Source : newsbtc.comhttps://www.newsbtc.com/wp-content/uploads/2022/01/swing-image-460x259.png
Swing, a blockchain startup that enables cross-chain liquidity and liquidity aggregation across blockchains, announced that it has raised USD 6 Million in a strategic funding round from leading investors in the blockchain ecosystem.
Housing several trading, lending, and borrowing protocols, the Ethereum ecosystem dominates the decentralized financial (DeFi) area. This has reverberated across the network, pushing Ethereum to its limits but also speeding up the pace of invention and experimentation. Swing leverages layer 1 and layer 2 solutions like Polygon, Binance Smart Chain, Avalanche, Solana, Arbitrum, and more to get past and challenge Ethereum’s performance restrictions.
The strategic round of funding was led by Republic Capital and also saw participation from blockchain-centric VCs including Avalanche Labs, Bitcoin.com, Skynet EGLD Capital, Celer, Ascensive Assets, Haskey, Morningstar Ventures, Kane & Rao among others. With this round of strategic funding, Swing has achieved a valuation of USD 60 Million, making it one of the most sought-after projects in the DeFi space.
With this successful fundraiser, Swing aims to fastrack its plans to launch APIs to aggregate major liquidity sources and bridges with the aim of enabling cross-chain liquidity and progress closer to its vision of decentralized liquidity across the DeFi multi-chain ecosystem. The funding will be utilized to propel Swing’s development and expansion of teams.
The Future of DeFi: A Big Stride Towards Cross-Chain Infrastructure For The Internet
The total value locked (TVL) in the DeFi space, a measure of the number of assets staked in a specific protocol, quadrupled in 2021 alone bringing its TVL to USD 201.55 Billion in 2022. The DeFi space has witnessed a boom of decentralized exchanges (DEXs) and protocols, the issue of sporadic liquidity is ever persistent. Further, DEX Aggregators find themselves restrained to connecting liquidity pools on the Ethereum chain thereby, limiting possibilities of multi-chain liquidity aggregation.
While Ethereum is one of the most prominent chains for building protocols, it is no revelation that its network congestion and stark lack of scalability have resulted in high latency and soaring gas fees.
It is vividly clear that blockchain interoperability is the need of the hour to resolve the issue of liquidity fragmentation on DEXs. This is why Swing is building an efficient cross-chain infrastructure for the internet which will compose and aggregate liquidity across blockchains and thereby, move assets across multiple ecosystems with minimum slippage. This is said to become an indispensable part of the DeFi ecosystem.
By enabling cross-chain transactions, the project aims to bring in a new era of decentralized trading. With these features and offerings, Swing aims to be the Stripe for cross-chain transactions. Much like how Stripe enables websites and apps to take payments over their websites, Swing will simplify cross-chain swaps and transfers for developers and businesses with its much-awaited API product.
By enabling cross-chain transactions, the project aims to bring in a new era of decentralized trading. By offering a cross-chain asset exchange and decentralized liquidity protocol that uses Layer 2 chains and major EVM networks, DeFi traders, investors & developers can use Swing to move crypto capital efficiently across blockchains. AMM dexes, yield farms, lending/borrowing and staking protocols will greatly benefit from Swing’s cross-chain bridging solution. Swing navigates across top protocols and exchanges on Layer 1 and 2 chains with its cross-chain bridges and intelligent algorithms to beat and match market swap prices.
Swing is currently compatible with Ethereum, Polygon, Binance Smart Chain, Harmony, Avalanche, xDai, Moonriver, and Phantom and is said to expand to Solana, Harmony, Polkadot, Cardano, Optimism, and Near soon.
The coexistence and interoperability of multiple blockchains is a necessity for the continued growth and survival of the DeFi industry. In this light, the search for an efficient and simple cross-chain trading and liquidity aggregator is more important than ever. This is where Swing’s offering to go the last mile for crypto liquidity has become a critical part of the whole crypto infrastructure.
Swing will be a one-of-a-kind gamechanger to empower developers, investors, and users all over the world to move crypto assets effortlessly using blockchain smart contracts, relayers, and cross-chain bridges.
The future is multi-chain! Think multichain, Think Swing!