Swim Protocol
Multi-chain AMM for native-to-native asset swaps.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $4.0m | Seed | |
| Total Funding | 000k | ||
Swim Protocol is a multi-chain automated market maker (AMM) designed to facilitate swaps between native assets on different blockchains. Announced in August 2021, the protocol's objective was to simplify the process of transferring assets across chains like Ethereum, Solana, and BNB Chain, reducing reliance on centralized exchanges and wrapped assets. Wrapped assets create fragmented liquidity and a suboptimal user experience, a problem Swim aimed to solve by leveraging Wormhole's bridging technology.
The protocol was developed by a team with experience from notable firms such as Alameda Research, FTX, Coinbase Ventures, Cosmos, and Google. Key personnel included Troy Tsui as CEO, a former quantitative trader at Alameda Research and SIG; Arv as CTO, a former software engineer at FTX and Alameda Research; and Teddy Pornprinya as Head of Business Development, formerly an associate at Coinbase Ventures. In March 2022, Swim Protocol announced it had raised $4 million in a seed funding round led by Pantera Capital. The round also saw participation from FTX, Alameda Research, Coinbase Ventures, Solana Ventures, Jump Capital, and others, with the capital intended for hiring and go-to-market strategies.
Swim Protocol operated by using multi-token liquidity pools on supported chains, connected via the Wormhole bridge. This AMM-style bridge allowed users to swap native tokens, like USDT on Ethereum, directly for a native token on another chain, like USDT on Solana (USDT SPL), without holding a wrapped version of the asset. The protocol's core logic was built on Solana to leverage its speed and low transaction costs. Users who provided liquidity to the pools would earn a percentage of the transaction fees. The protocol supported a range of wallets, including Phantom, MetaMask, Sollet, and Ledger. However, according to a notice on its website, Swim.io was scheduled to shut down on May 1st, 2023, with users instructed to withdraw their liquidity.
Keywords: multi-chain AMM, cross-chain swaps, native assets, decentralized finance, Wormhole bridge, Solana, liquidity pools, blockchain interoperability, crypto bridge, token swapping, Pantera Capital, Alameda Research, FTX, Coinbase Ventures, native-to-native, DeFi infrastructure, stablecoin swap