What is Swim Protocol? Complete information about Swim Protocol and SWIM tokens

• Overview of Swim Protocol
• What is Swim Protocol?
• Basic Features of Swim Protocol
• How Swim Protocol works
• The development team, the investor of the Swim Protocol project
• Swim Protocol development roadmap
• Overview of the SWIM . token
• What are SWIM tokens?
• SWIM . Token Allocation
• Where can SWIM tokens be bought and sold?
• The future of Swim Protocol and should I invest in SWIM tokens?
• summary

Overview of Swim Protocol

What is Swim Protocol?

Swim Protocol (or Swim for short) is a multi-chain AMM designed as a bridge for native assets on different blockchains. Currently to use a blockchain native asset on another blockchain, users will need wrapped assets, Swim allows users to swap directly from the original on one chain to the original on the chains supported by the protocol.

Wording Explanation : Wrapped assets are assets that are tokenized on another blockchain. That is, the wrapped asset will be anchored to the value of the original asset and it will represent that asset on another blockchain. 

Example : Wrapped Bitcoin (WBTC), a tokenized version of Bitcoin on Ethereum. The asset will be ERC-20 standard and pegged to Bitcoin at a 1:1 ratio, allowing users to use BTC on the Ethereum network more efficiently.

Swim's solution reduces the barriers users face when making cross-chain transactions, allowing interaction with different blockchain networks.

Swim provides a solution to the problems associated with inefficient cross-chain asset swaps when using wrapped assets, centralized exchanges, or platform-specific native tokens used in some AMMs cross chain. This new solution is much more capital-efficient than existing approaches. At the same time, it opens up many opportunities to improve and develop solutions that approach cross-chain interoperability more effectively.

Currently, the most cost-effective solution when transferring a crypto-asset into the Solana ecosystem is to deposit that asset into an exchange (most commonly FTX) and then withdraw it to Solana. This process is relatively cumbersome, slow, and not fully decentralized. Now, with Swim, users can do this more quickly and seamlessly.

Basic Features of Swim Protocol

Swim eliminates the need for wrapped assets by allowing users to swap from the original on any chain to the original on another chain. Through ideas established by existing AMM with Wormhole's bridging technology to create a new cross-chain liquidity platform.

Bridging a Multi-Chain World

DeFi has become a multi-chain universe but liquidity is fragmented. The growth of the Solana ecosystem has been limited due to barriers to entry and lack of user-friendly bridges. Leveraging Wormhole's technology and Solana blockchain 's scalability , Swim seamlessly connects disparate networks.

AMM Style Bridge

Swim's novel swap method makes bridging trading easier, similar to swaps in a liquidity pool of stable assets. Users can connect more easily whether using native assets or tokens of blockchain projects, they still enjoy all the benefits of transaction processing speed and decentralization of Wormhole bridge.

Core Building Block

Swim Protocol positions itself as a primitive DeFi in the multi-chain Cross-chain array in general and the Solana ecosystem in particular. The project wants to create a platform that can meet the needs of Solana users to be able to interact with other blockchains, including EVM-compatible blockchains, while Solana is not compatible with other blockchains. EVM.

In addition, the project also wants to create a platform that can provide a fast, seamless experience between other blockchains, without the support of wrapped assets or the CEX exchange.

How Swim Protocol works

The Swim Protocol provides users with an environment that makes it easy for them to interact with the liquidity pool on Swim and native assets on many other blockchains. Initially, only stable asset pools (also known as Stablecoins) were created on blockchains such as Ethereum, BNB Chain, and Solana to facilitate users to seamlessly interact and transact between these chains. .

Accordingly, the pools on either of the two blockchains mentioned above will be connected through Wormhole, helping to forward transaction requests between chains. When the Swim smart contract receives a transaction request, a special algorithm determines the slippage based on the size of that transaction. At the same time, it also considers the components present in the liquidity pool to provide the value that users receive after making a transaction. 

For those new to the technicalities, Swim allows users to simultaneously connect wallets on multiple chains such as Ethereum, Solana, and BNB Chain. Once a user's wallet is connected, they will be able to swap the original Stablecoins at a fixed swap rate. 

This swap will be supported by the technology used in Swim's AMM and the Wormhole bridge's cross-chain communication technology. With those technologies, adding, removing, and swapping assets between chains also becomes more seamless and efficient.

Liquidity pools were originally designed for Ethereum, BNB Chain, and Solana, allowing users to seamlessly swap between these native assets. Take a look at an example below to better visualize how Swim works when a user wants to swap Ethereum network USDT (ERC-20) for Solana network USDC (SLP).

• First, users will connect both Ethereum and Solana network wallets to Swim.
• Next, the user selects the desired amount of ERC-20 Standard USDT to swap for SLP Standard USDC.
• During the swap, the ERC-20 standard USDT will be locked on Ethereum.
• Through Wormhole, Swim will determine the value received by the user after the swap and send the correct amount of SLP standard USDC to the user. 

In addition, Swim's LP token has an advantage over the existing LP token in the market thanks to the following characteristics:

• Flexibility: Swim LP tokens are portable across all chains that the Swim protocol has integrated.
• Compatibility: The Swim LP token has the ability to integrate into any protocol that is connected to the Swim protocol.

Once the Swim protocol grows, its LP token will grow as well. These LP tokens can then be used in more investment models such as collateral for loans, loans, farming for profit and more.

The development team, the investor of the Swim Protocol project

Development team

The project's development team includes traders, engineers and entrepreneurs. They are people who have worked at Alameda Research, FTX, Coinbase Ventures, Cosmos… Some core members of Swim Protocol:

• Troy Tsui – CEO: Quantitative trader at Alameda Research and SIG.
• Arv – CTO: He used to be a software engineer at FTX and Alameda Research.
• Ruari Donnelly – COO: He is chief of staff at FTX and Alameda Research.
• Teddy Pornprinya – Head of Business Development: He was a core member of Coinbase Ventures and an analyst at DC Advisory.

Some of the software engineers of Swim Protocol are:

• W: The person who contributed to the Cosmos/Lisk ecosystem.
• Ricky Chen: I used to be a software engineer at Roblox, Exabeam and Webroot.
• Andreas Morhammer: He is the managing director & technical co-founder at SafeContracts.

Investors

The project raised US$4 million in a seed round led by Pantera Capital with participation from FTX, Alameda Research, Coinbase Ventures, Solana Ventures, Jump Capital, Social Capital, IOSG Ventures, Rok Capital, GBV Capital , Mantis VC, Panony and Bonfida. 

Other Swim Protocol angel investors include Brandon Millman from Phantom Wallet, Dean Thomas from Polygon, and Phillip Liu from Avalanche. 

Swim Protocol development roadmap

1st quarter of 2022

The project will focus on launching with pools for native stablecoins on Ethereum, BNB Chain, and Solana. It also launched an attractive liquidity mining program, allowing early participants to become owners of the protocol.

Second quarter of 2022

Swim Protocol, which complements other networks such as Polygon, Avalanche and many others. During this time period, the Swim protocol will be upgraded to allow cross-chain swaps between unlinked assets, such as swapping ETH on Ethereum to SOL on Solana. 

Overview of the SWIM . token

What are SWIM tokens?

SWIM is the native token of Swim Protocol with some basic information as follows:

• Ticker: SWIM
• Blockchain Network: Solana (SPL)
• Total Supply: 1,000,000,000 SWIM

Currently, the project has not announced the function of the SWIM token, the TraderH4 team will update immediately after the official announcement from the project.

SWIM . Token Allocation

• Liquidity Mining: 30%, Swim Protocol aims to achieve an emission rate of 10% in the first year.
• Partnership & Ecosystem Incentives: 35%, these tokens will be used in programs to encourage the ecosystem to develop and expand partnerships in the future.
• Liquidity Provision: 10%, part of these tokens will be unlocked at TGE for market makers and provide liquidity on decentralized exchanges, including IDO and IEO allocations.
• Team: 20%, these tokens will be locked for 1 year and then distributed linearly over 36 months.
• Seed: 5%, this token will also be locked for 1 year and then distributed linearly over 36 months. 

Where can SWIM tokens be bought and sold?

Currently, the SWIM token is not listed on any exchange. TraderH4 team will update once information is available.

The future of Swim Protocol and should I invest in SWIM tokens?

Led by a talented team from Alameda Research, FTX, Cosmos, Coinbase Ventures and Google, Swim Protocol positions itself as a solution that can innovate current bridge models by enabling cross-chain swaps in the form of original assets. 

This plays an important role in the DeFi space, making it possible for users in this space to directly interact with more blockchains, without having to use CEX exchanges to transfer the native assets of one blockchain to another. . And the technology of Swim Protocol meets that need of users in the DeFi space.

In the near future, Swim Protocol plans to launch pools for native Stablecoins on Ethereum, BNB Chain, and Solana. At the same time, it will continue to add more blockchains. This allows users to swap any native asset on one blockchain to another easily right on the Swim protocol. Over the next few months, the development team will add networks like Polygon, Terra, and Avalanche. 

In addition, the project is constantly looking for opportunities to cooperate with other potential projects to develop its ecosystem, such as projects in the Lending & Borrowing segment to increase the use cases for these projects. Swim's LP token. 

The project has also just been launched, so it is still too early to give an answer to the question "should I invest in the project?". Currently, users can freely experience the application of Swim Protocol, thereby can judge for themselves whether to invest in the project or not. If investors are interested in the project, they can follow some official information channels at:

Website | Twitter | Telegram | Discord

summary

Swim Protocol offers users a fast, seamless and decentralized swapping experience between the most popular blockchains in the cryptocurrency market. The goal is to create a network that supports native asset pools on many different blockchains, in order to facilitate users to be able to seamlessly swap native assets in one blockchain to another, without need the support of wrapped assets or CEX exchange. With the above information, hopefully readers can take it as a basis to evaluate and make investment decisions for themselves.

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