Led by Dave Hrycyszyn, known as the godfather of the crypto circle, the first native 'on-chain bank' of the #BTC world. The launch of #SIDE (@SideProtocol) will completely break the existing pattern of the native BTCFi ecosystem and is expected to unlock the potential of the current $1.9 trillion BTC potential dormant funds, bringing nearly $200 billion of incremental funds to the Web3 market. It will undoubtedly spur a booming bull market!
#SIDE Core advantages:
1. Native #BTC compatibility: The sidechain is fully compatible with Bitcoin native addresses and wallet signatures, supporting Taproot or Native Segwit addresses (without the cumbersome 0x addresses of BTC L2). It can directly sign using Bitcoin wallets like Unisat and OKX, without additional BTC L2 cross-chain operations, providing a very smooth experience.
2. Technical architecture: #SIDE is based on the Cosmos tech stack, adopting a dPoS consensus mechanism, Side achieves high TPS and fast transaction finality. As a Bitcoin application chain in the Cosmos ecosystem, Side supports the flow and lending of native stablecoins like USDC and USDT through the IBC cross-chain communication protocol.
3. Smart contract support: Side's smart contracts run on the Wasm virtual machine, written in Rust, offering higher performance and security. The memory safety features of Rust combined with the compatibility of Wasm achieve characteristics like security and low vulnerability.
4. Cross-chain interoperability: Side Protocol supports interoperability protocols like IBC, Wormhole, Axelar, connecting Cosmos and other ecosystems like Solana and ETH, providing a rich choice of cross-chain interoperability.
The team lineup is truly impressive:
The core members of the Side Protocol team come from well-known Web2 and Web3 companies such as Meta, Binance, and Google, possessing rich industry experience and outstanding technical strength.
Dave Hrycyszyn is the CTO of Side Protocol and the former CTO of Nym. He is one of the co-founders of Chainspace, which was later acquired by Facebook. For the past twenty years, he has been dedicated to designing and building software systems used by hundreds of millions of people worldwide, making outstanding contributions to scalability, sharding, and cryptographic technology.
Shane Qiu is a co-founder of Side Protocol, previously a researcher at Binance Labs, and graduated from the Chinese University of Hong Kong.
Funding background: Side Protocol has received investments from well-known institutions and individuals such as HashKey Capital, Symbolic Capital, Continue Capital, KR1, Informal Systems, Eric Chen, and Vincent Niu.
Token economics:
Token name: $SIDE
Total token supply: 1 billion
Issuance method: $SIDE will be issued using the SPL token standard on Solana (upcoming airdrop and public offering).
Token distribution as follows 👇
Ecosystem reserve: 20%
Team: 18%
Community treasury: 17%
Public offering: 15%
Investors: 13%
Genesis airdrop: 10%
Liquidity: 7%
Token use cases:
1. Value accumulation, a clear buyback and burn plan for $SIDE will realize a deflationary mechanism and value appreciation.
2. Pay gas fees, in addition to $BTC, $SIDE can also be used to pay network gas fees.
3. Staking, similar to other dPoS networks, users can delegate their $SIDE tokens to sidechain validators and receive corresponding rewards.
4. On-chain governance, $SIDE participates in project governance by voting on key network decisions.
Summary: Side Protocol is not only a high-performance POS public chain fully compatible with BTC, but also praised as the 'AAVE' in the BTCFi field due to its excellent BTC lending solutions. With its top-notch team and funding background, the future opportunities in the BTCFi ecosystem should not be underestimated. It is worth deep attention and long-term observation, the #SIDE airdrop and public offering are coming soon, and one should keep an eye on project Twitter and community information.
