Crypto Startup Swing Secures $6 Million In Strategic Funding Round
January 28 2022 - 12:01PM
NEWSBTC
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. Concluding Thoughts 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!
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