Elrond Mainnet Gets Access to Cross-Chain Liquidity via Swingby Inter-blockchain Asset Swaps
We’re excited to announce a direct avenue for connecting Elrond mainnet assets to established chains thanks to the integration of Swingby, which enables fast, verifiably secure token swaps between blockchains. It’s non-custodial, decentralized, and works with any wallet.
Through this collaboration, the trustless inter-blockchain protocol developed by our new ecosystem partners will enable $ERD and other native mainnet assets to be seamlessly exchanged with other established coins such as BTC, BNB and ETH.
The most compelling #DeFi applications and components will look to leverage the best of each ecosystem, so as to provide their users with the most liquidity and least friction, at the highest performance. The Elrond blockchain is perfectly positioned to deliver the needed responsiveness and scale with the adoption in tandem with the influx of new users while enabling access to traditional crypto assets such as Bitcoin.
“Getting access to all the available liquidity from day 1 is an important prerequisite for anyone building DeFi tools. This integration enables Elrond to be part of many existing cross-chain DeFi applications. We’re excited to work with Swingby and increase access to Elrond’s highly scalable and cost-effective solution.” said Beniamin Mincu, Elrond CEO.
Swingby implements the first truly decentralized custodian inter-blockchain protocol by building on very recent research on fast multiparty threshold signature schemes. This enables a decentralized set of anonymous participants to jointly sign transactions across multiple chains.
The implementation of this research breakthrough can bring about the first such protocol of its kind, which can succeed with implementing a trustless 2-way peg with Bitcoin & its forks, while others such as Kyber, Cosmos, Polkadot, the Relay Network or RSK have yet to do so.
“Our protocol utilizes some of the latest breakthroughs in specialized research regarding cryptography. We were excited to find out that Elrond themselves use the latest innovations in the blockchain space and even a lot of their own! It is a great pleasure to be working with such a knowledgeable technical team and bring scalability to the larger blockchain ecosystem.” said Yusaku Senga, Swingby CEO.
This integration brings a lot of opportunities to the Elrond mainnet and will enable some truly innovative #DeFi use cases that use our ERD token and other native assets. This will, in turn, bring more users to our blockchain and raise awareness about its capabilities, resulting in even more adoption.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Swingby is a Singapore-based project founded in 2018. The company is developing Swingby Skybrige that moves assets quickly between chains using TSS, with a testnet running since March 2020 having processed over $12Billion USD of Bitcoin swaps. In addition, the Swingby Stake Portal offers a unique Self-Custody pre-staking solution for Swingby tokens, providing real DeFi yield prior to Node staking being brought online. The Trusted Cloud system builds on top of the Swingby protocol to offer a decentralized cloud computing platform built on cutting-edge cryptocurrency technology including MPC technology.