Nym fast-tracks DeFi interoperability with Side Protocol

Innovation Fund program provides robust support for project development including fundraising and a technical partnership

Author: Nym

June 25, 20234 mins read

Innovation Fund program provides robust support for project development including fundraising and a technical partnership

Languages: Türkçe

Nym is excited to announce a technical partnership with Side Protocol, the first DeFi project to join the Nym Innovation Fund. Through the integration of their core technology stack, this partnership will enhance cross-chain interoperability via Side’s mesh liquidity network and leverage Nym’s expertise in privacy and security.

The Nym Innovation Fund is backed by the lines of a16z, Polychain Capital, KR1, Huobi Incubator and Fenbushi Capital (and more*) with $300M committed to back new projects that will boost the overall privacy ecosystem.

Side Protocol is developing a distributed inter-blockchain liquidity mesh network system that uses innovative inter-blockchain communication (IBC) based swap application protocols. This provides users a seamless experience for cross-chain interoperability asset swap, eliminating traditional barriers like liquidity friction, slow transaction time and high fees. Side also leverages Nym’s privacy and security expertise to further enhance the platform’s privacy, security and functionality with advanced features like private swaps.

Technical partnership to benefit the Cosmos and beyond

The established Nym mixnet is the standard for providing network-level privacy for digital tools and is built on Nym’s Cosmos-native layer-1 blockchain (Nyx). Side Protocol is also a Cosmos-native blockchain which will benefit the Cosmos ecosystem tremendously with this new offering.

Nyx will use Side Protocol’s mesh liquidity network, establishing a connection between Nym’s NYM token and Side Protocol’s liquidity network. NYM token holders will gain access to an expanded and diverse array of assets, significantly enriching the liquidity and depth of both ecosystems.

Side Protocol will deploy bridgeless inter-blockchain swap via CosmWasm smart contracts between Nym’s blockchain (Nyx) and Side’s testnet (SIDE).

This deployment will be rolled out to other chains and allow users to exchange assets between chains directly, without relying on lock-and-mint bridge mechanisms.

Inter-blockchain liquidity has long been a challenge for Nym users, but the introduction of Side Protocol is poised to alleviate this issue. By harnessing Side Protocol, users can now experience a rapid, highly secure, and cost-effective network of liquidity and bridgeless cross-chain swaps.

This remarkable advancement in interoperability not only resolves a major pain point for Nym users but also unlocks a multitude of exciting possibilities for both Nym and Side Protocol communities.

Benefits of the Nym Innovation Fund

By being part of the Nym Innovation Fund and partnering with Nym, Side Protocol is marking a significant milestone in the evolution of cross-chain DeFi. The innovative tech stack of mesh liquidity networks and bridgeless inter-blockchain swap smart contracts, combined with fundraising and business scaling support will reshape the future of DeFi and unlock new possibilities for users.

Additionally, Nym’s powerful mixnet technology can be used to safeguard the security of the swaps, bolstering the overall integrity of the system.

The program provides robust support to accelerate the development cycle of promising projects from technical work, reputable investor network to business scaling guidance.

Fundraising support

As a new project, Side Protocol’s ability to tap into the Nym Innovation Fund investor network is crucial to achieve mainnet launch. A direct access to a reputable investor network will help the project gain access to capital, achieve liquidity and achieve a fair valuation.

A seed funding round is currently underway to be announced this summer.

Business scaling support

Looking ahead, Side Protocol aims to on-board users from across all decentralized ecosystems.

With Nym’s resources and expertise, Side Protocol will be able to scale with strategic business planning and bring accessibility to their product for more users rapidly through:

Product Fit
Marketing
PR and Comms
Community Building

Call for projects later this year

The Nym Innovation Fund will open its doors for another round of public applications in October 2023, offering further prospects for blockchain projects and entrepreneurs to benefit from Nym’s support and resources.

*Nym Innovation Fund backers: Andreessen Horowitz (a16z), Polychain Capital, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, OKX Blockdream Ventures, Tayssir Capital, KR1, and Lemniscap.