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.

Want to trade Swingby? Check us out on CoinGecko or CoinMarketCap.

Get Rewards! Stake your Swingby Token to earn up to 30% annualized (34.8% compounded) in rewards, airdropped to your wallet weekly. Use the Staking Portal or BitMax.

TestNet Explorer: bridge-testnet.swingby.network/explorer
Staking Program: https://swingby.network/earn

Telegram: https://swingby.network/telegram
Twitter: https://swingby.network/twitter
Reddit: https://swingby.network/reddit
Discord: https://swingby.network/discord
Github: https://swingby.network/github




The fastest protocol for cross-chain swaps, allowing DeFi users to move assets between blockchains without the need for a trusted party. https://swingby.network

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Community Call #15

What is SiennaSwap?

We collected 500,000 browser fingerprints. Here is what we found.

Solcial — to be free will soon be possible.

XSURGE on the BSC Chain was Attacked by Lightning Loans — A Full Analysis

Overview Of Vulnerability Scanner

Serato DJ Pro ⋆ Auto Replacement

Thank you VoskCoin for featuring PrivacySwap

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Swingby Protocol

Swingby Protocol

The fastest protocol for cross-chain swaps, allowing DeFi users to move assets between blockchains without the need for a trusted party. https://swingby.network

More from Medium

Sushi’s not just for dinne

DeFi Insurance: What You Need to Know

Democratize the Investment Banking: Ondo Finance

PrivacySwap’s Ask the Orb: What are Blockchain use cases