Dev Update Jan 28th: We’ve processed over $550,000 so far!
What is Swingby?
The warp-speed protocol for inter-blockchain swaps, allowing DeFi users to easily move assets between blockchains without the need for a trusted party.
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 has just launched their Ethereum MainNet, bringing Bitcoin to an ecosystem that 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?
We launched Chaos-Mainnet!!!
It’s been a whole month now since the first-ever Bitcoin (BTC) to wrapped Bitcoin (WBTC) trustless bridge went live and we couldn’t be happier with the performance so far. Over the last 30 days, the Skybridge has processed over $574,395.31 of volume.
Although the volume metrics may seem low for now (we are aiming x2 next month), this is still a great milestone because it shows that:
- Running a Skybridge Metanode can be extremely lucrative, even with low volumes. As these figures increase, so will the numberof rewards that each node earns.
- We solve a problem that people want to be solved. Organically, users are coming to the Skybridge to move their Bitcoins (BTC) into DeFi, even with the lack of exposure. This confirms that as we scale up our marketing efforts, we will see significant volume increases.
Stay tuned, we will be posting a full article dedicated to the January performance of the Skybridge on the 1st of February.
Affiliate program
We’ve built an affiliate incentive scheme to rally our superhero community and help us attack our content building strategy. YOU will be rewarded Swingby to help bring volume to the Skybridge.
Simply sign in with your Twitter, generate a unique affiliate code, and spread your affiliate links in as many places as possible (Facebook, Telegram, Medium, Reddit, forums, etc…). If a user clicks on your link, then you will earn 0.25% of their swap volume in Swingby!
Example: Jason and Susan follow your link. Jason swaps $30,000 BTC into WBTC and Susan swaps $10,000 WBTC into BTC. You will receive $100 of Swingby.
Stay tuned, we will be launching the affiliate program next week!
Metanode deployment bot
We’ve finally finished building the Metanode Telegram deployment bot! Your personal Swingby assistant. After the launch of Chaos-MainNet, we received over 80 applications to run a Metanode. Members of the community saw the amount of rewards that each Metanode was earning (> $500 p/m) and wanted a piece of the action.
There are a lot of moving parts within a Metanode — It requires a Bitcoin node, Ethereum node, Bitcoin Blockbook indexer, Ethereum Blockbook indexer, and an Nginx instance. All of this sounds very daunting, so we wanted to create a deployment system that removes all of the complications of setting up the above.
Using the telegram deployment bot, you can set up your entire Metanode completely from Telegram. Just give your bot ssh access to your server and you’re good to go!
Watch our Metanode deployment tutorial series.
We open-sourced our Skybridge smart-contracts and audited them
At Swingby we are huge supports of the open-source culture. The Skybridge has been built on top of many existing open-source libraries and we hope that in the future others will do the same with our code.
To ensure the security of our contracts, we paid to have them audited. View the full report here.
Thanks for reading!
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Github: https://swingby.network/github
