Earn the best yield on your Bitcoin with Swingby
The growth of Decentralized Finance has allowed Bitcoin holders to not only earn from the price appreciation of the digital asset itself but also to profit from lending it. In the most popular DeFi protocols, Bitcoin holders can earn between 0.1% to 1% for lending their Bitcoin. This APY comes from the fees that the borrowers pay to have access to Bitcoin.
Swingby, a decentralized Bitcoin bridge, offers Bitcoin holders a greater APY for lending their Bitcoin to the bridge, or in other words, for providing liquidity to the bridge. The best part about this APY is that it is paid in Bitcoin.
Swingby, a decentralized Bitcoin bridge, offers Bitcoin holders a greater APY for lending their Bitcoin to the bridge, or in other words, for providing liquidity to the bridge. The best part about this APY is that it is paid in Bitcoin.
The APY comes from the fees collected in every swap. This means that the returns are based on the volume generated in the bridge. For users to swap Bitcoin to WBTC, or vice-versa, they need to pay a fee of 0.25% of the volume swapped. This 0.25% is then distributed between the Liquidity providers, the network validators, and the Swingby DAO.
In 2023, bridge liquidity providers made an average of 6% APY on their BTC thanks to the great volume generated by the bridge.
The best part of Swingby, is that the bridge has been performing swaps since 2020, and it has bridged 8000+ Bitcoins since then, never suffering any hacks or security exploits. Swingby has proven to the market its resiliency and its key role in the growth of Bitcoin’s DeFi. Swingby is also backed by Chainlink Proof of Reserves, which adds an extra layer of security to users and liquidity providers.
You can become a liquidity provider today, and start earning returns paid to you in Bitcoin.
Liquidity Provider’s Guide
Visit the liquidity provider’s portal
Choose BTC or WBTC in the box, and input the amount of liquidity you would like to provide.
Input your Ethereum address to receive your sbBTC (LP Token) and press Deposit!
Press Swap!
Finally, Send the exact amount shown on the screen to the bridge address shown on the screen as well!
Swingby will send you the LP tokens that will automatically earn a yield based on the bridging volume generated in the period that you provided the liquidity.
We hope that this detailed description of a way to earn passive income with Swingby is useful for you!
You can always visit our Telegram channel or Discord to ask further questions!
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