Dev Update September 23rd — CMP, Frost and EIP1559
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?
Yield farming for sbBTC holders
Towards the end of August, we announced a major update to the Swingby yield farming ecosystem rewards page. This update comes in the form of yield farming support for BTC, BTC.B, and WBTC Skybridge liquidity providers (otherwise known as sbBTC holders). This might not sound like much, but actually, under the hood, we’ve built an entirely new rewards mechanic that was designed specifically to help incentivize the Skybridge BTC, WBTC, and BTC.B floats to remain balance.
To understand why this is important, let’s go back to the basics. When Skybridge processes a Bitcoin to WBTC swap, the bitcoin is deposited into an address secured by the Skybridge Metanode network, and when the deposit is detected, the Skybridge Metanodes form a consensus to release the correct amount of WBTC.
The issue is, that if there is not enough WBTC to fulfill the swap, then a bottleneck is formed and swaps need to be paused. The new yield farming contracts help to reduce this issue by providing more APR to yield farmers when the Skybridges floats are balanced.
Check out our official medium article.
Core cryptography — CMP & Frost Implementations
Swaps just got a whole load faster.
At Swingby, we are not only just a bridging protocol but also one of the few contributors to the open-source TSS cryptography library which is currently being used by many high-market-cap crypto projects. We’ve previously helped to develop “one-round signing”, implement Bitcoins BIP32 for derivation path support and now we leveraging the work of the wonderful open source community to implement CMP & Frost into the Skybridge.
CMP (ECDSA) and Frost (EdDSA & Taproot) vastly improve the performance of the underlying cryptography that powers Skybridge. By implementing both CMP and Frost, we have:
- Massively reduced the number of signing rounds required to form a consensus.
- Reduced the amount of overhead.
- Added support for parallel processing, significantly speeding up singing rounds.
EIP-1559 is heree!
The Skybridge just became much more resilient to Ethereum gas spikes.
If you’ve been living under a rock — EIP-1559 is Ethereum’s latest update to their network which implements the concept of a base fee in order to improve the user experience of the chain. EIP-1599 has many benefits, but mainly, it helps to ensure that transactions don’t get stuck in “low-gas purgatory”.
This is great for Skybridge because spikes in Ethereums gas fees have previously caused swap transactions to become stuck for extended periods of time.
The implementation of EIP-1559 required us to change the way that Ethereum transactions were constructed by the network and also perform many tests on the testnet environment.
Yield farming on PancakeSwap
You can now earn extra rewards by farming your Swingby PancakeSwap LP tokens here.
The Swingby token has become much more decentralized. Last year, centralized exchanges were the main choice of Swingby traders, but now the majority of liquidity sits on DeFi platforms and as a DeFi protocol, we love this. So to further help improve our DeFi footprint, we have launched Swingby yield farming rewards for PancakeSwap.
This means that you can now earn extra yield farming APR by staking your SushiSwap, Uniswap, and/or PancakeSwap LP tokens!!
Thanks for reading!
Want to trade Swingby? Check us out on CoinGecko or CoinMarketCap.
Get Rewards! Head over to farm.swingby.network to participate in our yield farming program or earn up to 15% APR by staking on AscendEX or Pool-X.
Skybridge: https://skybridge.info
Yield Farming: https://farm.swingby.network
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