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What is Swingby?
If a DEX DeFi is built using ETH’s smart contract, then cryptocurrencies outside of Ethereum’s structure cannot be traded on the DEX. To trade, a third party must be used for exchange. For example, if user A holds US dollars and goes to a store in Germany to buy something, if the store only accepts euros and not US dollars, then A must find a more reliable place to exchange their US dollars for euros to make the purchase. Then, the remaining money is exchanged back to US dollars. This institution is a bank.
However, Bitcoin is decentralized and there is no bank in the middle to handle exchange and settlement, so a trusted third party must be used as an intermediary. Using a trusted third party as an intermediary to process Bitcoin’s trading issues on the Ethereum chain’s DEX and DeFi is inefficient. Therefore, the Swingby cross-chain protocol was created to enable Bitcoin to be traded on the Ethereum chain.
Swingby was founded in 2018, so Swingby cannot be considered a new cryptocurrency, it is a relatively old cryptocurrency. Additionally, Swingby’s cross-chain protocol currently only supports the Ethereum chain and the Binance chain. New public chains do not support cross-chain transactions. However, Swingby hopes to support all public chains, which means that any public chain can be bridged without the need for a trusted third party, allowing various cryptocurrencies to circulate more quickly.
Because Swingby’s earliest function was to enable Bitcoin to be traded on DeFi, the amount of Bitcoin locked by using Swingby directly determines the price trend of Swingby.
Is it worth investing in Swingby?
Swingby’s long-term trend is heavily influenced by Bitcoin’s price and fluctuates greatly. The price skyrocketed to $0.160 after it was listed on an exchange in 2020, with the highest increase reaching $0.94, a price increase of 6 times. Currently, the price is at a historical low of $0.0025, which is more than 100 times less than its peak price.
BingX Swingby USD History Price
Long-term, Swingby has been continuously improving its technical development, and in March 2022, it launched the Skypools bridge exchange. It allows BTC to trade on the Ethereum mainnet or Ethereum to trade on the BTC mainnet, providing lower slippage advantages. However, the demand for this feature is currently not very high, but with the emergence of various public chains and the scaling of Ethereum layer 2, Swingby’s demand may increase in the future.
Short-term, Swingby’s price is influenced by Bitcoin’s fluctuations.