Swim’s first volatile asset bridge
So far, Swim has focused on native stablecoin bridging via our AMM pools, meaning that the tokens we are bridging are (theoretically) tied together very closely in price. This is commonly referred to as a stableswap in the AMM world.
After expanding to metapools last week to allow Swimmers to bridge native stablecoins to and from Polygon and Avalanche, we heard from the community that there was demand to expand our seamless bridging away from stablecoins.
We dug in, and they were right: there is demand, so Swim is STEPN it up!
Today, we would like to introduce our two new bridging options: $GST and $GMT between Solana and BNB Chain.
What is STEPN?
STEPN is a pioneer in the ‘move to earn’ space, empowering players to take control of their health with a way to earn tokens with an NFT sneaker by walking, jogging or running outdoors. They first released their game on Solana (the first realm) and have since then added their second realm, BNB Chain.
The game has a dual token system, $GST (Green Satoshi Token) and $GMT (Green Metaverse Token).
What are $GST and $GMT?
$GST is earned in the game through exercising with your NFT sneaker, and used in activities such as minting new sneakers, leveling sneakers and upgrading gems.
$GST is not the same across realms, hence a price discrepancy exists between $GST on Solana and $GST on BNB Chain. Currently, there is no way to bridge $GST between Solana and BNB Chain.
$GMT acts as the governance token, used for the revenue share and more advanced activities in the game such as high-level gem upgrading and advanced sneaker leveling.
$GMT is fungible across realms, hence the prices across realms are the same. Currently, to bridge $GMT between Solana and BNB Chain, one must go to and from Binance, a centralized exchange.
How does Swim come in?
As pioneers in bridging native stablecoins, Swim’s ultimate mission is to create liquidity in a multichain world, allowing users to trustlessly bridge native tokens.
We are bringing our seamless bridging to $GST and $GMT, meaning users, for the first time, have a simple and decentralized way to bridge these tokens between Solana and BNB Chain.
$GMT will be a stableswap pool, similar to the native stablecoin pools that Swim currently operates in its hexapools and metapools.
$GST will be Swim’s first volatile asset swap as it is not fungible between Solana and BNB Chain. This means that the prices on each chain are different - but this does not stop us from enabling seamless bridging between the two chains.
How much will it cost to bridge?
Our $GMT pools will cost the same to use as our stablecoin pools - 4bps of fees, 3bps of which go to the pools’ liquidity providers (LPs) and 1bp of governance fees which goes to the treasury.
Our $GST pools will be inline with the DeFi industry standard for constant product pools - 30bps of fees, 25bps of which go to the pools’ LPs and 5bps of governance fees.
As always, we are happy to help with any questions or issues on our Discord.
Happy exercising… and happy Swimming!