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05 May 2022•
4 min read
Swim provides a simple way to transfer tokens across chains via multi-token liquidity pools while also utilizing Wormhole’s Portal bridge for the underlying bridging function.
Swim is a multi-chain AMM that enables cross-chain swaps by establishing liquidity pools of two or more tokens across multiple blockchains. This eliminates the need for wrapped assets by allowing users to swap from a native asset on one chain to a native asset on any other supported chain. This is accomplished by utilizing Wormhole’s Portal Bridge to bridge those assets.
Swim’s solutions reduce the barriers users face when performing cross-chain transactions, allowing for seamless interoperability between various blockchain networks.
Swim protocol eliminates the need for users to interact with wrapped assets by allowing a swap from a native asset on one chain to a native asset on any other supported chain.
Bridge status is a way for users to see where their funds are at every step of the way, without having to understand the cross-chain complexity under the hood. This unique feature provides the ability to push funds through the process if they happen to get stuck somewhere along the way, allowing anyone to continue bridging where the process left off.
Here you can find more information on how pools are designed, and why Swim used AMM-style pools instead of a 1-to-1 bridging solution.
TL;DR: The pools are designed based on a) what people want to bridge and b) consolidating capital to one high-throughput avenue.
Swim Protocol has come a long way in just a few short months. Back in October 2021, they won the Wormhole Prize at the Solana Ignition Hackathon, and in March 2022, they launched their Alpha mainnet.
Swim utilizes Wormhole’s Portal bridge by relying on its mint & burn mechanism, which creates wrapped assets when initiating a bridge transfer. As assets are deposited onto Swim’s smart contracts, the tokens are bridged via Portal and the resulting wrapped assets are deposited into smart contracts on the target chain. These are responsible for maintaining an accurate state of token balances in the pool.
For Swim users to experience a seamless transfer, this process happens “behind the curtain”.
Below is an example for a ERC20 (Ethereum) to SPL (Solana) swap.
Voilá! The user has now successfully swapped from native ERC20 on Ethereum to native SPL on Solana.
See what Swim has to say about integrating Wormhole:
“Security is an integral part of any bridging experience and we felt it was necessary to ensure safe transactions as a vital first step in creating the protocol. Our team believes that Wormhole will likely be the most performant bridge, in terms of speed, while maintaining a robust degree of security. Additionally, an advantage of Wormhole is that it will likely grow beyond the currently supported chains to include other blockchains. Swim will in turn grow with each new iteration of Wormhole, increasing our protocol’s functionality.”
Don’t be shy, the water’s fine!
If you’d like to find out more, connect with our frens at Swim:
Website | Twitter | Telegram | Medium
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