Swing Protocol Receives Development Grant from Polygon in Pursuit of DeFi Liquidity
Swing is happy to announce that we have received a development grant from Polygon (formerly Matic) to add to the ongoing development of our cross-chain liquidity and bridging aggregator.
Polygon awarded the grant to help foster the ongoing development of Swing’s aggregator protocol, which delivers access to a number of EVM (Ethereum Virtual Machine) compatible blockchains, such as Arbitrum, Binance Smart Chain, Avalanche, Fantom, xDai, Aurora, and Ethereum itself.
Swing also facilitates easy access to liquidity and token swaps on Polygon, and the grant will help concrete the already strong bonds between the two projects as both pursue their complementary visions of decentralized finance (DeFi).
Swing and Polygon’s Synergy
The grant awarded by Polygon will help continue Swing’s ongoing efforts to contribute to the Polygon network, and offer users of both quick, direct access to the range of tokens available across many of the most popular DeFi platforms in operation today.
Polygon rose to become one of the foremost layer-2 scaling solutions for the Ethereum blockchain in recent years, buoyed by its technical efficiency which sees it process up to 7,000 transactions a second while incurring fees of less than a fraction of a cent. Over $6.5 billion worth of Ethereum and its associated tokens are currently held in Polygon’s smart contracts, and the number of projects and dApps building on the platform is rivaled only by Ethereum itself.
Swing’s presence on the Polygon blockchain broadens the scope of both projects: by allowing Polygon users to take advantage of Swing’s cross-chain bridge and liquidity framework, and by granting Swing users a wider array of blockchains across which they can trade cryptocurrency assets.
Swing launched on Polygon in December 2021 in a move that sought to deepen the wealth of liquidity options available to Swing users. The partnership also represented the start of one of the first cross-chain solutions between the Polygon and Polkadot blockchains, with Swing originally having launched on Polkadot.
Swing founder Viveik Vivekananthan said receipt of the grant from Polygon was a sign that the project was moving in the right direction, and attracting the attention of the best communities and ecosystems in the DeFi arena. Vivekananthan said:
“We’re extremely proud to have received the development grant from Polygon, and we take it as an encouraging sign that we’re making all the right moves as we march on in pursuit of our vision. Swing levels the blockchain playing field by granting traders easy access to all of the best DeFi platforms around, and our ongoing relationship with Polygon only promises to boost our efforts and expand our reach.”
Polygon awards development grants with the aim of encouraging promising projects, and accelerating the growth of the blockchain and DeFi space.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 400+ Dapps, ~350M txns and ~1.5M+ unique users.
Swing is decentralized cross-chain liquidity protocol 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.
Follow Swing on:
🐦. Twitter: http://twitter.com/swing_xyz
📘. Medium: swingxyz.medium.com
💬. Telegram: https://t.me/swingxyz
🌐. Website: www.swing.xyz