“This launch will be pivotal to Swingby. After December 28th, Swingby will have a fully operational Chaos-Mainnet network which will be generating a tremendous amount of value to the world of DeFi and bringing in a large number of new users” — Yusaku Senga, Founder.
What is Chaos-Mainnet, and why is it so important?
On December 28th, Swingby will be launching its first Chaos-Mainnet bridge, allowing users to easily move their Bitcoins into WBTC on Ethereum without any trusted party. Similarly, the bridge can be used in the opposite direction allowing WBTC-ERC20 tokens to be moved back into native BTCs.
What’s so special about it?
- Trustless: Swingby’s Skybridge will be the only way to trustlessly swap BTC into Wrapped Bitcoin (WBTC).
- Simple to use: The Swingby bridge has been designed to work with standard transaction types removing the need for complex smart contract calls and allowing the bridge to work with any wallet.
- Community rewards: Users willing to provide liquidity and governance to the Swingby bridge will be rewarded a share of the fees for each swap processed.
Once launched, the Chaos-Mainnet Bitcoin bridge will provide three primary use cases:
- Move BTC into Wrapped BTC (WBTC) and vice versa, unlocking a whole range of opportunities within the DeFi ecosystem.
- Pool native BTC or Wrapped BTC to earn rewards. The liquidity provider will receive a share of the rewards whenever a swap is processed by facilitating these cross-chain swaps. The rewards will be paid out in the currency that was pooled. Yes, this means you can actually pool native Bitcoins and receive native Bitcoins as a reward!
- Run a validator node and earn rewards. While validators require a sufficient amount of Swingby tokens to be bonded, these nodes will also receive a share of the rewards whenever a cross-chain swap is processed.
You can help govern our network!
The initial Bitcoin to Ethereum bridge will be deployed with the parameters t=18 n=30, meaning that there will be a total of 30 validator slots available on the network.
Each churning round, the network will re-select the top 30 nodes ranked by the amount of SWINGBY tokens bonded to them and will consider them as validators until the next churning cycle (48hrs).
Although we have sufficient interest from our strategic investors and partners in running validator nodes, we would like the Swingby network to be governed mostly by the Swingby superhero community!
If you wish to run your own validator node, please keep an eye on our Twitter account. Within the next couple of days, the team will be posting a Google Form application for community members to register their interest.
More news is coming!
Leading up to launch on December 28th, the team will be announcing some key partnerships with projects that have helped deliver the Chaos-Mainnet bridge and some additional venues that will be providing liquidity to the SWINGBY token.
To help spread awareness of this event, which will change Swingby forever, the team will be hosting a series of Q&As and giveaways for our superhero community.