January Skybridge Analytics: over $5,000,000 Swingby is now bonded to Metanodes.
This month the Skybridge has successfully swapped over $700,000 worth of Bitcoins and over $5,000,000 worth of Swingby has been locked up and bonded to Metanodes.
At the start of this month, Skybridge was launched and we couldn’t be happier with the performance so far. The daily volume has beaten our estimated targets for the first month of being live and we are seeing extremely high numbers of community members who want to run their Metanodes!
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 $700B market cap digital asset, into the $30B DeFi ecosystem.
Now let’s see some stats!
Average daily has increased dramatically
The above chart shows a steady weekly increase of volume from around $75k, in the first week, all the way up to $300k in the final week of January. This has netted each Metanode in the network a cool $509.77 worth of rewards.
As the Skybridge gains more exposure by being listed on exchange aggregators and DeFi lists, we expect these figures to double by the end of February. Given that we hit our targets, each Metanode will be earning over $1,000 per month on average!!
Swingby is being gobbled up by Metanode operators
As the opportunity for running Metanode becomes more and more lucrative, we are starting to see a large portion of the circulating supply being bought up and bonded to new or existing Skybridge Metanodes. During January, the total amount of bonded Swingby has increased almost 2x to $5,000,000. Whilst writing this article, it has increased further 40% which is not demonstrated in the above chart.
This event is having a very positive effect on the token price whilst also ensuring the security of the Skybridge proof-of-stake network. As the volume of the Skybridge increases, the APR for running a Metanode increases along with it, adding further buy pressure to the token.
More Metanodes are joining in on the fun!
Initially, the network launched with 35 priming nodes, but after the release of our easy-to-use telegram deployment bot, we have seen 3 additional Metanodes join the network.
Although this number sounds low, the deployment bot has only been live for 10 days. Given that our “Register to become a Metanode operator” google form received over 80 applications, we are expecting the total number of Metanode to reach 50 easily within the next few months.