Swingby x IM community AMA RECAP
🐋TELEGRAM AMA : Im Community & Swingby
⏰ AMA Timing : 16th Sep 2022 l 10:00 AM UTC I 17:00 UTC + 7
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100$
➡️ The reward pool for the best 5 questions from Telegram is $50($10 Each) 💸
➡️ The reward pool for the best 5 questions from Twitter is $50 ($10 Each) 💸
Bà Tân | : Today our guest is: @Lombarcrypto from Swingby.
Bà Tân | : Welcome @Lombarcrypto to the IM community.
Crypto man : Hi Guys,
Crypto man : Thanks for the welcome messages,
Crypto man : Let’s get the AMA started
Bà Tân | : Before the first, please introduce yourself a little bit: @Lombarcrypto ���
Crypto man : Hi everybody,
Crypto man : My name is Agustin, I am part of the core team of Swingby protocol. I have been working for the project the last 7 months, and it has been a really amazing journey so far. I collaborate with the Marketing and business development side. I have been working in the cryptocurrency industry for the last 3 years, and with the experience collected as investors and active business developer I am able to help the project reach its best potential.
Bà Tân | : Thanks for the introduction. ❤️
Bà Tân | : Today’s AMA will have 3 session
Session 1: Project Introduction
Session 2: Question From Twitter (https://mobile.twitter.com/IM_Communityitw/status/1568212120587894786) (will choose 5 question)
Session 3: Free Asking (will choose 5 question)
Bà Tân | : So let’s start the first part of the AMA — questions from Im Community!
Bà Tân | : Q1.Can you briefly describe what is Swingby? We would like to know more about it and how it works. @Lombarcrypto
Crypto man : Great question to begin with !
A brief description of Swingby:
Swingby is a bridging protocol for moving crypto assets between blockchains without a central custodian. Swingby’s first product is Skybridge and provides trustless bridges between Bitcoin and Ethereum 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. ✅
Ahrix : Please ✅ when you have finished the question, thank you���
Bà Tân | : Our second question is…
Bà Tân | : Q2.What are the products that the Swingby team is focusing on developing? @Lombarcrypto
Crypto man : Swingby has two CORE PRODUCTS, Skybridge, and Skypools.
Skybridge is the Bitcoin cross-chain bridge, and Skypools is a multichain DEX.
Swingby’s Team is focussed on adding new chains to its bridge. Choosing the best chain is not an easy thing due to the fast pace of development in the crypto space, however the team is in communication with multiple Layer 2 chains and some Layer 1 chains that are interested in having Swingby build a bridge for them.
After adding new chains to Skybridge, the team will continue developing the second product of Swingby, which is Skypools. The team is planning on developing Skypools v2, with many more ERC20 tokens available, as well as more chains.✅
Bà Tân | : Great, sounds promising, thanks!
Bà Tân | : Please give our community some info on the next point
Bà Tân | : Q3.What role does the $SWINGBY token play in your ecosystem? What are the benefits of long-term holding? @Lombarcrypto
Crypto man : $Swingby token accomplishes 2 roles right now in our ecosystem.
1. The first role is securing the network of validators since it is a PoS network, just like Ethereum 2.0 network.
2. The second role of the token is adding voting power within the Swingby DAO (dao.swingby.network). Major changes within our protocol are decided by our DAO.
In the future we look forward to allowing bridging transactions to be paid with Swingby tokens, providing a discount to users for utilizing the protocol’s token.
Benefits of LONG TERM holding:
1. Price appreciation. Due to the strong reduction of token inflation, it provides a perfect set up for token price to start recovering after a 1 year of downtrend.
2. The Swingby protocol is implementing BUY BACKS, which leads to an increase in BUY pressure.
3. As the protocol continues to develop, more and bigger decisions will have to be made. We need Community members committed and well educated in the crypto industry to place their votes in future changes and network upgrades. ✅
Bà Tân | : Great, thanks!
Bà Tân | : The other thing that our community may be curious about is…
Bà Tân | : Q4.Can Swingby team please update some Swingby latest news or major events to attract more users? @Lombarcrypto
Crypto man : The latest news are, a partnership with Chainlink and the addition of a new security feature provided by Chainlink Labs. For more info visit: https://swingby.substack.com/p/swingby-integrates-chainlink-proof
The second piece of news is that there will soon be an addition of a new chain to our bridge. Decisions will be made within the next few weeks.
The third piece of news that was very influential was the burning of 10% of our total supply. So far, a total of 60 Million tokens were burned, and by the end of the year another 40 MILLION TOKENS will be burned. The main reason for this is collaborating on the increase in value of our token.
The fourth greatest thing happening this year is the FINISH OF TOKEN UNLOCKS. This means that all tokens that were going to private wallets have already finished. The sell pressure is minimal, which increases hope that the token is ready to start its price recovery process.
Bà Tân | : Impressive, thanks!
Bà Tân | : And the last question is…
Bà Tân | : Q5.What is the current and future development roadmap of the Swingby project? @Lombarcrypto
Crypto man : The Roadmap is as follows,
1. Add a new chain to Skybridge.
2. Increase partnerships.
3. Launch Skypools v2.
4. Increase utility of Swingby Token.
Bà Tân | : Great answers!
Bà Tân | : Thank you for your efforts and time ���
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2.
Bà Tân | : Session 2: Question From Twitter (https://mobile.twitter.com/IM_Communityitw/status/1568212120587894786) (will choose 5 question)
Bà Tân | : Question1. 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 persuade investors, how are you going to convince consumers that this is a real project? @Retropixel13
Crypto man : Hi Retropixel13 and thank you for your great question,
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. ✅
Bà Tân | : Question2. 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? @sinh_vo20
Crypto man : 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. ✅
Bà Tân | : Question3. Staking is one of the most attractive way that exist through the DeFi system where users generate passive income. With that, can you tell us more about staking program and various ways through which users can participate in your staking program? @Duncann_Magnus
Crypto man : Swingby provides staking rewards for users that are interested in good passive income. At the moment our Staking APY is set at 15%. The staking is done through Swingby DAO portal. You can access the staking platform here: dao.swingby.network .
Benefits of Staking:
1. Passive income with an APY of 15%
2. Gain VOTING POWER to vote in the most important updates or changes within our protocol.
Bà Tân | : Question4. 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? @BrianVilaa0
Crypto man : 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.
Bà Tân | : Question5. 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? @SilasFarrer
Crypto man : 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.
Bà Tân | : Congratulations to the winners of session 2.
Bà Tân | : Alright, Session 2 has finished perfectly. Appreciate your detailed responses @Lombarcrypto ���
Bà Tân | : End of session 2
Bà Tân | : We’ll move on to session 3
Bà Tân | : Session 3: Free Asking (will choose 5 question)
Bà Tân | : Don’t forget to join the group https://t.me/SwingbyOfficial
Bà Tân | : Group will unmute now so everyone can ask questions.
Bà Tân | : Thanks for the questions from the community.
Bà Tân | : Now let’s give our dear guest @Lombarcrypto some time to go through them.
Question from @bosscrypto2006
What is your top 3 things for priorities in 2022? Could you share some plans for the upcoming year? Crypto man : The top Priorities for this year are:
1. Adding a new chain and onboarding more users to the Bridge.
2. Reducing total supply.
3. Make the best adjustments to collaborate with Token appreciation.
Question from @ZaSukVKim,
Many things can make a project strong like the community,the quality of the project,its investors. What make your project strong? What will you do to make it more stronger?
Crypto man : The strongest feature of our product is the tecnology. There are not many projects that allow swaps between BTC blockchain and ETH blockchain. We believe that opening the doors of DeFi to the crypto community is one of the most important functionalities of our protocol.
Question from: @phamthuy1999
Who is your project’s biggest rival? In the future, does your project have a plan to beat your rival or cooperate with them? I think that will be a huge step forward for your project.
Our biggest Rival is Ren Protocol, they currently have more chains available than us. But they are in the bridging business much longer than us. We will eventually catch up to them and hopefully win due to our decentralized features.
Question from @queenkapten,
What’s your main focus right now, are you focused on the community or market/Exchange or the products?
Crypto man : Increasing our Community is one of the biggest things at the moment. Specially by being a DAO, we need the community heavily enganged in the project affairs. They are eventually the ones that make decisions on the future of the protocol. At the same time, having a large userbase community enhances the value of our token and of our project.
Question from: @haowgsuwosisc
Where I can get the latest updates or more information about the project?
Crypto man : 1. #Telegram https://t.me/SwingbyOfficial
2. #Twitter https://twitter.com/SwingbyProtocol
3. #Website swingby.network
4. #Medium https://swingby.substack.com/
5. #Discord https://discord.gg/n8566b6u
Bà Tân | : Congratulations to the winners of session 3.
Bà Tân | : Thanks for the useful information from @Lombarcrypto
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @SwingbyOfficial for answers.
Bà Tân | : IM Community, if you would like to know more about Swingby ! here are some useful links for you:
Official Website: https://skybridge.info
Bà Tân | : Allright, I declare the Im Community AMA with Swingby has ended.
Thanks to @Lombarcrypto | Swingby joined us and provided us with Swingby information, we hope that this knowledge makes us understand more about https://skybridge.info (https://skybridge.info/)
To the members, thank you for following this event to the end. winners will be announced soon.