Fortnightly Dev Update
What is Swingby?
Swingby is a staking powered protocol for warp speed bridging of DeFi assets and aggregating liquidity.
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 which 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.
What has the team been working on?
Ethereum launching on TestNet!!
The team has been working exceptionally hard on integrating the Ethereum blockchain and is happy to announce that the new feature shall be making an appearance on a live testnet next week!
So why is this such big news? We will be able to bring Bitcoin, the most liquid cryptocurrency in the world, to the Ethereum ecosystem allowing for DApps such as DEX’s and lending protocol to utilise the godfather digital asset. Currently there is no trustless way to do this and even with the existing ‘decentralised’ solutions, it requires a complex smart contract or 3rd party interaction. With Swingby, users will be able to simply send their native Bitcoins to a trustless multi-signature address managed by the network of nodes in return for pegged ERC20 Bitcoin tokens.
The interaction will look something like this when a user wants to swap BTC to BTC on Ethereum.
- User inputs their BTC refund address and ETH destination address.
- The system creates a swap request in the distributed “KV store” shared trustlessly between the nodes.
- User sends their BTC to the Swingby network address (displayed in UI).
- Swingby validator nodes form a consensus and multi-sign an outbound BTC on Ethereum transaction to send them to the user’s receiving address.
- User now has BTC on Ethereum ERC20 tokens on the Ethereum chain.
There are a few minor UI changes that need to be made to the Swingby explorer and deploy pipelines in order to bring this new feature to the public testnet but we aim to have it live next week.
Keep your eye on our Twitter for the next “SWIP Deep Dive” article which will explain how we integrate Ethereum from a technical perspective.
Giving Swingby a fresh new look
With ChaosNet coming soon and all of the amazing partnerships we thought that it would be a great time to make the main swingby.network homepage more “user experience” focused.
The goal of the new design is to really show off Skybridge’s core features: Swapping and Staking, while remaining a great place to find useful and informative material on how the protocol works.
The new website will have dedicated pages for developer related content and also encourage any new visitors to come and join our Discord channel.
We will officially announce the new designs soon so make sure you follow our twitter!
Testnet competition completed
As mentioned on our Twitter, last week we completed the “Testnet Twitter Competition” which paid out a total of 28,888 Swingby tokens to over 27 different winners! To enter the competition, the participants simply had to perform a BTC -> BTC.B (Binance chain) swap and tweet a reference link to the explorer from their own Twitter account.
What was the point of the competition? Firstly, the amount of volume generated from the competition (equivalent to more than $6.5m in asset value) helped the team to debug any potential issues on the network that may have been faced in the subsequent network launches and iron out any user experience complexities within the interface. Secondly, these competitions are a great way to include our community members more since it encourages them to actually use the product and get themselves familiar with it.
We Are Hiring
Join Swingby! We are growing rapidly and building the A-team of DeFi engineers. If you’re a blockchain engineer then please apply here. If you’re skilled in another way but still think you can help out the project, then please email the team at firstname.lastname@example.org.
Thanks for reading!