SwftCoin Sparks Renewed Interest
Judging by its recent price performance, SwftCoin (SWFTC) seems to have sparked renewed interest from the cryptocurrency community. As the engine behind SWFT Blockchain, one of the more promising projects launched during the brief ICO craze of late 2017 and early 2018, SWFTC has experienced the highs and lows of the cryptocurrency market over the past 4 years. Throughout this time, the SWFT Blockchain team has been busy building and growing its offering while giving SWFTC holders discounts on its services. SWFTC’s recent rise seems to have validated SWFT Blockchain’s work over the past few years.
For those unaware, SWFT Blockchain is a cross-chain swap and payments platform as well as a provider of P2P and QR-based payments, lending services, staking support and other services, enabling users to make direct swaps between over 250 currencies across different blockchains. Other functionalities include making and requesting payments via SWFT Pay links, sharing crypto with up to 5,000 people at one time via Red packets, and benefiting from the decentralized and non-custodial wallet options which support a plethora of assets on dozens of blockchains.
An Evolving Project
The current status of SWFT Blockchain is an evolution of the initial vision laid out by the developers in 2017. The main objective of this project has always been to make exchanging value across different cryptocurrencies and blockchains as easy as possible. With initial support for Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple and others, the developers laid out an initial foundation to facilitate this exchange of value conveniently across a few currencies. Although atomic swaps are still being researched, focusing on direct cross-blockchain interoperability seems to have drawn a lot more attention and excitement for SWFT Blockchain’s solutions.
With its next significant release in 2018, SWFT Blockchain began providing custodial wallet storage which further enhanced the swapping solution and introduced one-click swaps. This upgrade introduced an extra incentive to pay transaction fees with SWFTC, which gave users a 50% discount.
Fast forward to today, and SWFT Blockchain has dozens of features in addition to its patent-pending swaps, including noncustodial wallet options, SWFT Pay and SWFT Red Packets. After its recent updates introducing a Binance Smart Chain (BSC) wallet and adding cross-chain swap support for dozens of BSC assets, SWFT Blockchain has been considered "all-in-one gateway to Binance Smart Chain."
The progress on SWFT Blockchain’s product side has only been surpassed by the amount of value processed in swaps by its swap API, which is currently integrated into several top wallets, including TokenPocket, HuobiWallet, Ellipal, and swap aggregator platforms like Swapzone. Having the option to swap value from one currency or blockchain to another without leaving one’s wallet is in high demand, evident by the ongoing growth of integrated swap solutions.
Unlike most swap providers, however, SWFT Blockchain is providing a faster and cheaper alternative. As its API is now integrated by over 50 partners globally, SWFT Blockchain’s protocol is currently making it easier to transfer hundreds of millions of dollars via cryptocurrency swaps. Moreover, the developers are currently building a DEX aggregator for Ethereum and Binance Smart Chain, making SWFTC the governance token. Holders will be able to actively participate in the future decision-making of the DEX aggregator while benefitting from fee discounts and earning a share of the overall swap fees.
It is evident that the dominance of Ethereum in the blockchain space is slowly waning. Other ecosystems, including Binance Smart Chain, provide a viable alternative regarding fees, usability and cross-chain support. To attract the next wave of users, new solutions need to be built that improve the user interface and the broader user experience. Whether that will be on Ethereum, BSC, or a completely different ecosystem has yet to be determined. However, it is clear that, now more than ever, the industry needs easy-to-use tools for exchanging value across blockchains.
As the time for one-chain solutions comes to an end, seeing veteran projects like SWFT Blockchain reaffirm their utility and confirm the value they bring to the market will bring more competition and innovation to the cryptocurrency space. Unifying the broader blockchain ecosystem's liquidity and potential will lead to more complex yet accessible solutions, products, and services.