Swingby
Crypto Overview
Overview
Swingby is a protocol that aims to enable trustless cross-chain token swaps using threshold signature schemes (TSS) technology. The SWINGBY token is used for node staking, governance, and network fees within the Swingby ecosystem.
Purpose and Utility
The primary purpose of Swingby is to facilitate cross-chain token exchanges without requiring centralized intermediaries. The protocol utilizes TSS technology to enable secure bridges between different blockchain networks, particularly focusing on Bitcoin-to-Ethereum swaps initially.
Business Model Analysis
The business model is based on providing infrastructure for cross-chain transfers, with token holders able to participate in network security by staking SWINGBY tokens to run nodes. Node operators earn fees from facilitating cross-chain transactions.
Development and Adoption
While the project launched with significant attention in 2020, development activity has significantly decreased since 2022, with limited recent updates to the protocol. The current usage of the network appears to be minimal, with few active nodes and limited transaction volume.
Token Distribution
The initial token distribution allocated portions to the team, advisors, and early investors, with vesting periods implemented. The exact current distribution is not readily available due to limited recent transparency in project communications.
Crypto Impact
To assign a comfort level investing in Swingby from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Swingby.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.