Dev Update Nov 27: You can now use your Swingby on Smart Chain
What has the team been working on?
You can now use your Swingby tokens on Smart Chain!
In September Binance launched their Smart Chain, an Ethereum fork that integrates natively into the BNB ecosystem and provides utility functions such as smart-contracts. Swingby is a BEP2 token and a long time supporter of BNB, so we welcomed this new addition since it enables us to bridge the existing Swingby BEP2 token onto the BEP20 chain and begin taking advantage of the DeFi platforms there.
This week a new BEP20 Swingby token has been issued which is a 1:1 peg to the existing Swingby BEP2 token. No don’t worry, this does not increase the supply. These freshly minted tokens have all been deposited into the “BSC: Token Hub” contract which maintains the peg between the native BNB chain and Smart Chain.
By why is this good? Later on into December, as we approach Chaos-MainNet, we plan to start opening trading on the various decentralized trading platforms available on Smart Chain such as PancakeSwap and BurgerSwap. More info in the form of an official announcement coming soon!
New liquidity pool explorer designs
If you don’t know already, users that participate in the Swingby network by running Metanodes and pooling liquidity can earn as much as 80% APR!
- Pooling liquidity: supplying your BTC or WBTC to the Skybridge to help swaps process frictionlessly. A share of the network fees is provided back to you.
- Running a Metanode: helping to improve the security and robustness of the proof-of-stake network by running an instance of the Skybridge daemon. This will require Swingby tokens as a bond.
To help network participants keep track of their earnings, liquidity, deposits, and withdrawals, we are putting together a sleek explorer that displays all that information in a single place
Wireframes and designs for the new liquidity pool explorer have been completed and dev work has started. We hope to have the sleek app up and running in time for Chaos-MainNet.
Merging together Skybridge code bases
Earlier this month we announced that our first launch will be a Bitcoin to Ethereum bridge and up until this point we have been operating 2 major code branches: Bitcoin to Binance chain and Bitcoin to Ethereum.
This week we have managed to combine the functionality of both bridges into a single working code branch. For the techies out there, this is just general git housekeeping but it will allow us to focus on delivering the Chaos-MainNet and build much quicker.
New website launching!
Earlier in the week, we tweeted a sneak peek of our new website that will be launching next week and it received a lot of attention. We are so excited to be bringing you the new look for Swingby that we have been forming for the past few months.
This website will mark the transition of Swingby changing from a “proof-of-concept” to an actual usable product that brings a tonne of value to the world of DeFi. It focuses a lot more on the use cases of Swingby and shows the world why every single crypto fan should know about Swingby.
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 in early 2021, 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.