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 plans to launch its Ethereum MainNet soon, 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 first introduced the concept of our new swap widget in the October 15th Dev Update, at this point in time, the swap widget was purely just wireframe designs. Since then, we have been busy building out our component libraries and putting together the early-stage versions of the widget.
This animation shows the banner widget working on a mobile device, a unique UX problem that we managed to solve with a horizontal coin selector.
For the Chaos-MainNnet launch, there will be 3 different widget designs: large, medium, and banner. Website and app owners will be able to embed these widgets directly into their platforms and provide cross-chain swaps from directly within their UI.
Designs for all 3 of these widgets will be displayed and announced in an upcoming article!
The New Explorer
We’ve decided to give our explorer a fresh new look which will help to present and facilitate the technology that is powering the Skybridge network.
The goal for the new explorer is to give a more in-depth overview of the network and to display internal components such as volume, capacity, and the number of online nodes.
Once the finished product has been pushed to production, our users should be able to quickly comprehend the performance of the network at a glance.
Skybridge nodes transition through several states while they are active. During the setup phase of the network, the nodes start in “KeyGen” state. Once this is completed the nodes will begin switching between “Discovery”, “SignGen”, and “ReShare” as they continue to process swaps and churn in new nodes.
The Skybridge network forms a deterministic state machine, meaning that all nodes in the network are required to produce the exact same results at the same time in order to form a consensus. This also means that all the nodes on the network need to all enter into the same states at the same time.
Initially, we decided to use a time-based epoch system in order to keep the nodes in sync. A Unix timestamp was converted into minutes and each minute represented a different state. In the last few weeks, the team has been working on changing this synchronization method to use Ethereum block heights instead. For example, the Chaos-MainNet Bitcoin to Ethereum bridge will synchronize all nodes in the network based on the current block height of the Ethereum chain. This will work better since we can more easily scale the speed of the state transitions depending on the connected blockchains and their block speeds.
We would like to welcome our latest addition to the Swingby superhero team, Gus! Gus is a senior blockchain engineer with over 25 years of experience. His cryptography expertise will allow us to expand our threshold signature libraries to include an implementation of MuSig2 in Go.