “internal”. This article summarizes the full report which can be found here.

Scope

The scope of the audit is limited to the SwapContract.sol at this commit. Code of the Skybridge nodes are not included in the scope of this audit.

Summary of Findings

In performing a security audit of the Skybridge SwapContract, several issues of concern were found. For each finding, a summary of the issue is documented, along with any other finer details regarding the issue. Security recommendations are also provided where applicable.The table below shows a breakdown of security findings found categorized by severity or risk and impact. …

Full video: https://www.youtube.com/watch?v=9N4FAV96x1g

In this Q&A session Jacob answers the questions:
1. What is the importance of the Swingby community?
2. What are your future plans after the Chaos MainNet launch?
3. How much volume of BTC/WBTC are you predicting/expecting?
4. Security is a major issue in decentralized finance, how could you ensure that Skybridge will be safe?
5. How does Swingby achieve value capture and long-term value addition?
6. How unique is the technology employed by the Swingby cross-chain swapping?
7. What are the main use cases of Skybridge and what do you think the majority of volume will be sourced from?
8. Besides scalability, the gas fee is another issue for blockchain, does Swingby have a solution for gas?
9. Will you talk to Link for oracles?
10. Who earns more APY, the people pooling liquidity or the people running the Metanode?
11. How many Swingby tokens are required to run a Metanode?
12. Why did you choose to be on two blockchains at the same time?
13. What controls are put in place to protect the $WINGBY tokens being bonded by Metanode during Chaosnet especially when the network is not yet security audited?
14. When can we expect the next bridge?
15. …

Discover how fees are paid in the network with our deep dive into SWIP-020.

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Swingby’s Skybridge network consists of clusters of nodes that use threshold signature cryptography (“TSS”) to form gas-optimized multi-signature wallets that offer token swaps across blockchains.

As announced previously, our ChaosNet MainNet was set to launch December 28th and bridge BTC to Ethereum through WBTC. After a very successful rollout, the team have recently announced that the first Skybridge is now live and had signed the first EVER trustless swap from BTC to WBTC (and back).

With the launch of the network, a new ERC20 token named “Swingby BTC LP Token (sbBTC)” came along with it. But what is it and what is it used for? Don’t worry, we’ve got you covered. …

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Tomorrow will be a huge day for Swingby. The protocol that we have been building for the last few years will finally launch. If you’re following our updates live, here is a list of steps that we have to perform before we can finally start using the bridge with real crypto funds:

Step 1: Network Rollout

We’ve received many applications from people who want to run metanodes, and every single one of you will have the chance to do so, provided that you meet the requirements.

We have realized that it will be challenging to coordinate the rollout with all 60+ applicants on the day since there is such a varied level of knowledge, experience, and hardware configuration. …

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Swingby, the cross-chain swapping protocol, partners with Bluzelle to further improve the risk management mechanics built into their new Bitcoin to Ethereum bridge launching December 28th.

Swingby’s Skybridge is a decentralized protocol for moving assets between blockchains like the Bitcoin network, Ethereum, and Binance Chain. On December 28th, the first bridge will go live to allow BTC holders to effortlessly move their bitcoins onto Ethereum through WBTC and vice versa. This highly anticipated launch will make DeFi far more accessible and bridge in a trustless way the $350b market cap asset into the $14.5b DeFi ecosystem.

In late November, the team published its SWIP-019 proposal, which explains in detail how oracle services will be used to ensure the security of the Skybridge network. This article defined two key risks and explained how data from an oracle service, such as Band or Bluzelle, could be used in a set of safety mechanisms to prevent against…

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100,000,000 Swingby tokens will be burned forever, reducing the total supply from 1 billion to 900 million. That depends on you!

To improve the Swingby token’s governance mechanism, 10% of the total supply will be burnt following the launch of our Chaos-MainNet bridge on December 28th.

This bridge will allow BTC, the world’s most valuable digital asset, to move across blockchains; the first version will bridge Bitcoin to Ethereum through Wrapped Bitcoins (“WBTC”).

Finally! BTC holders will be able to use their bitcoins in the $14.5b DeFi ecosystem and make use of the various decentralized lending, borrowing, and trading platforms.

Do you think DeFi is popular now? …

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I can’t wait to start working with this incredibly talented team to continue building out the Swingby protocol. Chaos-MainNet will be launching on December the 28th and it will change the world of DeFi forever.

Things are seriously starting to heat up as Swingby approaches their December 28th launch, which will bridge Bitcoin to Ethereum via WBTC, and there is no one better than Jacob to make sure it lands a home run.

Swingby Labs was formed in 2018, created by a group of passionate crypto enthusiasts joining forces to make tools that connect Bitcoin with other blockchains.

Swingby’s latest protocol, Skybridge, builds trustless bridges between BTC, Ethereum, Binance Chain and, other blockchains secured by a network of node groups that execute fast cross-chain swaps with ‘threshold signatures’ and ‘multi-party computing’ technology. …

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What has the team been working on?

You can now use your Swingby tokens on Smart Chain!

In September Binance launched their Smart Chain, an Ethereum fork that integrates natively into the BNB ecosystem and provides utility functions such as smart-contracts. Swingby is a BEP2 token and a long time supporter of BNB, so we welcomed this new addition since it enables us to bridge the existing Swingby BEP2 token onto the BEP20 chain and begin taking advantage of the DeFi platforms there.

This week a new BEP20 Swingby token has been issued which is a 1:1 peg to the existing Swingby BEP2 token. No don’t worry, this does not increase the supply. …

About

Swingby Protocol

The fastest protocol for cross-chain swaps, allowing DeFi users to move assets between blockchains without the need for a trusted party. https://swingby.network

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