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Ready for Chaos? Swingby’s Chaos-Mainnet Launches on December 28th

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Singapore, Singapore, 9th November, 2020, // ChainWire //

Swingby is the “warp-speed” protocol for inter-blockchain swaps. It allows all DeFi users to move assets between blockchains without a trusted party.

Today, Swingby announces its first mainnet network will be released on the 28th of December; it will bridge native Bitcoins onto Ethereum via Wrapped BTC (WBTC).

The initial bridge will enable the most liquid digital asset in the world (Bitcoin), currently valued at a $300 billion market cap, to be moved onto the Ethereum network to tap its $10b DeFi ecosystem.

“This launch will be pivotal to Swingby. After December 28th, Swingby will have a fully operational Chaos-Mainnet network which will be generating a tremendous amount of value to the world of DeFi and bringing in a large number of new users” – Yusaku Senga, CEO

Why is this big news for DeFi?

On December 28th, Swingby will be launching its first Chaos-Mainnet bridge, allowing users to easily move their bitcoins into WBTC on Ethereum without the need for a trusted party. Similarly, the bridge can be used in the opposite direction allowing WBTC-ERC20 tokens to be moved back into native BTCs.

What’s so special about it?

  1. Trustless: Swingby’s Skybridge will be the only way to trustlessly swap BTC into wrapped Bitcoin (WBTC).
  2. Simple to use: The Swingby bridge has been designed to work with standard transaction types removing the need for complex smart contract calls and allowing the bridge to work with any wallet.
  3. Community rewards: Users willing to provide liquidity and governance to the Swingby bridge will be rewarded a share of the fees for each swap processed.

Discover the three core use cases of the Bitcoin to Ethereum bridge.

More news is coming!

Leading up to launch on December 28th, the team will be announcing some key partnerships with projects that have helped deliver the Chaos-Mainnet bridge and some additional venues that will be providing 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 Q&As and giveaways for our superhero community.

About Swingby

Swingby Labs was launched in Singapore in 2018 by a group of crypto enthusiasts joining forces to make the tools to connect Bitcoin with other blockchains.

Swingby’s protocol, Skybridge, builds trustless bridges between BTC, Ethereum, Binance Chain and other blockchains secured by a network of node groups that execute fast token swaps using ‘multi-party computing’ and layer 2 technology.

Skybridge allows users to move Bitcoin tokens between the Bitcoin, Ethereum and Binance Chain blockchains without relying on a central custodian, opening up a whole world of DeFi capabilities such as liquidity pooling and DEX trading with easy to use UX. Moreover, Yuan Pay crypto robot can be used to fully automate your trading activities.

Swingby plans to launch its Ethereum MainNet on december 28th, bringing Bitcoin to an ecosystem which already has $10b in capital locked up in DeFi contracts. Building on exciting partnerships with projects such as Elrond, Waves and Kira Protocol, Swingby aims to expand its reach to other chains and projects, adding support where the most value can be added.

The Skybridge testnet bridge has transacted over $14 Billion in testnet BTC capital between the Bitcoin and Binance Chain blockchains, and its decentralized technology has been fully battle tested in live high volume environments.

 

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Chief Executive Officer

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Livepeer Price is Soaring: Here’s Why it Will Recoil Soon

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Livepeer

Livepeer price drifted upwards on Friday as investors moved to video-focused tokens. LPT price soared to a high of $10.3, the highest point since November 8 of this year. It has jumped by more than 164% from the lowest point in December. 

What is Livepeer? 

Video is a major industry that is currently dominated by large centralized platforms like Vimeo and YouTube. These platforms work well because of the vast amount of money the companies have invested in video infrastructure. 

However, some industry players believe that the industry is ripe for disruption using the blockchain technology. Some of the leading players disrupting the video industry is Livepeer and Theta Network. Instead of relying on centralized servers, these networks rely on thousands of distributed servers.

The network works in a relatively simple approach. The video broadcaster comes up with a video content and then distributes through a distributed network. 

Livepeer has been used to build several decentralized video platforms in the industry like Xeenom, Bonfire, Kavarii, and LiveSpace among others. For example, Lenstube is a decentralized and open-source video-sharing social media platform while The Lot Radio is an independent online radio that streams on a 24/7 basis.

However, there are concerns whether Livepeer and similar platforms are needed in the first place since centralized ones like YouTube, Rumble, and Vimeo work just…

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Solana Price Forms Triple-Top as DeFi and NFT Volume Soars

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Solana price has formed a bearish chart pattern as Solana’s ecosystem makes a stunning comeback. SOL/USD was trading at $24 on Friday evening, which was a few points below the year-to-date high of $26.50. It has soared by more than 206% from the lowest level in 2022.

Solana DeFi volume rebounds

Solana TVL

Solana, once a popular blockchain, came under intensure in November, following the collapse of FTX and Alameda Research. In addition to FTX Token, it was the most exposed cryptocurrency in FTX since the company was one of its key funders.

FTX and Alameda also had a major role in Serum, then the biggest DeFi protocol in the ecosystem. Serum made it possible for investors to earn yield in Solana. Serum collapsed because its public key was controlled by FTX. 

In the aftermath of this collapse, Solana saw its total value locked (TVL) plunge from more than $12 billion to less than $400 million. Serum, which had a TVL of more than $1 billion has collapsed. And in its place, the developers are working on a new product known as OpenBook. However, it has not gained much traction as its TVL stands at $4…

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Ethereum Price Outlook as the DXY Index Crash Continues

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Cryptocurrency prices remained in an upbeat tone on Thursday as the US dollar index continued its bearish move. Bitcoin, the biggest cryptocurrency in the world, rose to $23,165, the highest level in months. Similarly, Ethereum has risen by more than 4% in the past 24 hours while BNB Coin and XRP surged to $307 and $0.41, respectively. 

US dollar index retreats

Cryptocurrencies have an inverse relationship with the US dollar index. For example, the DXY, which looks at the performance of the greenback vs other currencies, soared to a 20-year high of $115 in 2022. As that happened, cryptocurrencies like Bitcoin plunged during the year.

The foundation of this relationship is the Federal Reserve. In most periods, the US dollar index tends to rise when the Fed is extremely hawkish and vice versa. And it was extremely hawkish in 2022 as it hiked interest rates by more than 400 basis points. 

Therefore, while the Fed has remained hawkish recently, the US dollar has dropped because of what the data is saying. Data published recently showed that America’s inflation is easing. The closely watched consumer price index dropped to 6.5% in December while core inflation fell to 5.7%. 

At the same time, other parts of the economy are showing that the American economy is indeed recoiling. Retail sales dropped sharply in December while many…

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