Swingby Launches V3 iteration of its Bitcoin bridge
Swingby Network launches V3 Bitcoin Bridge, enhancing user experience and interoperability while introducing a new buyback feature.
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Swingby Network has officially launched a V3 version of its Bitcoin bridge, designed to provide users with a better user experience, and enhanced interoperability. The Swingby Bridge allows its users to swap BTC to WBTC within a few clicks.
The smart contract has been upgraded with a new buyback function added, which allows for 25% of fees collected from the bridge to be used for buybacks. Moreover, the new smart contract also helps to facilitate upgrades to the network without the need of LPs or metanodes to move their liquidity.
Swingby Developers Add Buyback Feature
One of the key features of the aforementioned upgrades is the buyback feature. 25% of collected fees will be put towards buybacks of the $SWINGBY token, bought directly from the open market. Typically, buybacks are used to add buy pressure to a token or asset. The changes required to the smart contract were pushed by Swingby community developers over the past day or so.
“Skybridge V3.0 sets the ground for future growth for the Swingby ecosystem. This is designed to provide users and dApps the possibility to access further BTC DeFi opportunities, across a much larger variety of chains.” said the Swingby DAO.
The upgrades are also designed to allow for an increased level of interoperability with the bridge, and project repositories. Additional chains can be added at a quicker rate as time progresses, which should help to increase volume on the bridge, and then reciprocally adding further fees to the buyback wallet. At present, the bridge allows for swapping of BTC assets across the Ethereum blockchain.
The front-end has also been improved, with a cleaner and more efficient swapping portal now being operational.
Swingby is one of the few decentralized bridging protocols that allows for the largest cryptocurrency asset by marketcap, Bitcoin, to enter the world of DeFi in a trustless manner.
Swingby Network remains hack-free at the time of writing, having accrued over two-and-a-half years of successful swaps, and over 7000 $BTC in total having been swapped since its inception. Swingby ecosystem security continues to be protected by its “Lock & Unlock” bridging system, architecture design, and its Chainlink Proof-of-Reserves feature.
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Disclaimer: This is a sponsored article brought to you by Swingby