A Brief Overview of the Bitcoin Financial Public Chain Side Protocol

Led by Dave Hrycyszyn, who is hailed as the godfather of the crypto world, the Bitcoin public chain project Side Protocol has officially released its token economic model today. In terms of technological innovation, application scenarios, and team strength, Side Protocol has performed outstandingly, quickly sparking discussions within the community. What unique features does this dark horse, which has attracted much attention from the Bitcoin community, possess? Let's take a closer look:

Side comes with native Bitcoin lending functionality:

The positioning of Side Protocol is not only as a public chain but also aims to become the "on-chain bank" of the Bitcoin world. Its core function is a groundbreaking decentralized Bitcoin lending protocol, which provides the Bitcoin ecosystem with financial infrastructure similar to Aave for the first time (not a lending protocol developed on some L2s).

Side addresses the pain points of traditional Bitcoin lending protocols through innovative self-custody and liquidity pool designs:

This product brings its own native "bank" to the Bitcoin ecosystem, and in terms of protocol revenue, in addition to the traditional public chain gas fee revenue, Side will also generate interest income through its lending protocol similar to Aave, along with protocol revenue from several developed products listed below.

In addition to the public chain and lending protocol, the testnet of Side Protocol has already launched the following products:

The team background of Side Protocol is impressive, with core members coming from renowned Web2 and Web3 companies such as Meta, Binance, and Google, boasting rich industry experience and exceptional technical skills.

Among them, founder and CTO Dave Hrycyszyn is a seasoned expert in the crypto industry and one of the co-founders of Chainspace. He co-created Chainspace with George Danezis (co-founder of Sui) and Mustafa Al-Bassam (co-founder of Celestia). The company was acquired by Facebook due to its leading position in high-performance chain research.

Before joining and founding Side Protocol, Dave served as the CTO of the privacy protocol project Nym, successfully leading the team to secure over 50 million USD in investment support from top institutions including a16z, Polychain, and Binance, and promoting the project to successfully complete its mainnet launch.

Side Protocol has completed three rounds of private fundraising, with the last round reaching a valuation of 100 million USD. The specific details regarding the private placement have not yet been disclosed. Among the known funding, it has already received support from institutions such as Hashkey.

The total supply of SIDE is 1 billion tokens, distributed as follows:

After the mainnet launch, Side Protocol will distribute 10% of the total tokens as a genesis airdrop. Potential airdrop recipients:

The airdrop details and snapshot rules have not yet been made public, but the official has revealed that the snapshot content will be announced this week. It is recommended to follow the official X account or join the Chinese community to get the latest updates and ensure timely understanding of airdrop details and complete qualification verification.
Side Protocol has pioneered the Bitcoin ecosystem by launching the first fully compatible high-performance PoS public chain, and with the first native lending protocol and a rich product matrix, it provides Bitcoin users with one-stop financial services, establishing its position as the "bank chain" of the Bitcoin ecosystem.
While many Bitcoin L2 solutions are still striving to expand their ecosystems, Side Protocol has already brought infinite possibilities to the BTCFi track through its self-developed complete DeFi products and precise market positioning.