DeFi is developing in the direction of multi-chain, to expand and increase its user base, ecosystems need to be able to interact cross-chain through cross-chain bridge. However, this requires users to send assets wrapped and depends on CEX exchanges or some third-party wallets and tokens, has long wait times and limited transactions.
Also, wrapped assets are less liquid than the original and need to be unwrapped through some external service like Saber in order to continue. Swim Protocol is the project that helps solve that problem.
What is Swim Protocol?
Swim Protocol is a seamless multi-chain liquidity protocol built on Solana. By incorporating an automated market-making mechanism (AMM) with Wormhole cross-chain bridge functionality on Solana, Swim Protocol allows users to transfer native tokens between chains simply, quickly and directly without using wrapped assets.
At the end of October 2021, Swim Protocol won the Wormhole Prize in the Solana Ignition Hackathon.
Swim Protocol Highlights
Bridge to a multi-chain world
Users can swap, trade stablecoins of Ethereum, BSC, Solana directly through Wormhole bridge and receive assets in native token form. Once a transaction is confirmed by Swim’s smart contract, an algorithm determines the amount of slippage based on the size and group of transactions, thereby determining the price to be executed.
In the future, Swim will integrate with many other blockchains, starting with Avalanche, Polygon, Terra, and Fantom. Swim will also launch its own stablecoin called swimUSD and users can use swimUSD to swap and trade with stablecoins of other ecosystems.
Bridge in the style of AMM
Normally, bridges operate in a 1-to-1 manner, meaning that when swapping a token from one blockchain to another, the user will receive an equivalent wrapped token. However, during periods of volatility or when users have great demand, pools often get out of balance.
The fact that Swim Protocol builds a bridge according to the AMM method allows users to access and redeem tokens, helping to balance the pool and keep the price at the right level. Thereby, making it easy for users to connect assets between different blockchains while enjoying Wormhole’s decentralization, stable prices, and fast transaction speeds. Users can also connect multiple wallets and track account balances across multiple chains.
Core Building Block
Swim Protocol positions itself as a DeFi in the Cross-chain ecosystem in general and the Solana ecosystem in particular. Swim Protocol works to be the first destination for new Solana users, allowing users to interact with other blockchains, even those that are compatible with Solana. EVM (currently Solana has no EVM compatibility).
Swim Pool has been certified safe by the company Kudelski Security. Swim Protocol also offers a $100,000 prize to those who find security holes in the protocol.
Just 1 week after launch, 15 million USD was bridged on Swim Protocol from more than 2000 different wallet addresses. And after 2 weeks, there was 50 million USD bridged on Swim Protocol from more than 5000 different wallet addresses.
Benefits of holding SWIM tokens
Soon the team of Swim Protocol will move to the model DAO managementwhere SWIM token holders have the right to vote on protocol modifications.
Project team, investors & partners
Project team
Swim Protocol is led by experienced members of leading blockchain companies:
- CEO – Troy Tsui: Quantitative trader at Alameda Research and SIGs.
- CTO – Arv: Software engineer at FTX and Alameda Research.
- COO – Katherine Worden: Experienced in Securities and Finance in the US Attorney’s Office.
- Project Manager – Ruairi Donnelly: Chief of Staff at FTX and Alameda Research.
- Sales Manager – Teddy Pornprinya: Core member at Coinbase Ventures.
- Product Manager – Lan Gu: Quantitative trader at Alameda Research.
Swim Protocol software engineers have experience working at Cosmo and Google.
Investors
In early March 2022, Swim Protocol successfully called for a seed round investment of 4 million USD with the participation of leading investment funds in crypto such as Pantera Capital, Coinbase Ventures, Jump Capital, FTX, Alameda Research , Solana Ventures…
In addition, Swim Protocol is also sponsored by two angel investors:
- Brandon Millman – CEO of Phantom.
- Phillip Liu Jr. – Head of Strategy at Avalanche.
Partner
Swim Protocol recently announced a partnership with Aleph.im to track user transactions and work to improve overall performance.
Roadmaps & Updates
Q1 – 2022: Launch
- Launch of Swim Protocol products.
- Integration & Collaboration with other top projects
Q2 – 2022: More series
- Issue SWIM tokens.
- Integration with many other chains.
- Swap volatile assets.
Q3 – 2022: Future
- Collaboration with other cross-chain projects.
- Start administration using SWIM tokens.
Token Information Swim Protocol (SWIM)
Key Metrics Swim Protocol
- Token Name: Swim Protocol Token
- Ticker: SWIM
- Blockchain: Solana
- Token Standard: SPL
- Contract: Updating…
- Token type: Governance.
- Total Supply: 1,000,000,000
- Circulating Supply: Updating…
SWIM Token Allocation
SWIM Token Sale
Updating…
SWIM Token Release Schedule
How to earn and own SWIM Token
Updating…
SWIM Token exchange & storage wallet
SWIM Token Storage Wallet
Updating…
SWIM Token Exchange
Updating…
How to channel information of Swim Protocol
Similar projects
Uniswap: Automated Market Making Protocol (AMM) and at the same time a decentralized exchange (DEX) built on the Ethereum Blockchain, allowing users to swap any ERC-20 token.
Curve Finance: Curve Finance is an AMM decentralized exchange on the Ethereum ecosystem, dedicated to stablecoins (USDT, USDC, DAI, …) or similar assets but expressed in different forms. (renBTC, WBTC, pBTC,…).
summary
Above is the latest information about SWIM Token that I have updated, Swim Protocol is still in the process of completing the puzzle pieces, I will update the post to you as soon as possible.
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Source: What is Swim Protocol (SWIM)? Complete set of cryptocurrency SWIM
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