Passing this proposal gives Swing the ability to upload CosmWasm contract to Osmosis without seeking further governance approval for uploads relating to the function of Swing’s swap, transfer and cross-chain routing.
Swing will be supporting cross-chain swaps between the supported EVM chains to any token in Cosmos ecosystem. To achieve this, Swing will be using Axelar GMP bridge and Osmosis liquidity pools. Deploying this contract on Osmosis will enable users to swap any token on EVM for any token on Osmosis. Swing will also be using this contract to enable swaps between IBC Cosmos chains.
Some of the supported routes:
- Swap ETH on Ethereum for ATOM on Osmosis
- Swap USDC on Polygon to FLIX on OmniFlix
- Swap USDT on Arbitrum to EVMOS on EVMOS
- Swap OSMO on OSMOSIS to SCRT Secret Network
- Swap aUSDC on Goerli for OSMO on Osmosis
While the current proposal is using Axelar GMP as the main bridge, Swing has plans to enable swaps and contract-calls through other bridges, like Wormhole, in the near future.
Swing has been testing on Testnet. We are satisfied with the functionality and intend to deploy to mainnet and continue testing thoroughly before exposing our backend APIs to the public. This contract does not hold core logic and relies upon a client-generated payload to perform swaps.
The Swing Router contract receives a token transfer from Axelar GMP, interacts with the Osmosis Swap Router contract to exchange the received token for a different token and then forwards it to a destination address specified in the original transaction. The destination address can be an address on Osmosis or an address on other chains through IBC transfer.
On receipt of tokens from Axelar GMP, the contract parses a memo field. This contains information set by the sender identifying the instance of the Cross-chain Swaps contract to interact with and the intention.
The resultant tokens are then forwarded to the address originally specified in the memo, be that a return to the address on Axelar or forwarding to an address on the destination chain.
While this proposal gives authority for osmo1k2g4rv2gwasj7d8e7jh3fqs4t80nmwnm6wjd37 to permissionlessly upload CosmWasm contracts to Osmosis, governance only signals approval for contracts relating to the function of Swing’s swap, transfer and cross-chain routing functions. This address is administered by Swing core contributors.
Passing this proposal gives the address osmo1k2g4rv2gwasj7d8e7jh3fqs4t80nmwnm6wjd37 the ability to upload CosmWasm contracts to Osmosis without seeking further governance approval for each upload.
Full Technical Documentation https://github.com/polkaswitch/evm-cosmos-crosschain-swap
Swing is a cross-chain SDK & API that helps teams building on Cosmos Network onboard liquidity flow via IBC and 24+ EVM & Non-EVM blockchain ecosystems.
The founding team are ex-Silicon Valley engineers and business folks from Apple, Amazon, Oracle, LinkedIn, and Blackberry.
Swing’s value for Cosmos ecosystem
- Onboard new liquidity from EVM and non-EVM chains to Cosmos ecosystem and it’s IBC chains.
- Cross–chain contract call from EVM directly to Osmosis and IBC app chains in one single transaction (enables use-cases like cross-chain staking, delegation, lending and more)
Arrington Capital, Republic Capital, Hashkey Capital, SevenX Ventures, DFG, Morningstar Ventures, Skynet Trading, Celer, Bitcoin.com, Ascensive Assets
- Contract Audit: Swing Osmosis contract has been recently audited by PeckShield. See report here
- Developer Docs: https://developers.swing.xyz/
- Commonwealth Thread: Swing Integration Proposal with Osmosis