Swaps just became 47% cheaper as Skybridge becomes the first BTC bridge to support SegWit.
Last week the Swingby ninja developers silently pushed an update to both the Bitcoin to Ethereum bridge and the Bitcoin to Binance Smart Chain bridge that enables the use of Bitcoins Segregated Witness (SegWit). Instantly, Bitcoin swaps became 47% cheaper due to vast reduction in network fees as a result of using SegWit, which aims to increase block capacity and efficiency.
The integration of Segwit has reduced the overall fees-per-swap, making the Skyrbidge a more attractive opportunity for Bridging Bitcoins (BTC) to BSC or ETH. But not only that, the new update shows that the Swingby tech team is 100% focused on making sure that the Skyrbidge technology is constantly keeping up with new cutting edge developments in the space — Skbridge is the first-ever BTC bridge to implement SegWit.
What is Segregated Witness (SegWit)?
SegWit separates the witness from the list of inputs. The witness contains data required to check transaction validity but is not required to determine transaction effects. Additionally, a new weight parameter is defined, and blocks are allowed to have at most 4 million weight units (WU). Non-witness and pre-segwit witness bytes weigh 4 WU, but each byte of Segwit witness data only weighs 1 WU, allowing blocks that are larger than 1 MB without a hardforking change.
“As hardcore bitcoin fanatic we are extremely proud to be rolling out this update and supporting the uptake of necessary Bitcoin improvments. The Segregated Witness (SegWit) BIP reduces network fees by improving block capacity efficiency and we think that more projects should be working to support this improvement.” Jacob Plaster, Swingby CEO
The existing Bitcoin bridges have recently been breaking record numbers regarding volume — over $3.5M worth of BTC/WBTC have been swapped across the Skybridge in the last 7 days. Not only does this figure show that the growth of the Skybridge is increasing consistently and rapidly but it also shows that SegWit support will save Skybridge users A LOT of money.
The rollout of the update shows that the Swingby team is not only dedicated to building new bridges but also dedicated to improving their exsting core technology. Swingby has always aimed to operate on the cutting edge, our core cryptography (TSS) is straight out of academia and our focus on SegWit certainly fits that mantra.
So what’s next in terms of Bitcoin improvements? Who knows, it might even be lightning network integration ;)