Ethereum – Band Protocol to Assist Swingby Safe Skybridge Asset Protocol – Enterprise Partnerships
Swingby, the platform behind high cross-chain asset protocol Skybridge, has introduced a strategic partnership with well-known oracle platform Band Protocol. Skybridge is being developed for facilitating seamless Bitcoin transactions throughout blockchains.
Band Protocol will help Swingby to safe the upcoming mainnet launch of its Skybridge protocol. The oracle platform will moreover present dependable, safe, and real-time price feeds for the SWINGBY native token and all its buying and selling pairs. A number of the supported Bitcoin-bridged property on the platform embody WBTC, tBTC, BTC, and renBTC.
Launched in 2018, Swingby relies in Singapore and was shaped by a coalition of a number of crypto fanatics. The plan was to create a instrument that might securely join Bitcoin and different blockchain networks. With this in thoughts, the platform designed Skybridge protocol. The protocol additionally permits the safe and real-time motion of property throughout blockchains.
Talking on the announcement, Jacob Samuel, CTO of Swingby, disclosed that his whole staff was happy with the partnership with Band Protocol. He added that Band Protocol is among the finest oracle suppliers within the blockchain and crypto area in the present day. Moreover, Samuel disclosed that, collectively, each platforms will launch Swingby into its subsequent section. Subsequently, making decentralized finance (DeFi) out there to new customers.
The Swingby staff has submitted a technical proposal named “SWIP-019: A Standard Interface for Data Oracles.” The proposal will help the seamless integration of Band Protocol oracles to the Skybridge protocol.
Use Instances of Band Protocol Oracles on Skybridge
Outlined beneath are two main use circumstances of integrating Band Protocol oracles on the Skybridge Community. They embody:
- It helps keep away from over-staking through correct threat evaluation
Band Protocol oracles will facilitate the right evaluation of the staked value of property and the value of bonded property, making certain nodes on the protocol are lively. This, in essence, will guarantee Swingby stays safe.
2. price management mechanism amongst bridged property
All bridged property on Swingby will get pleasure from dependable and safe price feeds from Band Protocol. Swingby at present helps 4 bridged property, particularly BTC, renBTC, tBTC, and WBTC. The oracle platform will make the detection of any irregularity on the platform simple. Subsequently, safeguarding liquidity suppliers on the cross-platform.
Swingby has additionally disclosed plans to launch its Bitcoin to Ethereum Chaosnet on the Ethereum blockchain in This fall 2020. This launch on the Ethereum community will drive extra property into the fast-rising DeFi area. The transfer to ETH Chaosnet will likely be finalized in Q1 2021.
The CEO of Band Protocol, Soravis Srinawakoon, disclosed that he was elated by the partnership with Swingby. He additional added that his platform’s proof-of-custody (PoC) oracle will assist guarantee flexibility throughout asset swaps on Skybridge.
The partnership with Swingby Labs is just step one. Collectively, each groups goal to create extra modern options and top-notch assist for DeFi customers. Plans are additionally in place to create a cross-chain liquidity aggregator and Swingby Sky swimming pools.
About Swingby and Band Protocol
Swingby is a protocol specifically designed to facilitate cross-chain token swaps. The swaps are often near-instant and likewise allow DeFi customers to simply switch their property.
Swingby makes use of the Skybridge community as a trustless bridge between Binance Chain, Bitcoin, Ethereum Community, and different blockchains. Curiously, Swingby’s Ethereum mainnet is scheduled to go stay on December 28, 2020.
Band Protocol, alternatively, is a cross-chain knowledge oracle platform that serves as a hyperlink for actual knowledge and APIs to sensible contracts. Blockchains are identified for his or her immutable storage. They’re, nonetheless, poor at sourcing knowledge exterior the blockchain. No sensible contract can operate successfully with out real-life knowledge; therefore, the necessity for oracle platforms.
Band Protocol has supplied price feeds for a number of platforms, together with KyberSwap, Coin98, Komodo, and so on. The oracle platform additionally just lately revamped its CosmoScan open-source block explorer.
On the time of writing, (BA)ND was buying and selling at $5.95, with a market cap of $134,533,997 and a 24-hour buying and selling quantity of $141,559,088.
Discover out extra about Band Protocol’s safe and dependable price feeds on the Altcoin Buzz YouTube channel.