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 launched their Ethereum MainNet and Binance Smart chain MainNet, bringing Bitcoin to ecosystems with over $20b in Bitcoin capital locked up in DeFi contracts. Building on exciting partnerships with projects such as Chainlink, Elrond, band, Waves, and Kira Protocol, Swingby aims to expand its reach to other chains and projects, adding support where the most value can be added.
So what have the devs been up to?
Announced last week, the Swingby team launched a brand new yield farming scheme, encouraging tokens holders to put their Swingby to use by providing liquidity to various AMMs. The rewards APR is variable and changes depending on how much total liquidity has been provided to each AMM, but currently, users can earn a cool 159% APR by enrolling.
As of this moment, Swingby token holders can farm with either Uniswap V2 (159% APR) or SushiSwap (127% APR) liquidity, with more coming soon (see next section).
In terms of development, a large portion of developer time was spent on building the BEP20 to ERC20 bridge which allowed us to list the Swingby token on the popular Ethereum DeFi apps Uniswap and Sushi. Also, our Solidity team had to create a new smart contract that accepted LP token deposits and fairly distributed Swingby across all the depositors. Interacting with DeFi apps can be quite complex, so our frontend team whipped together an attractive UI to help our Swingby superheroes interact with all of the various liquidity pools from one place.
Start yield farming: https://farm.swingby.network/
Pancake Yield Farming
Following on from the above, we plan to provide liquidity farming incentives for PancakeSwap users as soon as possible. Currently, our Solidity team is working hard with external auditors to ensure that our new BSC yield farming contracts are as secure as possible. We hope to have everything operational within the next few weeks.
If you’ve been following Swingby, then Skypools needs no introduction. But just in case you haven’t, we’ll give you one anyway.
Announced in the initial Swingby whitepaper back in 2018 and again back in May when development began, Skypools is Swingby’s Swiss army knife. It utilizes an update to the Skybridge that allows it to construct complex transactions such as smart contract calls. With this feature, Skypools combines the bridging functionality of the Skybridge with existing platforms such as Uniswap, Aave, Pancake, and much more to provide a truly ubiquitous, one-stop-shop, for all of your DeFi needs. Oh yeah, it supports all chains that exist on the Skybridge (including Bitcoin).
We don’t want to bite off more than we can chew, so the initial launch of Skypools will be in the form of a dex aggregator that allows you to swap Bitcoin to any EERC20 or BEP20 token and vice versa.
In terms of development, we are getting very close! The above screenshot IS NOT a cut-out from our design specs, it’s a real web app. Initially, we plan to piggyback the paraswap exchange aggregator until we have built our own, so the majority of developer resources are being spent on building the user interface and updating the Skybridge to be able to interact with smart-contracts. We are still on track to deliver before the end of the year. Stay tuned for future updates!!
Dev Team Hires
We are building the A-team of DeFi engineers. This week we would like to welcome the latest addition to the Swingby Superheros: an enthusiastic security engineer, who would like to remain anonymous, that will help us to maintain a high level of security amongst our various applications.