Connect with us


Swingby Partners with Chainlink To Secure Bitcoin Bridge

press release

PRESS RELEASE. Swingby has recently announced a newly established partnership with Chainlink for Proof of Reserve. The recently publicized partnership is aimed to help secure the Swingby Skybridge which connects the Bitcoin blockchain, enabling the introduction of BTC into the Ethereum network.

Swingby Develops A More Advanced And Secure BTC Bridge

Swingby, a BTC bridge platform, plans to expand into other Blockchain ecosystems. This is in addition to Ethereum and Bitcoin. Swingby is the only BTC bridge that can protect against a WBTC-depegging event due to the advancement in platform security enabled by the partnership.

In a Swingby announcement announcing the partnership it was also revealed that the Bitcoin bridging protocol chose the Chainlink Proof of Reserve, due to what was proclaimed in the details of the announcement to be critical features offered by Chainlink’s oracle service.

Proof Of Reserve Offers Verifiable Transparency And Security

With the rise in instances of blockchain ecosystem crashes and catastrophic depeggings as well as sudden closures, bankruptcies, and other financial problems, transparency and security are of greater importance than ever in the industry.

Swingby made the decision to equip the protocol to employ Proof of Reserve as a transparency measure which protects the bridge from completing transfers that are not verifiably present in reserves backing token supply.

The Swingby announcement explains that the integrated Proof of Reserve will verify that the amount of BTC in reserve wallets equals the amount of WBTC tokens in the Ethereum network. The Proof of Reserve function will shut down the bridge until there is an agreement. This measure is intended to protect network and user security.

Raising The Standard With Proof Of Reserve

As mentioned, Swingby has been able to declare the network as the only BTC-to-BTC bridge that is protected against depegging of WBTC due to the Chainlink Proof of Reserve mechanism.

In keeping with blockchain transparency and security the bankruptcy filings of FTX, and Alameda Research’s sister company Alameda Research, has affected the REN Protocol that is owned by Alameda. Swingby is now one of the most prominent market leaders in this area and one of the decentralized bridges.

Swingby strives to make it easy to use its proof-of-stake network. Chainlink Proof of Reserve was designed to support an efficient UX. This is largely due to the automated process of presenting the trusted, secure, and up-to-date data to the smart contract powered network environment via the Chainlink oracle network.

How Chainlink Proof Of Reserve Is Expected To Support Swingby Skybridge

A current reference contract will be kept in order to provide smart contracts that allow for automated, on-chain verification of collateralization. The transparency of blockchain makes it possible to validate and monitor the data without the need for manual audits.

Chainlink Proof of reserve implements

Customizable external adapters. They can be used to source premium data providers via financial incentives. This means that data provided through Proof of Reserve facilitation is of the highest quality.

The Chainlink Proof of Reserve’s decentralized nature is also highlighted as an important feature of the design that supports the Swingby Skybridge. The announcement reveals that data sources and oracle nodes are distributed and thus eliminate the possibility of central failures in data sourcing and delivery to Swingby.

More To Come As Announced By Swingby

Senga Yasaka, CEO at Swingby, stated in a recent statement that more could be expected from the collaboration with Chainlink. Official Swingby announcement revealed plans to implement Proof of Reserve on Avalanche and Polygon blockchains via Skybridge. This is now that the Ethereum network has been fully operational. In his insights, the CEO highlighted the importance of Chainlink Proof of Reserve in Swingby’s decentralized infrastructure.

“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.”

This is a press release. Before taking any action related to the promoted company, or any of its affiliates, or services, readers should do their due diligence. does not assume any responsibility for any loss or damage caused by the content, goods, or services mentioned in this press release.

Media is your best source for all things crypto-related.
For press releases, sponsored posts, podcasts, and other options, contact the Media team at

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read More

Continue Reading
Advertisement I show You how To Make Huge Profits In A Short Time With Cryptos!
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Crypto Traders Invest $1.5M in 99Bitcoins Token Presale – Here’s Why It Could Explode

Crypto traders are going wild over a new project on Ethereum – 99Bitcoins Token.

This project has already raised over $1.5 million before its official launch.

With a unique “Learn-to-Earn” model and plans to bridge to the new BRC-20 standard, many believe 99Bitcoins Token (99BTC) could shake up the crypto education space.

99Bitcoins Token Transforms Crypto Education into a Learn-to-Earn Experience

99Bitcoins is one of the go-to platforms for new crypto investors looking to cut through the noise and learn the fundamentals.

Yet the platform is taking things to the next level with the launch of 99BTC.

This ERC-20 token is at the core of 99Bitcoins’ Learn-to-Earn model.

Instead of just passively reading articles, users can interact with courses, quizzes, and other activities.

Doing this will reward them with 99BTC tokens for improving their crypto knowledge.

It can be thought of as a gamified crypto education experience.

For example, a user could complete a module on technical analysis, ace the final quiz, and earn 99BTC as a reward.

Or they could dive into content on the DeFi space, with 99BTC tokens dished out along the way.

The possibilities are endless for turning crypto learning into earning with 99Bitcoins Token.

Their well-established brand is evolving from just simplifying crypto to actively incentivizing an entire community.

And with almost 20,000 Twitter followers, the excitement for this new approach to crypto education is clear.

99BTC Presale Raises $1.5M as Investor Demand Soars

The presale for the 99Bitcoins Token is in full swing, with over $1.5 million in funding already raised.

This level of demand highlights the hype that’s building for 99Bitcoins’ Learn-to-Earn platform.

After the presale ends, the developers will proceed with DEX listings to provide initial liquidity.

But the bigger milestone will be securing listings on major CEXs – which the developers hope will occur in Q4 2024.

One key advantage for those who invest during the 99BTC presale is access to the platform’s staking program.

Presale buyers can stake their 99BTC right away to earn yields as high as 1,125% per year.

As an example, if someone were to 10,000 99BTC tokens, they could earn over 112,000 additional tokens.

Although the yield will decrease as more tokens are staked, it presents a pathway for investors to generate passive income while improving their crypto skills.

This combination of passive income potential and educational value is proving to be attractive for investors.

Huge Airdrop Campaign & BRC-20 Bridge Fuel 99Bitcoins Token’s Growth

So, could 99BTC really explode after hitting the open market?

The signs seem to be pointing to yes.

For one, the development team has added to the buzz by launching an airdrop campaign that will give away $99,999 worth of BTC to early community members.

This shows their commitment to rapidly growing the 99BTC user base.

Even more exciting is the team’s plan to eventually bridge from Ethereum to Bitcoin as a BRC-20 token.

As the first crypto education project to leverage this new token standard, 99Bitcoins Token could position itself as a first mover in the space.

This ties into what might be 99Bitcoins Token’s biggest catalyst – the fact that no project has emerged as the “go-to” educational platform for crypto.

Despite a growing need for quality learning resources, the space still lacks an all-in-one hub for learning.

99Bitcoins could be that hub.

With an established brand, disruptive Learn-to-Earn model, and cross-chain vision, 99Bitcoins is well-positioned to fill the market gap.

And with 99BTC tokens priced at just $0.00106 during the current presale stage, there’s a growing sense that this could be a golden opportunity for investors.

Visit 99Bitcoins Token Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.


Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Read More

Continue Reading


PEPE Soars to All-Time High Spurred by Speculation of Spot Ether ETF Approval

The Ethereum-based memecoin Pepe (PEPE) experienced a significant price surge of 40% since Monday to a new all-time high, fueled by the speculation that the U.S. SEC might approve spot ether exchange-traded funds (ETFs). Crypto traders and analysts, observing the movement between ether’s price rise and PEPE’s surge…
Read More

Continue Reading


Farcaster Secures $150M in Funding, Reaches $1B Valuation With Backing From Paradigm

Farcaster, a decentralized social media platform leveraging the Ethereum blockchain and Optimism’s Layer two ecosystem, has successfully raised $150 million in a funding round led by Paradigm, bringing its valuation to $1 billion. The funds will be used to sustain the project’s development, focusing on growing its user base and enhancing developer tools…
Read More

Continue Reading


Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.