Nym Swapper sneak preview: effortlessly swap ERC-20 for native NYM!

A new web app connected to MetaMask will allow ERC-20 holders to swap their tokens for native NYM in a few simple steps.

Author: Nym

November 29, 20234 mins read

A new web app connected to MetaMask will allow ERC-20 holders to swap their tokens for native NYM in a few simple steps.

NYM holders will soon be able to effortlessly switch their ERC-20 tokens for native NYM using a single, easy-to-use interface.

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Meet Nym Swapper — an elegant new application that connects to MetaMask and will make engaging with the Nym ecosystem simpler than ever. Let’s take a look.

Nym Swapper: why does it matter?

Although there is only one NYM token it is currently divided into two flavours: ERC-20 to maximise the availability of NYM on Ethereum exchanges, and native NYM on the Cosmos chain, which allows users to delegate tokens and engage with the Nym ecosystem.

Only the native NYM token allows users to delegate their tokens and therefore ERC-20 holders cannot currently earn rewards. While it is possible to switch ERC-20 over to native NYM, users have to embark on a lengthy, complicated process with Gravity Bridge.

Nym Swapper completely dissolves this barrier, allowing users to quickly and painlessly swap ERC-20 for native NYM.

The application couldn’t be simpler — and should be released by the end of 2023 unless there are unexpected delays.

Nym Swapper preview

Nym Swapper is a web application for desktop, with mobile support expected to follow.

Nym Swapper currently works with the Nym testnet. The following preview steps and images are taken from this test version but major changes to the process or UI are unlikely. Here’s how it works:

Hit ‘Connect Wallet’ in the Nym Swapper application and MetaMask will open.

MetaMask will then prompt the user which accounts they’d like to connect to Nym Swapper. Users can select multiple accounts if they like, and Nym Swapper will automatically update depending on whatever is selected in MetaMask.

Enter your Nym Wallet account address into the corresponding field in Nym Swapper. In the background, the application validates that the address is accurate.

Next, enter the amount of NYM you’d like to swap and click accept.

Hitting accept takes the user to a summary page that displays the deposit and the destination address. The fee is displayed in MetaMask.

Accepting will open a final prompt in MetaMask. Here, the user can confirm or reject the request.

Confirming will cause MetaMask to request the transaction go to the blockchain, and at the same time, Nym Swapper will monitor the transaction until it’s successful.

And that’s it!

Once the transaction is confirmed, your brand new native NYM tokens will automatically appear in your Nym Wallet. Sometimes this can take a minute or so.

Summaries of past swaps can then be found at the bottom of Nym Swapper:

On release, Nym Swapper will support the ERC-20 to native NYM token flow, while the reverse may be added in time. At present, Nym Swapper works with MetaMask, although more wallet support is a strong possibility in future. Users pay the ETH gas fee, while Nym pays the Cosmos fee.

Nym Swapper: the impact

The NYM token powers the totally decentralised Nym mixnet — it governs reputation and ensures a democratic, healthy, and dynamic privacy system that rewards community members according to their participation.

Nym Swapper is a significant step towards opening up further engagement with NYM token holders and contributing to the wider Nym ecosystem. Nearly 15,000 people currently hold the ERC-20 flavour of the NYM token — and very soon, they’ll be able to change ERC-20 to native NYM with ease to delegate their tokens and earn rewards.

Keep an eye out on socials and this blog for updates — Nym Swapper is coming very soon.

In the meantime, join the waitlist for NymVPN today and gain access to the most powerful VPN the world has ever seen — putting the carefully crafted token economics of Nym into action.