February Skybridge Analytics: over $42,000,000 Swingby is now bonded to Metanodes.
This month the Skybridge has successfully swapped over $3,500,000 worth of Bitcoins and over $42,000,000 worth of Swingby has been locked up and bonded to Metanodes.
Last month, following the launch in December, we published the January Skybridge performance report which highlighted figures that broke our January targets and expectations. This month, in February, we have completely blown those expectations out of the water.
But before we start, what is Swingby?
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. It helps users move Bitcoin, the 1 trillion-dollar market cap digital asset, into the $45B DeFi ecosystem.
Now let’s see some stats!
Average daily volume has increased 3x!!
Last month we predicted that the Skybridge would double its average weekly volume due to the increase in community size and exposure. Well, as predicted, the Skybridge not only doubled its volume, but it tripled it!!
The above chart shows a steady increase of weekly volume from around $670k, in the first week, all the way up to $1.2M in the final week of February. This has netted the Metanodes in the network a cool $14,327 worth of BTC/WBTC rewards, as well as a bonus 52% APR rewarded by the Swingby pre-staking program.
Learn how to run your own Metanode and earn around 60% APR here.
$45M worth of Swingby is now bonded to Metanodes!!
As the Skybridge keeps on increasing its average daily volume, running a Metanode becomes more and more lucrative. This is because more volume processed by the bridge means more network fees are collected and given back to the network participants.
Over the last 30 days, we have seen a significant growth of Swingby tokens bonded to Metanodes which is a huge indicator that more and more people are starting to become aware of this lucrative opportunity.
The above graph shows that we started February with around $5M worth of Swingby tokens bonded to the network, but as we continued into February we saw this value increase by 800% to $45M before the end of the month. This is crazy! Since bonding tokens require them to be time-locked for a minimum of 1-month, currently around 45% of the circulating supply is now locked up. The scarcity created by this is causing a large increase in the Swingby token price.
Do we think that this will continue to increase? Absolutely. Although this figure is far higher than our original expectations, the launch of the Bitcoin to Binance Smart Chain bridge will open up an additional 50 Metanode slots!
All 50 slots are occupied
We have the full 50!!
As predicted last month, we have finished February with all available Metanode slots being occupied. 50 out of 50. We are extremely pleased to have such an amazing community of Swingby superheroes who are willing to participate and secure the Skyrbidge network.
But we’re not done yet! As mentioned before we will be launching the Bitcoin to Binance Smart Chain at the end of this month which will open up an additional 50 slots. If you are thinking about potentially joining team “Metanode operator”, then there has never been a better time than now!