Next week, Swingby will launch their BEP20 to ERC20 token bridge allowing Swingby token holders to move their tokens on to Ethereum and back. This news is huge because it opens up a whole world of new DeFi opportunities for the Swingby token. 99% of all DeFi value is locked on Ethereum and now Swingby can be used there.
How does it work?
It operates via a simple mint and burn smart-contract meaning that no tokens will enter circulation. When Swingby BEP20 tokens are deposited into the bridge, they become locked away in a smart-contract and are removed from circulation. Fresh shiny ERC20 Swingby is minted and sent to the depositor. When Swingby ERC20 tokens are deposited into the bridge, they are burned and removed from circulation. An equal portion of the locked BEP20 tokens become unlocked and are sent to the depositor.
A whole world of new opportunities
One of the biggest and best decisions made in the last few months for the Swingby token was the move to the BEP20 ecosystem. Not only did it provide more decentralized trading and earning opportunities for the token, but it replaced Bitmax and Kucoin as our primary market, with daily trading volumes reaching over $10M on some days. As a hardcore DeFi focused project, this was a huge success.
To further increase our presence in the world of decentralized finance, the Swingby BEP20 to ERC20 token bridge will help us to list the Swingby token on the biggest DeFi platforms such as Uniswap and SushiSwap. To help incentivize liquidity, we will be launching both marketing campaigns and a yield farming program.