Swingby made its appearance in an AMA once again, but this time was in cooperation with one of the biggest Vietnamese Crypto Community @IM_Communityitw.
The AMA took place in IM Community’s Telegram group, where many community members were able to ask questions and receive rewards for doing that. Among the topics discussed were, utility of the protocol, plans for growth in the future, tokenomics, and roadmaps.
Here are the 5 most relevant questions with its answers:
Questions:
For me security comes first and foremost and although I know that a platform will never be 100% secure, I do know that when you invest in security the risks are minimized, so how important is security in (Swingby Protocol) tell us how strong is your security?
As a cross-chain bridging protocol security is THE HIGHEST PRIORITY.
Since our origins Swingby has swapped more than 5000 BTC and it has never experienced hacks or funds lost.
To enhance our security Swingby has partnered with CHAINLINK to add a new feature called Proof of Reserve. Which makes sure that in case of an unpeg event, the bridge will prevent swaps from occurring, to protect users from losing the value of their assets.
Our code is fully audited, and in the next few months we are planning a new audit to keep up with the highest level of security possible.
I see that BTC holders can earn more than 20% APY with the Swingby Protocol. Although, because the scam project sometimes employs high APY, it might seem like a trap. But how are you going to communicate to investors, how are you going to convince consumers that this is a real project?
It is true that many scam projects are using high APY to attract investors and eventually steal their money. Swingby is a well established project that has been functioning for close to 2 years, providing cross-chain swaps services.
Since Swingby exists, there has never been a hack or funds lost in our protocol, SAFETY and SECURITY are our main pillars. Bridges that do not have the security requirements get easily hacked and removed from the market. Swingby has proven with its long term approach that it is one of the safest and most trusted BTC bridges in the industry.
The APY for liquidity BTC liquidity providing was reduced to 4.9%. Which is currently one of the highest in the entire crypto space.
Right now, Market is adjusting sharply, the risks are very high but also a great #SwingbyProtocol opportunity for development projects. What are the characteristics of your project, and how is your development strategy to be able to compete and rise to top among other projects?
As cross-chain swap service providers, our strategy for success is increasing the amount of chains supported in our bridge. The more chains, the greater the value of our protocol.
By doing so we can serve more users, and we can reach a larger amount of investors. We have a long term approach of development, and Swingby is here to stay and to work its way to the top crypto rankings.
What is the current and future development roadmap of the Swingby project?
Roadmap:
Add a new chain to Skybridge.
Increase partnerships.
Launch Skypools v2.
Smart Contract Updates.
Token burn is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does Swingby have a plan about token burn?
Swingby has made very strong decisions in regards to total supply and control of inflation.
Currently we have more than 90% of tokens in circulation, and the remaining unlocking tokens belong to the DAO treasury, which will guarantee that these tokens will not hit the market adding sell pressure.
Swingby has already burned 60 MILLION tokens since its beginnings, and BEFORE END OF 2022 Swingby will burn another 40 MILLION TOKENS. Which will collaborate strongly with our LONG TERM plan of token appreciation.
We thank @IM_Communityitw for the AMA collaboration, and we hope that this event helped both of us in reaching our future goals.
If you would like to learn more about Swingby and ask more questions you can reach us through our social media accounts Twitter, Telegram, and Discord.
Connect with us:
💵 Swap Bitcoins on Swingby SkyBridge
👋 Hang out with us on our Discord server
✉️ Subscribe to our Substack
💬 Join our Telegram
💬 Follow us on Twitter
👉 Visit our main website