21 Feb Seesaw Protocol: Solving Interoperability Problems in the Cryptosphere
Cryptocurrencies have come a long way in the past few years, and their market capitalization is not the only thing that has something to show for it.
Perhaps one of the most important accomplishments throughout the industry that we saw is the broader acceptance of various networks. The boom of DeFi summer in 2020 showed that Ethereum, in its current shape and form, is quite unable to handle the massive load of users. As a result, the fees skyrocketed as the network was getting clogged.
In 2021, this led to a massive trend where other layer-one protocols skyrocketed in both value and popularity.
This is where Seesaw Protocol (SSW) comes into the picture.
What is Seesaw Protocol?
Seesaw Protocol aspires to be a cryptocurrency designed to bridge multiple blockchains, solving an important interoperability problem within the emerging field. Its creators claim that SSW is going to bridge the Binance Smart Chain (BNB) with Ethereum (ETH) and Polygon (MATIC).
It should enable blockchains to take advantage of the most efficient blockchain during the optimal time, depending on network congestion, and, therefore, find the quickest and the cheapest transactions.
The whitepaper of the project reads that:
Seesaw Protocol is a fully on-chain liquidity protocol that can be implemented on any smart contract-enabled blockchain. The Seesaw Protocol is an open-source standard for liquidity pools, which in turn provides an endpoint for automated market-making (buying/selling tokens) against a smart contract.
The Seesaw token can be swappable between multiple chains with almost 0% commission. This is highly beneficial to all our users.
Initially, the token will be launched on PancakeSwap with a 3% purchase fee and a 5% sale fee. Some of these fees will be redistributed to existing SSW holders providing them with a way to earn passively on their holdings.
Security Audits and Roadmap
According to the official whitepaper, the project is currently being onboarded for audit by CertiK. However, at the time of this writing, the audit itself hasn’t been completed, which means that there’s no official security assessment of the Seesaw Protocol.
In terms of its roadmap, the project has a planned pre-sale for the first quarter of 2022 and the subsequent launch on PancakeSwap in the second quarter.
During Q2, the team should also roll out the Seesaw multi-chain bridge and swap function and the cross-chain deployment for Ethereum and Polygon in the third quarter. This is also when the project is expected to launch on Uniswap.
It’s also important to have a look at the tokenomics of SSW – the native cryptocurrency of the Seesaw Protocol ecosystem. The first phase of its pre-sale ends on February 25th, and the expected tokens to sell are 178,200,000. The total supply of SSW is capped at 990,000,000. During the second phase, there will be 89,000,000 SSW tokens to sell, and during the last phase – 29,7000,000.