Elrond Network, the highly secured and scalable blockchain platform, has proudly announced its strategic collaboration with Swingby, a cross-chain protocol for inter-blockchain swaps. The integration will help in establishing a link between Elrond mainnet assets with various blockchain ecosystems in a fast and economical manner.
The two participating entities, Elrond and Swingby, will open doors for more collective opportunities for the DeFi sector. It will help in expanding the Elrond mainnet asset portfolio by laying the foundation for potential DeFi use cases aided by the native ERD token and other decentralized assets. By achieving this, Elrond aims to popularize its excellence with a view to enjoy a higher adoption rate.
The highly-anticipated trustless inter-blockchain protocol solution is non-custodial, fully-decentralized, and works seamlessly well with any wallet network. The users connected to the Elrond system will now be able to exchange $ERD tokens along with other mainnet assets with other top-rated coins like BTC, BNB, ETH, and others via a user-friendly and secured interface.
Beniamin Mincu stated, CEO, Elrond,
DeFi is one of the fastest-growing applications of blockchain technology in recent times. These applications strive to offer high-end liquidity, minimum risk threats, and best-in-class performance to the users. The Elrond team understands this and so promises to offer the required responsiveness and scalability to the new investors. It strives to give balanced access to the latest offerings as well as convenient access to traditional crypto assets like Bitcoin and Ethereum.
Yusaku Senga said, Swingby CEO,
Swingby employs the first fully decentralized custodian inter-blockchain protocol, which relies on the latest mechanism of fast multiparty threshold signature modules. This feature allows a decentralized group of participating nodes to collectively sign transactions in various chains. The use of this technology can facilitate the one-of-a-kind protocol, which can successfully implement a trustless 2-way peg with Bitcoin and its forks. This becomes special because leading networks like Kyber, Cosmos, Polkadot, or RSK are still working to crack a deal in this field.
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