Swingby Partners With Band Protocol To Secure the Skybridge Cross-Chain Asset Protocol on Mainnet
Swingby, the development team behind a leading cross-chain protocol enabling users to move Bitcoin between multiple blockchains in a permissionless manner, has decided to integrate Band Protocol oracles to secure the upcoming launch of Skybridge on Mainnet. Band Protocol will be responsible for providing real-time price feeds for SWINGBY token and all supported bridged assets such as BTC, WBTC, tBTC, renBTC. In addition, custom Proof of Custody oracle scripts created by the Swingby team for quantities of each asset staked in the pools and SWINGBY tokens bound by validators.
Swingby Labs is a Singapore-based company that started in 2018 by a group of cryptocurrency enthusiasts joining forces to make tools that connect Bitcoin with other blockchains. The team is currently developing Skybridge, a protocol that moves assets quickly between blockchains, and Sky Pools, a unique any-to-any token exchange with deep cross-chain liquidity aggregation.
“We are very 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.”
Jacob Samuel, CTO of Swingby
SWIP-019: “A Standard Interface for Data Oracles” is the technical proposal submitted by the Swingby team to create a standard interface for integrating data oracles into the risk management of the Skybridge protocol. The standard outlines the implementation of data oracles within the Skybridge network and provides a generic integration model for two key use-cases of integrating Band Protocol oracles:
- Risk Mechanism to Prevent Over-Staking
Band Protocol Proof-of-Custody oracles will allow anyone to properly assess the value of bonded assets and the staked value of assets in the protocol to reinforce a well-functioning node network on Skybridge. This will keep Swingby secure by ensuring that the staked value of assets in the protocol are always equal to half of the total value of the network bond.
- Safety Mechanism to Control Price Differential Between Bridged Assets
Using secure price oracles provided by Band Protocol for all bridged assets (currently BTC, WBTC, tBTC, renBTC), any anomaly in the market prices of assets can be detected, protecting liquidity providers on Skybridge. For example, if there is a significant price delta inconsistency between two bridged assets — the network can be paused to analyze and rectify the situation.
In Q4 2020, Swingby will launch its Bitcoin to Ethereum Chaosnet on the Ethereum network, bringing more capital flow into a DeFi ecosystem which has over $750M in BTC locked up. The full integration with Band Protocol on Chaosnet will be completed in Q1 2021.
“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.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
The integration into Skybridge is the first of many with Swingby Labs, the teams will work together to support more innovative and exciting features for DeFi users. Here are some early ideas, market data feeds that contribute to price discovery on the upcoming Swingby Sky Pools, and a cross-chain liquidity aggregator.
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.
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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.
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