Swingby Partners with Band Protocol for Oracle Services on Skybridge
Swingby’s Skybridge is one of the leading cross-chain protocols enabling users to move capital between blockchains such as Bitcoin, Ethereum, and Binance Chain without the need for a trusted party.
Skybridge opens up a world of DeFi capabilities for functions like cross-chain liquidity pooling and trading with an intuitive, user-friendly experience. Users may also use Skybridge to stake their bitcoins and earn rewards.
Following a thorough investigation of the oracle protocols available in the cryptocurrency space, the Swingby team decided to select Band Protocol’s oracles for its price feeds and proof-of-custody features.
Oracles provided by Band Protocol will help to protect Skybridge through the continuous monitoring of network bonded value and watching for anomalies in asset pricing, adding to the safety of products built on Swingby technology.
Two primary risk management features will be implemented:
- A risk mechanism to prevent over-staking. To keep Swingby secure, the staked value of assets in the protocol must always be inferior or equal to half of the total value of the network bond.
Proof-of-custody oracles from Band Protocol allow anyone to properly assess the value of both bonded assets and the value of staked assets in the protocol, reinforcing the safety of the Skybridge node network.
Both teams are working on optimizing precision and data freshness in updates through price deviation (i.e. 0.5%) and an interval of time.
- A safety mechanism to control for any price differential between bridged assets. If conditions are not meant, the network would be paused if there were a significant price delta inconsistency between two bridged assets. Using price oracles from Band Protocol, it becomes possible to detect any anomaly in the market prices of assets that are meant to be bridged, protecting liquidity providers on Skybridge.
Furthermore, the integration of price oracles from Band Protocol ought to support a wider range of exciting features for DeFi users. For instance, data feeds would contribute to price discovery on the future Swingby Sky Pools, a cross-chain liquidity aggregator for the crypto industry.
Jacob Samuel, Swingby CTO:
“We are delighted to work with Band Protocol by integrating their price oracles onto our set of protocols, both current and future. Band Protocol has proved to be one of the most competent teams in the oracle space, and we are looking forward to opening a new chapter for Swingby by leveraging their technology to make DeFi accessible to new users and platforms.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol:
“Band Protocol is proud to partner and work closely with Swingby Labs, a deeply technical team with a clear product roadmap forward to bring unaddressed assets, starting with Bitcoin, onto Ethereum. Bringing secure price feeds and Proof of Custody oracle to the Skybridge network will be critical in reinforcing robust cross-chain asset swaps while demonstrating the flexibility of Band Protocol oracles to support more than just price data.”
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks.
Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
Swingby is the warp-speed protocol for inter-blockchain swaps, allowing DeFi users to easily move assets between blockchains without the need for a trusted party.
Skybridge, Swingby’s core protocol, establishes trustless bridges between Bitcoin, Ethereum, Binance Chain, and other blockchains. It is secured by a network of node groups that execute fast-token swaps using multi-party computing and threshold signature technology.
Fully battle-tested in live high volume environments with over $14 billion transacted in its recent testnet, Skybridge’s decentralized technology unlocks a new world of DeFi capabilities such as cross-chain liquidity pooling and DEX trading with a friendly user experience.
Swingby will launch its Ethereum Mainnet on December 28th, bringing Bitcoin to an ecosystem that already has more than $10 billion in capital locked up in DeFi contracts. The team plans to complete their integration of Band Protocol oracles into their Bitcoin to Ethereum network in Q1 2021: