Side Protocol has integrated Injective, bringing new DeFi primitives and atomic asset exchange into the ecosystem. The integration is currently live on the Side Protocol testnet, enabling seamless atomic asset swaps across a number of chains.
What is Side Protocol?
Side Protocol is developing a distributed inter-blockchain liquidity mesh network system.
Specifically, Side built the Interchain Atomic Swap (IAS) protocol. IAS allows peer-to-peer trading across different L1 chains without any need for bridging. Effectively, this decentralizes liquidity across diverse blockchain networks.
How will Side Protocol benefit the Injective ecosystem?
Side Protocol aims to enhance the cross-chain DeFi experience by integrating Injective’s core technology stacks, unlocking unparalleled interoperability, and empowering users with a seamless asset exchange experience.
At its core, Side Protocol enables can enable use cases such as bridgeless peer-to-peer trading and automated market making of assets between different blockchains, opening up a new world of decentralized finance.
Injective today provides the most robust infrastuture optimized for building Web3 finance applications. Side Protocol can not only introduce new liquidity avenues for assets on Injective but also provides an outlet for innovative DeFi primitives to be created within the Injective ecosystem.
As part of this collaboration, Side Protocol will deploy a suite of Cosmwasm-based inter-chain exchange smart contracts on Injective’s testnet. The integration will use IBC Protocol as the communication layer to facilitate cross-chain messages, enabling users to exchange assets between the two blockchains directly — eliminating the need for lock-and-mint bridge mechanisms.
Leveraging the power of Injective’s automated smart contract layer, users can expect faster, more secure, and cost-effective cross-chain transactions. This breakthrough in interoperability sets a new standard for interchain DeFi and opens up a world of opportunities for Injective and Side Protocol users.
By connecting Injective’s liquidity to Side’s network, users will gain access to a broader and more diverse range of assets. This integration has the potential to enhance the overall liquidity and depth of both ecosystems, providing users with an enriched experience across trading dApps built on Injective.
The work with Side Protocol is set to redefine how assets move and are traded in the DeFi space. It’s a monumental step towards creating a more interconnected, efficient, and vibrant DeFi ecosystem.
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.