Swingby Integrates Chainlink
Swingby integrates Chainlink Proof of Reserve to help secure Skybridge. Swingby’s Skybridge provides bridges between Bitcoin, Ethereum, and other blockchains, enabling users to move their assets and access DeFi ecosystems on other chains without relying on a central custodian.
By integrating Proof of Reserve, Skybridge can check the amount of Bitcoin custody in the reserves wallet. Matches the number of Wrapped Bitcoin (WBTC) tokens on Ethereum. If Chainlink Proof of Reserve reports that these assets have become unpeg, Skybridge will suspend the ability for users to swap or mint new tokens until the issue has been resolve. This helps protect users from minting or swapping WBTC if the BTC reserves are undercollateralized.
Swingby SkyBridge
Swingby’s Skybridge uses threshold signature cryptography (“TSS”) and multi-party computing (“MPC”). It is to deliver a bridging protocol that enables users to move their assets from one blockchain to another.
Essentially, instead of relying on a centralized business-based custodian, users can access a “technical custodian” that’s much harder to compromise. Ultimately this integration enables Bitcoin and use it as collateral on DeFi protocols running on Ethereum.
With this integration of decentralized infrastructure run by highly reliable node operators, Skybridge users can feel very confident that they have an accurate, highly available, tamper-resistant, and transparent source of information regarding the minting of WBTC. The result is that WBTC becoming a more reliable form of collateral and payment throughout DeFi and other smart contract verticals.
“We consider Chainlink Proof of Reserve to be mission-critical decentralized infrastructure for Swingby’s Skybridge and it will play a key role in preventing users from minting new WBTC tokens or swapping them if the BTC reserves become unpegged from the WBTC token supply. Security is paramount when building a bridge across blockchains, and Chainlink’s battle-hardened and time-tested oracle network is the most reliable in the industry.” — Senga Yusaku, CEO of Swingby
ABOUT Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services. Needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API. It also leverages secure off-chain computations for enabling feature-rich applications.
ABOUT Swingby
Swingby is a protocol for moving effortlessly between blockchains without a central custodian. Swingby’s first product is Skybridge which provides trustless bridges between Bitcoin, Ethereum, Binance Smart Chain (BSC), and other blockchains.
