Swing Expands Cross-Chain Liquidity and Bridge Aggregation to Harmony
Swing is delighted to announce the ongoing rollout of our cross-chain liquidity and bridge aggregator protocol to the Harmony (ONE) blockchain.
Harmony is a Proof-of-Stake (PoS) blockchain that uses sharding in pursuit of scalability, and is designed to run smart contracts and host dApps at a scale beyond the scope of previous iterations of smart contract platforms.
Harmony runs Ethereum-native applications more efficiently than the chain on which they were built, validating transactions within a swift 2-second window while incurring fees 1,000 times lower than those witnessed on Ethereum.
The project has ambitions to create interconnectivity with any Proof-of-Stake or Proof-of-Work (PoW) blockchain in the world, and has already formed cross-chain compatibility with Binance Smart Chain, Ethereum, and even the Bitcoin blockchain.
Over 220 applications currently make use of Harmony’s blockchain architecture, with over 400,000 wallets having been active on the network to date. Over $220 million has been transferred across Harmony’s cross-chain bridges so far, comprising transfers between Harmony’s native ONE token, and ETH and BSC.
The addition of Swing to Harmony’s ecosystem of tools and applications will allow the chain’s user base to aggregate the best liquidity and bridge options available across all of the above networks, ensuring users can get the best prices on token trades, and can make use of the most cost-efficient cross-chain bridges.
Harmony’s rise up the market cap rankings — where it now occupies a top-50 spot — was catalyzed by the readiness of dApp developers to set up shop on its ultra-fast and cheap blockchain. This resulted in a surging ONE coin price, which started 2021 priced at less than a fraction of a cent, and shot to over $0.35 cents by the first month of 2022 — marking a spectacular 8,500% growth spurt.
In addition to sharding, Harmony makes use of a unique variation of the Proof-of-Stake consensus model known as Effective Proof-of-Stake (ePoS). This method of consensus validation enables the simultaneous staking of tokens from hundreds of validators, adding to — and building on — the expansion of the chain’s scaling capabilities enabled by sharding.
All of this adds up to yet another fruitful collaboration and integration for us here at the Swing team. In recent weeks we have secured integrations with some of the top DeFi blockchains currently operating in the cryptocurrency space, including Avalanche, Binance Smart Chain, Polygon, Celer Network, and numerous others.
Now that the crypto space at large has recognised the benefits of cross-chain interoperability, Swing’s presence on these chains opens up the average trader to a widespread blockchain landscape that isn’t hampered by technical incompatibility or exclusivity.
As the blockchain space continues to expand along the lines of horizontal compatibility, the liquidity and bridging options available to traders stands to increase exponentially. Here at Swing we pride ourselves on providing the tools that make this exponential growth easier to manage and comprehend, through the application of our aggregation protocol that connects these chains in the cheapest, easiest way possible.
Swing is cross-chain infrastructure for the internet on major EVM networks such as Polygon, BSC, Avalanche, Moonriver, Harmony, xDai, Arbitrum, Fantom and more. It aggregates major liquidity sources and bridges to execute the best price and lowest slippage on trades and transfers. The project helps crypto traders, investors and yield farmers move crypto capital efficiently across blockchains via a web application and upcoming API product.
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