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Swingby is a decentralized finance (DeFi) protocol that facilitates seamless asset swaps between blockchain networks such as Bitcoin and Ethereum, bypassing the need for centralized exchanges. At its core is the Skybridge, a decentralized cross-chain swap protocol powered by the Metanode network, offering fast, secure, and trustless token swaps without extensive KYC requirements. Launched in 2018 on the Ethereum platform, Swingby employs a proof-of-stake model and enables decentralized custodianship by locking BTC in Hashed Timelock Contracts (HTLCs) and creating ERC20 Bitcoin tokens on Ethereum. Users can lend BTC in return for ERC20 tokens, maintaining a soft-peg, and create collateralized debt positions (CDPs) similar to MakerDAO's DAI. Governance tokens are used for community voting on protocol decisions. With 889,788,091 SWINGBY tokens in circulation and activity on 32 markets, Swingby enhances cross-chain liquidity and security in the DeFi ecosystem. For more details, visit their official website at [Swingby](https://swingby.network).
Swingby is a decentralized finance (DeFi) protocol that facilitates seamless asset swaps between blockchain networks such as Bitcoin and Ethereum, bypassing the need for centralized exchanges. At its core is the Skybridge, a decentralized cross-chain swap protocol powered by the Metanode network, offering fast, secure, and trustless token swaps without extensive KYC requirements. Launched in 2018 on the Ethereum platform, Swingby employs a proof-of-stake model and enables decentralized custodianship by locking BTC in Hashed Timelock Contracts (HTLCs) and creating ERC20 Bitcoin tokens on Ethereum. Users can lend BTC in return for ERC20 tokens, maintaining a soft-peg, and create collateralized debt positions (CDPs) similar to MakerDAO's DAI. Governance tokens are used for community voting on protocol decisions. With 889,788,091 SWINGBY tokens in circulation and activity on 32 markets, Swingby enhances cross-chain liquidity and security in the DeFi ecosystem. For more details, visit their official website at [Swingby](https://swingby.network).
Swingby is a decentralized finance (DeFi) protocol designed to enable seamless asset swaps across different blockchains, including Bitcoin and Ethereum, without relying on centralized exchanges. Its primary purpose is to facilitate secure, decentralized, and fast cross-chain swaps, thus improving liquidity and interoperability across blockchain networks.
Swingby's Skybridge is a decentralized cross-chain swap protocol that allows for secure and trustless token swaps between blockchains. This technology is powered by the Metanode network, enhancing transaction speed and security without extensive Know Your Customer (KYC) processes, thereby preserving the decentralized nature of the swaps.
Using Swingby offers key benefits such as decentralized and trustless swaps, minimizing the need for intermediaries, retaining user privacy without KYC, and providing liquidity across multiple blockchains with minimal slippage. This makes it an attractive option for users seeking security and autonomy in their DeFi interactions.
Unlike many DeFi protocols, Swingby focuses on a decentralized custodian approach that ensures smooth interoperability between Bitcoin and Ethereum, using mechanisms like Hashed Timelock Contracts (HTLCs). By leveraging proof-of-stake security and governance tokens for protocol decisions, Swingby maintains a high level of decentralization, setting it apart from alternatives.
In the Swingby ecosystem, governance tokens are crucial for community voting on important protocol decisions, such as selecting network witnesses and monitoring Oracle price feeds. This democratic process ensures that the protocol remains decentralized and responsive to community needs, enhancing trust and functionality.
If you encounter issues with a cross-chain swap on Swingby, ensure you are following the platform's guidelines correctly and have the necessary tokens and collateral. Visit the official Swingby website or community forums for troubleshooting tips and support from other users. Staying updated on any protocol changes can also help avoid common issues.
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