Swingby Network has officially launched the V3 version. bitcoin bridge, designed to provide users with a better user experience and enhanced interoperability. Swingby Bridge allows users to exchange BTC to WBTC in just a few clicks.
The smart contract has been upgraded with a new buyback feature, allowing 25% of the fees collected from the bridge to be used for buybacks. Additionally, new smart contracts will also help ease upgrades to the network without the need for LPs or metanodes to move liquidity.
Swingby developers add buyback feature
One of the key features of the aforementioned upgrade is the buyback feature. 25% of the fees collected will be used to buy back $SWINGBY tokens purchased directly from the open market. Buybacks are typically used to put buying pressure on a token or asset. The necessary changes to smart contracts were driven by developers in the Swingby community over the past day or so.
“Skybridge V3.0 lays the foundation for the future growth of the Swingby ecosystem. It is designed to allow users and dApps to access further BTC DeFi opportunities across a much more diverse chain,” Swingby DAO said.
This upgrade is designed to increase the level of interoperability with bridges and project repositories. Additional chains may be added at a faster rate over time, which increases the trading volume of the bridge, which in turn adds more fees to the redemption wallet. Now, this bridge will allow the exchange of his BTC assets across the Ethereum blockchain.
The frontend has also been improved to operate a cleaner and more efficient swapping portal.
Swingby is one of the few decentralized bridging protocols that enables the largest cryptocurrency assets by market cap. Bitcoinenter the world of DeFi in a trustless way.
The Swingby Network has not been hacked at the time of writing and has been successfully swapped for over two and a half years, totaling over $7000 BTC swapped since its inception. The security of the Swingby ecosystem will continue to be protected by a “lock-and-unlock” bridging system, architectural design, and Chainlink Proof-of-Reserves feature.
- Media contact: Swingby DAO – Contact email@example.com
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Disclaimer: This is a sponsored article provided by Swingby.
The Bitcoin Bridge iteration of Swingby Launches V3 was first featured on CryptoSlate.