The pillars which are there of the giant swing is representing the giant mountains from the epic story. The circular base which is constructed at the bottom is representing the earth and also the seas which is present over the earth. Upon starting of the ceremony, brahmins used to swing over the same. They try to grab the bag of coins which is placed over one of the pillars over which they are swinging.
This swinging was then banned due to the kind of hazard which was present in the same for the people who is performing the ritual. It creates great enthusiasm for the travellers to even explore the giant swinging and also getting to know the ancient history of the place.
Read about one of the trilling activity in Rishikesh: Flying In Rishikesh