Swidge [swidʒ] [gr. Σςιδγε | rus. Ыцшвпу] or to swidge is a neologism, derived from the words Swap and Bridge. Together they form a Portmanteau (a blend of words), a substitute and abbreviation for the lengthy description “any-to-any swap” — transferring a crypto from one chain to another and swapping it to another currency at the same time with only one confirmation by the user.
Executive summary
Swidge is a multi-chain any-to-any swap protocol that enables the user to exchange assets and swap across multiple chains with only one confirmation. By aggregating Bridging Solutions and DEXs across multiple chains and routing between them, Swidge ensures the cheapest and quickest pathway for the transaction while reducing the complexity for the end user substantially.
Swidge will develop towards a community-governed decentralized organization, helping the further decentralization of the protocol in the long run.
Our Thesis
As DeFi and NFTs gain traction across a variety of chains, simple transaction solutions are going to be necessary.
- There are currently a multitude of bridges being built out with, depending on the technology base, many different specifications such as varying transactions time, transaction costs and even lock up periods.
- The next generation of DEXs will enable the user to exchange two assets while swapping them across chains to seamlessly interact with protocols independent of the chain they are on.
- Users will need to pay for transactions on the new chain they arrive on, therefore they need the native asset to said chain available to them when they bridge to said new chain.
The Problem
The current solutions for any-to-any swaps across chains are:
- Technically complex
If you have bridged your assets to another chain before, you will know that it can be a very technical experience and it is not easy to understand and trust what is happening.
- Costly and opaque
To do an any-to-any swap you’ll need to use at least one bridge and a DEX including all the transaction confirmations as well as insecurity about the actual fees that will be occurring, due to the different platforms that you are interacting with.
- Slow and time consuming
Bridges tend to be very slow, the user need to understand what he is doing and find the right platforms on both ends to have the optimal swap. It’s just simply too much effort to use these products currently.
- No trust in centralized solutions
Centralised exchanges have always been a vulnerable point in crypto with hacks, government shutdowns and other vulnerabilities that occur to CEX users.
- Complex UX
If you have bridged assets before you will know that once you arrive on the new chain, you need a native asset to facilitate transactions which is unintuitive for the user and needs planning ahead to swap chains.
The Swidge Solution
Swidge will solve these problems by providing a holistic solution:
· Ease of use
With Swidge the user has a holistic solution allowing him to bridge and swap with a single click of a button. The UX is super simple and he doesn’t see the tech working in the background.
· Transparent and cheap
While the transaction is happening he will be able to follow along and see the transaction moving on the blockchain. Because there is less contract signatures and bundled transactions, he will safe transaction fees in the end.
· Quick and lean
Our promise: One Click. One Transaction. One Interface. And you are ready to start your experience on the next chain you want to go to
· Decentralized
The solution will be fully on chain and the contracts will become timelocked once the product is build out.
· UX features
With the super simple UX and the intuitive design the Swidge experience will be one of a kind. Reducing the technical knowledge our user needs to have down to almost Zero.
The Story
Transferring a Token from Chain A to Chain B is done by bridging it to a different chain. The process of bridging revolves around sending a token or arbitrary data from on chain to the other. There are different types of architecture that enable cross-chain transfers (read more), due to this architecture the main functionality of cross-chain swaps is to bridge a specific Token A from Chain A to a wrapped Token A on Chain B. Any-to-any swaps are transactions that go from a Token A on Chain A to Token B on Chain B. This add an additional layer of complexity to the equation. Bridges currently only exchange Token A for wrapped Token A, so in order for the user to go from Token X on Chain A to Token B on Chain B he needs to use a DEX or a DEX aggregator to swap Token X → A, then bridge and use a DEX again to get from Token A → B. This multistep process can include up to 8 interactions with a browser wallet application. Swidge aims to simplify the whole process by first aggregating bridges and second connecting them with DEXs and DEX aggregators on both sides, making it easy for the user to have a 1 Click solution for this total process. This works by connecting to existing infrastructure and juggling permissions between our smart contracts to allow the user to transact in one simple step. Additionally, our SC on the receiving chain will be able to do a split transaction and give the user any token, as well as the native asset of the receiving chain. This allows the user to start using the new blockchain he has arrived on straight away. This core functionality enables any user to go cross-chain and have a seamless user experience.
Product Vision
Our dApp will have multiple functions starting out with the Swidge interface. Users will be able to swap assets and bridge them across chains simultaneously with only one click. This will make the cross-chain experience for the user as simple as possible. Additionally, we offer a transaction split to the native asset of the receiving chain. This enables new and old users alike to be able to pay the gas fee on the new chain without having to buy the native asset first. Adding a Dashboard allowing the user to monitor their wallets and funds across a multitude of chains. We develop the platform further by adding a NFT Swidge functionality, the user will be able to swap NFTs to any chain the user wants to and in later development stages even exchange NFTs with each other paying up or getting payed the price difference. Imagine it like buying an NFT at the supermarket counter and getting your cash back without any complications. Swidge NFT Market.
Vision:
Creating a future where DeFi is at the centre of the financial industry.
Mission:
Become the number one decentralized finance service provider for every DeFi user.
