What is Swingby?
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 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?
Bitcoin to Ethereum bridge on TestNet
In the previous update we mentioned that the Bitcoin to Ethereum SkyBridge will be coming to TestNet soon. Later in the SWIP-018 deep dive, we gave an in-depth technical overflow on some of the design process for the new feature.
But before we could deploy it live, some slight adjustments to the explorer were required. Now we can officially announce that it is available for public use on our current TestNet. It’s still a bit rough around the edges, but the team is working flat out to iron out and test some final bugs.
In order to accommodate the new bridge, here are the changes that we had to make to the explorer:
- Aggregate swap history from multiple bridges.
- Forward ‘create swap’ requests to the appropriate bridges.
- Create swap widget: use Blockbook.
- Create swap widget: validate Ethereum addresses.
- Create swap widget: integrate with Metamask.
This marks a huge milestone for Swingby and the dev team continue to be heads down on delivering the project roadmap. Once MainNet is rolled out we expect that the Bitcoin to Ethereum bridge will be the most popular of all.
Improved explorer design
We first mentioned the Swingby redesign in the last dev update where we demoed a teaser screenshot of the new swap widget designs. Since then we have started building these new components as well. Above are a few screenshots of the new explorer designs.
The new explorer will be much better suited than the current explorer to explain the inner workings of the Swingby SkyBridge protocol which are so important for its functionality. For example you’ll clearly see reward payouts, available bridges and also some shared useful analytics like liquidity and volume.
Keep your eyes on twitter for the official rebranding announcement which will show you exactly what has changed and why. We are targeting to release these in Q4.
Node deployment updates
Swingby’s Skybridge has always been an off-chain technology that uses existing blockchains to anchor its state and form a threshold-consensus of which actions to take. As such, the node itself does not have its own chain nor does it need a lot of storage or resources to participate in a network.
This also means that a Skybridge network works as a privacy-protected dark pool — nodes communicate privately between themselves and sensitive information such as a user’s receiving address or which nodes co-signed transactions remains private until the coins land on chain.
In the SWIP-18 deep dive we introduced a simple graphic which demonstrates the required dependencies to run a Swingby Bitcoin to Ethereum Skybridge node:
We’ve realised that we want the process of hosting a Skybridge node to be as simple as possible so all of our community members are able to participate but we’re still connecting into three existing networks.
There are five key components required for a live deployment: a Bitcoin node, a Bitcoin Blockbook indexer, an Ethereum node, an Ethereum Blockbook indexer and the Skybridge node software itself. (At the moment we can rely on Binance-hosted nodes for Binance Chain, so we don’t deploy those.)
So this led us to building a simple telegram deployment bot: it’s an internal tool built with the tried and tested devops technology Ansible that we are making public to help our community members easily deploy Skybridge nodes to any cloud infrastructure (or a bare metal server). We feel that simplicity and easy onboarding really is key here.
The bot will walk you through the process of delegating bond to your node, generating a config, building the source code and running the node. After all of that is done, the bot will continue to provide you with useful insights when Swingby Skybridge node. We hope to integrate some alerts that will inform an admin when nodes are out of sync or if any downtime happens.
We look forward to bringing you into the network!
We are hiring!
Join Swingby! We are growing and building an A-team of engineers. If you’re into marketing 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 email@example.com.