Swingby

Halal Rating :
Comfortable
Contract: 0x8287c7b963b405b7b8d467db9d79eec40625b13a
Last Price $0.00017 Last updated:
Rank 2599
1D Change 10.82 %
Market Cap $153,483
Circulating supply 889,788,091
Maximum supply 925,000,000

Crypto Overview

Categories
  • DeFi
  • Ethereum Ecosystem
  • Polygon Ecosystem

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.

Rating Justification

Member Vote

Agree: 0 Disagree: 0

Login to vote on this

Comments