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 analyzed February Skybridge performance
We are constantly collecting data from Skybridge to analyze its performance and ensure that all of the KPIs meet our targets. Last week we published our “February performance report” which explains how we have not only beat our targets, but we have completely smashed them.
Average daily volume has increased by 3x, over $45M worth of Swingby is now bonded to the network and we have all 50 Metanodes live. But, let’s not go into the details too much here, we recommend that you head over and take a look at the article here.
New Metanode explorer page
As well as focusing on the major releases such as the Binance Smart Chain bridge, we also want to make sure that we improve our existing tools and technology for our community. For this reason, we have spent the last month creating designs and coding up a brand new page to replace the current skybridge.info/metanodes.
The new page will display useful graphics such as “Bond to liquidity ratio”, “Liquidity ratios”, total network bond, and much more. These will help to give an accurate overview of the network at a glance. As well as nice flashy graphics, the new page will include a much more data-enriched list of Metanodes that are relevant to each bridge. The list will display churned-in Metanodes, as well as Metanodes that are about to churn-out and Metanodes that have churned out, giving a reason for why.
We are planning to launch this into production very soon (within the next 2 weeks) and hope that it will help to answer the age-old questions of “Why has my node churned-out” and “When will my node churn-in?”.
Bitcoin to Binance Smart Chain bridge
We’ve made tonnes of progress here over the last few weeks. One major task that we have completed was to create custom code for Blockbook Ethereum indexer for it to work on the Binance Smart Chain. We also encountered an issue with decimal precision, the BTCB token on the Binance chain uses 18 decimals whereas native Bitcoins famously only have 8 decimals of precision. This has now been solved.
The rollout of the Bitcoin to Binance Smart Chain bridge will be very similar to the rollout of the Bitcoin to Ethereum bridge. First, close partners to Swingby will host the initial 35 priming metanodes. Once the live bridge has been tested and monitored for at least 4 days, an update to the telegram deployment bot will be pushed which will allow the community to begin setting up their Metanodes and to join the new network.
If you would like to run a Metanode on the Bitcoin to BSC bridge then please join the metanode-operators channel in our discord.
Improvements to the core cryptography
As mentioned last year in our August dev update, we are the only protocol out there using GG20 and 1 round signing, which is the latest cutting-edge research in TSS cryptography. This technology helps us to scale the Skybridge to be able to process a large volume of swaps and settle them almost instantly.
Over the last few months, we have seen the Skybridge network of Metanodes increase from 35 to over 65 members. Although our core cryptography is working perfectly, the introduction of new nodes that may have issues such as high latency or insufficient hardware resources has caused a bit of instability. in the network.
To solve this issue we have made multiple large improvements to our core TSS technology, such as the ability to identify and temporarily block Metanodes that are having issues, and various efficiency optimizations. Now, signing rounds are more stable and the underlying process is 5x more efficient.
This is a good example of, every single day that goes by, the Skybridge network becomes more stable and more capable!