Swingby and Waves combine forces to bridge LTC, BEP-2 tokens and privacy coins into Gravity
Swingby and Waves combine forces to augment their interchain infrastructure and bridge LTC, BEP-2 tokens and privacy coins into Gravity and its various target-chains
With the explosion in DeFi platforms and protocols over the past several weeks, we have seen unprecedented demand placed on existing networks and the rapid creation and adoption of new tokens and chains. Witnessing the ongoing issues with congested Ethereum network and spiking gas fees — not to mention failed transactions — we continue to see DeFi participants looking for alternative chain and swap opportunities.
The team behind Gravity platform is excited to announce its partnership agreement with Swingby to bring more cross-chain swap capabilities to its platform.
Swingby are industry leaders in the decentralised and permissionless swap protocol space having pioneered the Threshold Signature Scheme chain swap technology. Since early this year the Swingby testnet has been in operation and processed over $15.6Billion in swaps, as well as raising funding from key industry names including NGC ventures and Signum capital.
The ongoing partnership will see Swingby bring its swap protocol technology into the existing Gravity network and facilitate leaderless and permissionless 100% self custody cross-chain swaps for assets, allowing users to circumvent congested chains or unlock smart contracting features not offered on native token chains.
This partnership covers several important aspects:
- The infrastructure of Swingby will augment Gravity network chains (ETH, Waves, Tron and etc) via integrations with blockchains such as Bitcoin, popular Bitcoin forks, LTC, privacy coins and BEP-2 tokens.
- Swingby will be a reputable transfer providing node in the Gravity network to support and secure data oracle functionality.
Speaking on the partnership Aleksei Pupyshev, Gravity founder and Evangelist at Waves said “We’re really excited to work with the Swingby team and leverage the groundbreaking Threshold Signatures bridges to expand the opportunities and deepen the liquidity available to Gravity users. We remain committed to identifying and working with leading players in the space to unlock value for our platform.”
Jacob Samuel, CTO of Swingby remarked “We’re really impressed with what the Waves team have been able to accomplish in such a short period of time in the DeFi space and look forward to working to help bring more value to both platforms via this integration partnership”
Gravity is a blockchain-agnostic oracle system that supports communication of blockchains with the outside world, cross-chain communication, and side chains within a single unified structure. Gravity supports multiple chains integrations, but there are some limitations of the protocol to make it work with blockchains which do not support smart contracts like BTC, LTC, privacy coins or even Binance-DEX tokens.
Swingby project is a modern technology of interchain communications based on MPC (multiparty computations), TSS (threshold signatures) and ZK (zero-knowledge). This approach works with any chain, and is most helpful with blockchains that lack Turing-complete smart contracts functionality.