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?
1. Red4sec audited our Skybridge smart contracts
This is huge news for Swingby! Ever since the initial launch of the Skybridge in December 2020, we have been hunting for a reputable firm to officially audit our smart contracts. This proved extremely difficult due to the massive influx of new projects entering the crypto space.
Fast-forwarding a couple of months later, we worked with a team of solidity experts to produce our own internal security audit, which found no major issues. Although this internal audit helped us to improve our security, it did not offer much in the terms of community trust, since it was not published by an accredited auditing firm.
But now it is! Red4Sec, the highly respected cybersecurity specialists, who have worked with the likes of Google, Amazon, Neo, and Kucoin, has officially published an audit report of the Swingby Skybridge smart contracts. Check it out here!
2. Swingby BEP20 to ERC20 bridge
Earlier in May, we launched a Swingby ERC20 bridge that allows you to convert your Swingby BEP20 to ERC20 or vice versa.
It operates via a simple mint and burn smart-contract meaning that no tokens will enter circulation. When Swingby BEP20 tokens are deposited into the bridge, they become locked away in a smart-contract and are removed from circulation. Fresh shiny ERC20 Swingby is minted and sent to the depositor. When Swingby ERC20 tokens are deposited into the bridge, they are burned and removed from circulation. An equal portion of the locked BEP20 tokens become unlocked and are sent to the depositor.
3. Swingby listed on Sushi and Uniswap
Following on from the previous (ERC20 bridge), we further increase the presence of the Swingby token in the world of decentralized finance by listing the Swingby token on the most popular Ethereum AMM’s, Uniswap and Sushiswap.
Uniswap SWINGBY/ETH: https://v2.info.uniswap.org/pair/0x9e79ccaacaaa5dbb6714eea8fdfd6496c9618f40
Sushi SWINGBY/ETH: https://analytics.sushi.com/pairs/0x4a9C7B98C1a92DB0ad33b31B549fb1820FE571FF
4. Taproot support, making swaps even cheaper!
In April Skybridge became the first and only Bitcoin bridge to support Segwit. After the update was pushed, all Bitcoin swaps suddenly became a whopping 47% cheaper, making Skybridge the most affordable way to convert your Bitcoins to WBTC and vice versa.
But what if I told you that we might be able to make them EVEN cheaper??
Well, there is, and that is with Bitcoins latest taproot update — the most anticipated update to the Bitcoin protocol since Segwit. The new Taproot update brings a lot of security and privacy advantages, none of which are too interesting to us, since Swingby’s advanced use of MPC and TSS already covers that. However, Taproot will also bring some much-needed scalability improvements by reducing the block size of each transaction and therefore making each transaction a lot cheaper.
The Swingby dev team aims to ensure that Skybridge remains on the cutting edge of new technology, which is why we have already started taking apart the taproot update and planning how to make it work with the existing bridges.