Swingby Integrates Chainlink Proof of Reserve to Help Secure Skybridge
One of the SAFEST BTC bridges
Swingby is excited to announce the integration of Chainlink Proof of Reserve with Skybridge on Ethereum mainnet. 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 that the amount of Bitcoin custodied 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 unpegged, Skybridge will suspend the ability for users to swap or mint new tokens until the issue has been resolved. This helps protect users from minting or swapping WBTC if the BTC reserves are undercollateralized.
Swingby's Skybridge uses threshold signature cryptography ("TSS") and multi-party computing ("MPC") 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 to be used 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 end result is WBTC becoming a more reliable form of collateral and payment throughout DeFi and other smart contract verticals.
We chose to integrate Chainlink Proof of Reserve because it offers the following critical features:
Automated On-Chain Audits — By keeping an up-to-date reference contract, smart contracts can get automated, on-chain verification of an asset’s collateralization, removing the need to conduct manual audits.
High-Quality Data — Through the use of customizable External Adapters, Chainlink can source data from premium data providers who are financially incentivized to provide highly accurate and available data.
Decentralized — Chainlink Proof of Reserve Feeds are decentralized at the data source and oracle node level, eliminating central points of failure in the sourcing and delivery of external data to Swingby.
Transparent — Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing any user to independently verify asset collateralization.
We’re looking to follow this initial integration of Chainlink Proof of Reserve on Ethereum mainnet with integrations on Avalanche, Polygon, and other blockchains. We’re also looking to secure assets beyond Bitcoin on Skybridge with the help of Chainlink Proof of Reserve.
“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 and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Swingby
Swingby is a protocol for moving effortlessly between blockchains without a central custodian. Swingby's first product is Skybridge and provides trustless bridges between Bitcoin, Ethereum, Binance Smart Chain (BSC), and other blockchains. Skybridge executes fast token swaps using a secure network of Metanodes that are powered by multi-party computing and layer-2 technology. Each bridge exists as a proof-of-stake network. Ultimately, this enables users to move a 1-trillion dollar market cap digital asset like Bitcoin into the $100+ B DeFi ecosystem, as well as supports the seamless flow of liquidity between blockchains.
Swingby’s second product is Skypools. It allows users to easily swap their native BTC into a variety of ERC-20 tokens. This can all be done in one platform, rather than having to move from app to app. The final goal is to allow users to swap their Bitcoin into any asset on the chain that they wish.
Learn more about Swingby following the articles on our Medium, Substack, and follow the latest updates on our 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