August 7th Dev Update
Kicking off our fortnightly Dev Updates
Quick intro, what is Swingby?
A staking-powered protocol for warp-speed bridging of DeFi assets and aggregating liquidity.
Our first protocol, Skybridge v1, builds trustless bridges between BTC, Ethereum, Binance Chain and other blockchains secured by a network of node groups that facilitate fast inter-blockchain swaps based on Threshold Signature Cryptography (TSS) and Multi-Party Computing (MPC) technology.
In more simple terms, this protocol allows you to move your Bitcoin tokens onto the Ethereum and Binance Chain blockchains, opening up a whole world of DeFi capabilities such as lending and DEX interaction. We’re not just going to stop there, our aim is to bridge as many different assets and blockchains together to build the “cross-chain gateway to DeFi”.
So what have the devs been doing recently?
We have GG20 and 1 round signing!
This is huge. We’ve implemented the latest development in this field of research, the so-called “GG20” paper. With these changes, our Swingby Nodes have successfully benchmarked much faster signing rounds compared to the previous version.
With a few additional optimisations, we will be able to realize cross-chain swaps “instantaneously”. Currently, no other decentralised protocol is capable of doing this.
Integrating blockatlas
We plan to aggressively integrate with more chains and one major issue that projects face when doing this is wasting precious time by developing custom integrations for each asset. We’ve decided to build an agnostic service that integrates into the brilliant open source blockatlas which is currently being developed, maintained and used in production by the TrustWallet team.
This is helping us keep our code base clean and concise.
Making progress with ETH
We’ve made great progress on the Ethereum side of things and our nodes are now successfully monitoring incoming/outgoing Ethereum transactions. Our next steps are to begin implementing the core swap mechanics such as pushing new swap requests into the KV store, constructing outgoing transactions from the TSS addresses and distributing swap fees to signing participants.
Staking rewards calculator
If you haven’t seen it already. You should. Swingby launched with a seriously generous pre-staking scheme, allowing people such as yourself to earn up to 67% per year by simply staking the token. To help our community calculate their daily, weekly and annual returns, we’ve created a staking rewards calculator. Go and check it out.
Telegram verify page
We take the security of both our network and our community seriously. Recently, as we have grown into a more popular project, we have noticed that a lot of telegram impersonators have entered into our community channels acting as Swingby team members. To help our community members verify which telegram users are officially part of the Swingby project, we have deployed this checking tool.
Thanks for reading!
Want to trade Swingby? Check us out on CoinGecko or CoinMarketCap.
Get Rewards! Stake your Swingby Token to earn up to 52% annualized (67% compounded) in rewards, airdropped to your wallet weekly. Use the Staking Portal or BitMax.
TestNet Explorer: bridge-testnet.swingby.network/explorer
Staking Program: https://swingby.network/earn
Telegram: https://swingby.network/telegram
Twitter: https://swingby.network/twitter
Reddit: https://swingby.network/reddit
Discord: https://swingby.network/discord
Github: https://swingby.network/github
