Swingby November Updates & Testnet Launch

This article first appeared on Swingby’s Substack.

Hi Swingby community,

With every passing week, we are getting closer to the end of 2021 and our SkyPools Testnet launch. Today, we’ll be sharing more exciting updates from the development team in November, as well as things to look out for in December.

December has always been an exciting month for us at Swingby. Last year, we launched SkyBridge in December. This year will be no different, so we can’t wait to share the news with you!

Swap volumes: 200 BTCs in November 2021 📈

From January to November, BTC swap volumes are now at 2,500 (approximately $125M at current price). This means that in November alone, Skybridge helped users swap 500 BTCs worth of assets between BTC and WBTC.

During the last week of November, we also saw an ATH in weekly swap volumes, reaching $12.7M USD.

As mentioned in our previous articles, Skybridge plays an important role in facilitating SkyPools swaps, so seeing this lift in volumes makes us really excited.

BTC Liquidity Provision Rewards: 25% Boost incoming 💰

As a recap, to create optimal liquidity when doing SkyPool swaps between BTC and ERC-20 tokens, we need to increase Bitcoin liquidity provided on Skybridge. To incentivise BTC liquidity sustainably, we announced that we will be reducing Metanode staking rewards to 30% and increasing BTC liquidity provision rewards when Testnet goes live.

Today, we have more details to share on the increase in BTC liquidity provision rewards. After much discussion and planning, we will be increasing the rewards for BTC liquidity providers by 25%.

The increase in BTC liquidity provision rewards and reduction in Metanode staking rewards will take place when the Testnet launches. We will release a Tweet 1 week before the changes happen, so do look out for it!

Meanwhile, if you’re a BTC hodler, you can start providing BTC liquidity and earn 33% APR on your Bitcoins!

November Dev Updates 🛠

In November, the developers have been working on the final updates for SkyPools’ testnet launch, more specifically:

  • SkyPools Smart Contracts are deployed on Ropsten
  • SkyPools frontend interface integrated with Smart Contracts
  • SkyPools undergoing QA
  • DAO contracts (based on Barnbridge’s governance) are deployed to Testnet for initial exploration

SkyPools Testnet coming on 17 December 🚀

Given the above progress, we are happy to announce that SkyPools Testnet will be coming to you by 17 December. All SkyPools contracts will be deployed onto Ropsten Testnet and made available for testing. With this deployment, you will be able to swap from native BTC into ERC-20 tokens (and vice versa) using Testnet tokens.

To test SkyPools more rigorously and comprehensively, we need your help to test SkyPools. In exchange for your help, we’ll be running giveaways and campaigns, so that you can win more $SWINGBY tokens from us.

More news will be coming soon on the giveaway shortly, so do give us some time in December if you want to win some $SWINGBY tokens!

November’s done, join us for an amazing December!

The fastest protocol for cross-chain swaps, allowing DeFi users to move assets between blockchains without the need for a trusted party. https://swingby.network