A Trustless Bridge Will Link Ethereum DeFi to Bitcoin, and Other Blockchains From Dec 28
Swingby, a protocol for blockchain interoperability, will launch on Dec 28. Its developers now plan to link the Bitcoin blockchain to Ethereum before following up with other chains like the Binance Smart Chain. The bridge comes in handy especially for DeFi users who have to move their BTC and assets through a centralized intermediary for tokenization before participating in high yielding DeFi protocols.
Swingby is developed by Swingby Labs whose headquarters is in Singapore. The Chaos-Mainnet bridge will launch on Dec 28 enabling the trustless movement of Bitcoin to Ethereum without intermediaries, a boost for DeFi and ETH. With more funds flowing from other blockchains, DeFi DAOs will be at liberty to build protocols that can take advantage of these bridges further expanding the number of assets that can be used as collateral. Overly, this will be a net bullish for Ethereum as the dominant ecosystem and ETH that is used as a medium for paying fees.
Impact on the ETH Price:
Bullish. The more assets are availed, the more there is an innovation by DeFi creators. They will further refine activity, launching products taking advantage of secure, trustless bridges, rolling out attractive solutions further propping ETH prices.
More market updates on ourBlog