Swingby, the platform behind top cross-chain asset protocol Skybridge, has announced a strategic partnership with well-known oracle platform Band Protocol. Skybridge is being developed for facilitating seamless Bitcoin transactions across blockchains.
Band Protocol will assist Swingby to secure the upcoming mainnet launch of its Skybridge protocol. The oracle platform will furthermore provide reliable, secure, and real-time price feeds for the SWINGBY native token and all its trading pairs. Some of the supported Bitcoin-bridged assets on the platform include WBTC, tBTC, BTC, and renBTC.
Launched in 2018, Swingby is based in Singapore and was formed by a coalition of several crypto enthusiasts. The plan was to create a tool that could securely connect Bitcoin and other blockchain networks. With this in mind, the platform designed Skybridge protocol. The protocol also allows the secure and real-time movement of assets across blockchains.
Speaking on the announcement, Jacob Samuel, CTO of Swingby, disclosed that his entire team was pleased with the partnership with Band Protocol. He added that Band Protocol is one of the best oracle providers in the blockchain and crypto space today. Furthermore, Samuel disclosed that, together, both platforms will launch Swingby into its next phase. Therefore, making decentralized finance (DeFi) available to new users.
The Swingby team has submitted a technical proposal named “SWIP-019: A Standard Interface for Data Oracles.” The proposal will aid the seamless integration of Band Protocol oracles to the Skybridge protocol.
Use Cases of Band Protocol Oracles on Skybridge
Outlined below are two major use cases of integrating Band Protocol oracles on the Skybridge Network. They include:
- It helps avoid over-staking via proper risk assessment
Band Protocol oracles will facilitate the proper assessment of the staked value of assets and the value of bonded assets, ensuring nodes on the protocol are active. This, in essence, will ensure Swingby remains secure.
2. Price control mechanism among bridged assets
All bridged assets on Swingby will enjoy reliable and secure price feeds from Band Protocol. Swingby currently supports four bridged assets, namely BTC, renBTC, tBTC, and WBTC. The oracle platform will make the detection of any irregularity on the platform easy. Therefore, safeguarding liquidity providers on the cross-platform.
Swingby has also disclosed plans to launch its Bitcoin to Ethereum Chaosnet on the Ethereum blockchain in Q4 2020. This launch on the Ethereum network will drive more assets into the fast-rising DeFi space. The move to ETH Chaosnet will be finalized in Q1 2021.
The CEO of Band Protocol, Soravis Srinawakoon, disclosed that he was elated by the partnership with Swingby. He further added that his platform’s proof-of-custody (PoC) oracle will help ensure flexibility during asset swaps on Skybridge.
The partnership with Swingby Labs is only the first step. Together, both teams aim to create more innovative features and top-notch support for DeFi users. Plans are also in place to create a cross-chain liquidity aggregator and Swingby Sky pools.
About Swingby and Band Protocol
Swingby is a protocol specially designed to facilitate cross-chain token swaps. The swaps are usually near-instant and also enable DeFi users to easily transfer their assets.
Swingby makes use of the Skybridge network as a trustless bridge between Binance Chain, Bitcoin, Ethereum Network, and other blockchains. Interestingly, Swingby’s Ethereum mainnet is scheduled to go live on December 28, 2020.
Band Protocol, on the other hand, is a cross-chain data oracle platform that serves as a link for real data and APIs to smart contracts. Blockchains are known for their immutable storage. They are, however, poor at sourcing data outside the blockchain. No smart contract can function effectively without real-life data; hence, the need for oracle platforms.
At the time of writing, BAND was trading at $5.95, with a market cap of $134,533,997 and a 24-hour trading volume of $141,559,088.
Find out more about Band Protocol’s secure and reliable price feeds on the Altcoin Buzz YouTube channel.