Singapore headquartered decentralized protocol developers, Switcheo Labs, announces the rebranding of its flagship Layer 2 DeFi protocol, “Switcheo TradeHub”, to “Carbon”. This strategic change uncouples the protocol from the larger Switcheo Labs brand, reflecting the company’s commitment to decentralising the protocol. The new name better encapsulates the main goals of Carbon in becoming the foundational layer of decentralised financial ecosystems, and being highly connective in a multi-chain world.
Carbon is part of Switcheo Labs’ vision to enable a truly free world where trust is optional. The protocol drives this vision forward by allowing anyone to securely perform any type of complex financial transaction at low cost and high speeds, without trusted intermediaries. Carbon lets all users launch markets, hedge against future instability, borrow against digital assets, or participate in prediction markets that can give better forecasts of the future. While the initial intent behind Switcheo TradeHub has not changed, the rebrand to Carbon is designed to better reflect and convey the true nature of the protocol — one that is connective, versatile and secure.
“True decentralisation has always been the end-game. At Switcheo Labs, we act as shepherds, rather than owners or custodians. Our goal has always been to nurture ecosystems that allow for open collaboration, rather than walled gardens that are operated by centralised gatekeepers. Rebranding the protocol to Carbon uncouples it from the Switcheo Labs brand, making it brand-neutral, while representing our dedication in cultivating a truly decentralised protocol where any developer or collaborator can propose, build, or implement their innovations at scale in a trustless and permissionless manner,” said Ivan Poon, CEO of Switcheo Labs.
This shift is also motivated by the Stargate Upgrade which will “relaunch” the protocol from a new genesis block and move the protocol’s identifier from switcheo-tradehub-1 to carbon-1. This upgrade will bring numerous cross-chain capabilities and performance improvements, such as the ability to support the Inter-Blockchain Communication Protocol (IBC), an end-to-end, connection-oriented protocol for communication between heterogeneous blockchains. The IBC enables protocols utilising the technology to interoperate and communicate with each other rapidly and securely. This allows DeFi users to seamlessly transfer information and assets between supporting protocols within the Cosmos ecosystem, such as Osmosis, Persistence, and Akash, thereby ushering in a new era of inter-blockchain composability. Carbon’s protocol token, SWTH, will also be available as a ICS-2 token, allowing it to be easily used in other DeFi protocols within the Cosmos ecosystem.
The platform will also be EVM compatible, providing developers with the ease of building more applications with fewer development resources. With the addition of ZilBridge, a decentralised bridge powered by Carbon, Zilliqa based assets will be bridged with Ethereum-based assets, making it an industry-first adoption that has been spearheaded by the company.
Since its initial launch in 2020 as Switcheo TradeHub, Carbon has garnered on-chain transaction volumes of over US$130M across Ethereum, Neo, and Binance Smart Chain, and has over US$14M of SWTH staked with validators, amounting to almost 75% of its total supply. With further cross-chain capabilities and trading functionalities in the pipeline, Carbon has a stacked roadmap that will enable it to form the backbone of fully-featured financial ecosystems. In the next year, the protocol is set for further upgrades that will enhance its core architecture, improve support for more types of sophisticated financial constructs, enable connectivity to more blockchains, while decentralising even more aspects of the protocol.