Swim x Project Galaxy AMA
August 21st 9pm EST
Since launching in March of 2022, a key contributor to Swim's success has been our community of Swimmers. Our team prides itself on remaining very closely aligned with the needs & desires of our community and we constantly look to incorporate their feedback into our development plans. As a way to recognize and honor our loyal Swimmers, we kicked off our Olympian community campaign powered by Project Galaxy. During our AMA session with Project Galaxy, we focused on the topics most relevant to our community, while also providing an overview of Swim for newcomers. We hope you enjoy this recap of the AMA session!
Introduction
Speaker Intro
- Kingsley, Product Manager at Swim, is responsible for strategizing Swim's product roadmap and works closely with the BD & Marketing teams to align efforts across all major upgrades & expansions
- Kingsley was introduced to crypto in 2017 when he realized the potential of the new asset class and found himself intrigued by the fundamentals of DeFi
Swim Intro
- Troy Tsui, CEO of Swim, founded the company after several years of working as a quant trader at Alameda Research
- Through his involvement in crypto & web3, Troy began to realize the pressing need for cross-chain liquidity and the absence of quick and efficient means of bridging assets to multiple chains
- Swim was created with the focus of improving the infrastructure supporting cross-chain transactions and providing users with a user-friendly & capital-efficient way to move their assets across chains
How does Swim bridge assets?
Before Swim, the ability to move native & liquid assets across chains was very limited and quite complex; understanding the existing pain points, Swim looks to offer an easy-to-use native asset bridge
Native assets
- Swim allows users to swap native assets across any of our supported chains, eliminating the need for wrapped assets and avoiding the additional transactions required to get to most commonly used version of their tokens
AMM (Automated Market Maker) style bridge
- Swim’s cross-chain swaps are made possible by tapping into native asset liquidity pools existing across our supported chains, where liquidity providers are incentivized to provide liquidity through receiving a share of Swim’s fees
Metapools
- Metapools allow Swim to facilitate native Stablecoin swaps between new tokens and Swim’s existing hexapool and the implementation of Swim’s propeller will enable these swaps to operate with a single-click
Why use Swim?
Security
- Security is of utmost importance to Swim, especially given the recent high-profile exploits that have occurred
- We chose to build on Wormhole, which is the most decentralized and secure option out there. It consists of 19 guardians, which are a subset of Solana guardians
- Swim has been audited by Kudelski Security and also has a live bug bounty program, details for both are available on Swim’s website
Usability
- Swim takes care of our UI & UX to make sure it makes sense to both a newbie and has enough control for the seasoned DeFi user
- Our team is constantly taking feedback from our users & we look to continue to improve our bridging experience through introducing enhanced features & continuous updates
- Swim’s Propeller will significantly increase Swim’s usability through enabling single-click swaps via. cross-chain smart contract calls
Capital efficiency
- Swim’s design, with the use of our hexapool, allows for users to tap into multichain liquidity and bridge their assets with minimal slippage & fees
- Instead of individual liquidity pools across many chains, Swim introduced a single multichain hexapool consisting of concentrated liquidity, which helps alleviate liquidity fragmentation and provides users the most efficient routes to swap their assets
Swim’s Roadmap
- Fragmented liquidity and siloed ecosystems remain a prevalent issue within DeFi today and through our expansion and integration efforts, Swim looks to support all leading blockchains & protocols in their multichain efforts
- Currently to provide a trustless bridging solution users must manually approve wallet interactions and transactions, but with Swim’s Propeller, our bridging usability will significantly increase, without sacrificing the decentralization or capital-efficiency of our swaps
- The Swim team is working on lots of exciting initiatives ranging from expanding to new chains, integrating with leading protocols, enabling single-click swaps via. our Propeller, and a native asset SDK to help facilitate further integrations and partnerships
Enabling a Multichain world
- To drive widespread crypto adoption to the masses, protocols must work on abstracting the technical complexities away from the users & offer easy-to-use applications that allow users to pursue opportunities across all of DeFi, regardless of the chain
- Our team remains very focused on working on developments & partnerships that make connecting liquidity across chains an enjoyable and simple experience for all web3 users
- Swim’s was designed to offer users an intuitive bridging experience, which extracts the cross-chain complexities, and allows users to pursue their most attractive opportunities, on any dapp, on any chain
Staying closely connected with our Community
- All of Swim’s development efforts are strategized around what will most benefit our users, and by staying closely connected with our community, we are able to constantly implement their feedback to drive enhancements to our protocol
- On our Discord, Swimmers can connect with one another, keep up with the latest news & developments, receive 24/7 support for any issues they may run into, and offer suggestions & feedback to the core Swim team
Hope you found these notes helpful! Looking forward to having you join our next AMA!
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