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Singapore, Singapore, November 9, 2020, // ChainWire //
Swingby is the “warp-speed” protocol for inter-blockchain exchanges. It allows all DeFi users to move assets between blockchains without a trusted party.
Today, Swingby announces the release of its first mainnet network on December 28; will link native Bitcoins to Ethereum via Wrapped BTC (WBTC).
The initial bridge will allow the world’s most liquid digital asset (Bitcoin), currently valued at a market cap of $ 300 billion, to be moved to the Ethereum network to leverage its $ 10b DeFi ecosystem.
“This launch will be crucial for Swingby. After December 28, Swingby will have a fully operational Chaos-Mainnet network that will generate tremendous value for the DeFi world and bring a large number of new users. ” – Yusaku Senga, CEO
Why this great news for DeFi?
December 28th, Swingby will be launched its first Chaos-Mainnet bridge, allowing users to easily move their bitcoins in WBTC to Ethereum without the need for a trusted party. Similarly, the bridge can be used in the opposite direction allowing the WBTC-ERC20 tokens to be moved back to the native BTCs.
What’s so special about it?
- Trustless: Swingby’s Skybridge will be the only way to trustlessly trade BTC in Wrapped Bitcoins (WBTC).
- Simple to use: The Swingby bridge was designed to work with standard transaction types, eliminating the need for complex smart contract calls and allowing the bridge to do so works with any wallet.
- Community Rewards: Users willing to provide liquidity and governance to the Swingby bridge a share of the shares will be awarded for each exchange processed.
Learn about the three main use cases of the Bitcoin to Ethereum bridge.
More news is coming!
Towards the launch December 28, will announce the team some key partnerships with projects that helped provide the Chaos-Mainnet bridge and some additional locations that will provide 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 questions and answers and giveaways for our superhero community.
About Swingby
Swingby Labs was launched in Singapore in 2018 by a group of cryptocurrency enthusiasts who joined forces to create the tools to connect Bitcoin with other blockchains.
Swingby’s protocol, Skybridge, creates trustless bridges between BTC, Ethereum, Binance Chain and other blockchains secured by a network of node groups that perform fast token exchanges using “multi-party computing” and layer 2 technology.
Skybridge allows users to move Bitcoin tokens between Bitcoin, Ethereum and Binance Chain blockchains without relying on a central custodian, opening up a whole world of DeFi features like liquidity pooling and DEX trading with easy-to-use UX.
Swingby plans to launch its Ethereum MainNet on December 28, bringing Bitcoin into an ecosystem that already has $ 10 billion of capital locked in DeFi contracts. Building on interesting partnerships with projects like Elrond, Waves and Kira Protocol, Swingby aims to expand its reach to other chains and projects, adding support where maximum value can be added.
The Skybridge bridge testnet made a transaction over $ 14 billion in testnet BTC capital between the Bitcoin and Binance Chain blockchains, and its decentralized technology has been fully battle tested in high-volume live environments.
Contacts
CEO
- Jacob Plaster
- Swingby
- [email protected]
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