Side Protocol has integrated Injective. Described as strategic in the announcement by Side Protocol, the idea behind establishing this association is to embrace Mesh Liquidity to achieve further innovations in decentralized finance, also known as DeFi. It will specifically look to achieve a cross-chain DeFi experience through the technology stack, interoperability, and seamless exchange of assets. All the necessary elements pertain to the ecosystem of Injective.
Another objective behind establishing the strategic integration is to deploy the Cosmwasm Inter-Chain Swap Smart Contract on the testnet of Injective. The purpose is a bit different; however, users can be assured that the benefits of cross-chain transactions will be shared along with any other opportunity that comes out of it.
Injective is the layer-1 blockchain known for its speed in executing a financial transaction. The integration officially makes it an integral part of Side Protocol, allowing its users to access a broader range of assets with liquidity at their fingertips. Users will now be able to perform seamless cross-chain transactions for all the blockchains. This gives them a new approach to explore the possibilities that DeFi brings with it.
Assets will be moved between blockchains via the establishment of a Cosmwasm Inter-Chain Swap Smart Contract. It will be on the testnet of Injective and leverage IBC Protocol to offer cross-chain messages as a communication layer.
Advertisement
Intermediaries will not be involved in the process of exchanging assets between two separate blockchains. Also, users will not have to rely on the lock-and-mint bridge mechanism. Cosmwasm Smart Contract brings with it the power of security, speed, and cost-effectiveness. The strategic integration serves both parties well by unlocking future opportunities for them.
Side Protocol, in the announcement, has called this a major milestone, adding that a major DeFi evolution is happening not just in the Cosmos ecosystem but also beyond its boundaries. Mesh Liquidity, in the integration, takes things a little forward by propelling the industry to a new height. Thereby reshaping the landscape of DeFi for future generations.
The community has responded to this development with optimism. Some of them have welcomed Side Protocol to the Injective Ecosystem, while others have called it a smart move by Side Protocol.
Strategic Integration with Injetive follows Side Protocol, entering into a partnership with Nym Innovation Fund. The objective of the partnership is to have seamless and secure Cosmos interoperability. It aligns with the current objective, which is to revolutionize the DeFi segment, except for the fact that the partnership between Nym and Side enables them to integrate the core technology stack.
This gives the holders of NYM tokens access to a long list of assets to enrich liquidity and depth. Side Protocol will now deploy Cosmwasm Interchain Smart Contract between their testnet to circumvent the requirement of a lock-and-bridge mechanism.
Advertisement
Simply put, the strategic integration of Injective by Side Protocol is an extension of the idea of having partners joining Mesh Liquidity for access to a broader range of assets to their users in return.
