0x_nodes – Solving DeFi’s interoperability problem

One of the fundamental problems in today’s crypto ecosystem is the lack of interoperability between blockchains. The ability to easily move value between different blockchains will unlock the next growth cycle in decentralized finance and create immense value for the wider financial ecosystem.

One of the new crypto projects seeking to address this problem is 0x_nodes, a cross-chain yield aggregation network. 0x_nodes is a network of deployed systems that allow users to move, acquire, and build yield-bearing strategies with non-native assets across Ethereum and non-Ethereum based blockchains.

One of the founders of 0x_nodes is a developer who goes by the pseudonym, Owl. Owl was a recent guest on The Crypto Conversation podcast where he spoke in detail about the project’s goals.

Owl said he likes to use the following analogy to describe the broader vision of 0x_nodes. “To a non-technical user,” he says, “Today’s internet experience feels seamless. Video streaming, zoom calls, smartphone apps, gaming, and social media. Everything is integrated and it just works. Through innovation and fast development cycles, 0x_nodes aims to end the fragmentation of the Ethereum network – and make interoperability commonplace for all. This will enable much broader yield aggregation strategies immediately. And ultimately, being able to seamlessly move value between blockchains will open up a whole new world of financial products and services.”

The first task is to complete their cross chain aggregation network. This will empower users to use the platform that they’re most comfortable with, and then still get the benefit of the opportunities available in DeFi without having to go through complex bridging and wrapping strategies that are intimidating to the casual user.

The 0x_nodes origin story

The origin story of 0x_nodes begins in 2020. Owl and his co-founder Swanson had been involved with another DeFi project that didn’t work out due to development bottlenecks. “That experience made us take a step back to consider what were the real problems that we were experiencing in the market? What technology or protocol could we deploy to this market to help it flourish? We also wanted to work on something that would actually benefit the ecosystem, and not just create a new gambling mechanism to let people be as degenerate as they want to be. We wanted to be good guys in a sea of bad guys.”

Long term value to the ecosystem

In May, 0x_nodes closed a $4.2m fundraising round. Strategic investors include Techemy Capital, Magnus Capital, SkyVision Capital, MW partners, Rarestone, BlockSync Ventures and LaunchCode Capital. With this new funding, 0x_nodes is primed to be a leader in the rapidly expanding multichain universe — simplifying multi-chain liquidity and adding long term value.

Owl says one of the goals is to bring long term value to their investors and to their users. “These are the people that can see the vision that we’re trying to create,” he says.

A second goal is to build a product that has a use case in both bull and bear markets. “That’s one of the beautiful things about the protocol. We can capture the deltas of volatility in our protocol and return that to the long-term and short-term investor, regardless of the market conditions.”

The 0x_nodes solution

0x_nodes is a cross chain protocol that allows synthetic asset movements between blockchains — enabling broader yield aggregation strategies. The project believes that being able to seamlessly move value between blockchains will open up a whole new world of financial products and services — just as hi-speed internet connectivity changed how we work, communicate and are entertained today.A robust and reliable cross chain ecosystem. Source: 0x_nodes

0x_nodes will start on the Ethereum mainnet first — immediately deploying nodes throughout the Ethereum Virtual Machine (EVM) ecosystem. With an objective of making systems that are user friendly, the 0x_nodes system is complex behind the scenes, but easily understood and doesn’t need a reference library of material to use.

The project says that instead of utilizing a spoke network topology, 0x_nodes will consist of a core mesh network between EVM ecosystems — and will ultimately bridge the EVM network with external blockchain networks. This unidirectional yield aggregation pulling from EVMs to the mainnet will create new opportunities for yield, while also simplifying the experience for the end user.

The 0x_nodes $BIOS token

With the first fundraising round and a successful IDO now completed, the 0x_nodes team is now focused on combining the value proposition of the project and the diverse functionality it represents into a single token — $BIOS.

“We’re completely heads down in organizing and structuring the team, the company, the organization, the development, the marketing, and the token,” says Owl. “At the core of every computer system is the BIOS. This is the program that a computer’s microprocessor uses to boot up. It manages data flow between the computer’s operating system and attached devices like a keyboard, mouse, and printer. Most users will never have to deal with it — but a computer’s BIOS is the key to everything working smoothly. This concept represents exactly what we aim to achieve in the DeFi space. And that’s where the name for the #BIOS token comes from.”

$BIOS can be understood as the token that unlocks the full potential of the 0x_nodes network. By utilizing the $BIOS token with a 0x_nodes module, a user can open the door for protocol fees to be collected, and then move through the network freely. The $BIOS token will be issued through depositing assets (as single assets) into a liquidity module in the 0x_nodes network.

Owl says the liquidity module is designed to be perpetual. A single liquidity module will replenish the supply of $BIOS inside the contract in order to continue distributing $BIOS indefinitely without inflating the supply of the $BIOS token. $BIOS is intended as a basic input-output system.

Built for the future

We are living through a series of technological revolutions. The internet has completely changed the ways we conduct work, leisure and play in ways we could have only dreamed of 20 years ago. The same thing is set to happen in blockchain and across decentralized finance.

Through groundbreaking innovation and fast development cycles, 0x_nodes aims to end the fragmentation of the Ethereum network — and make interoperability commonplace for all.

“We need to get to the point where when people are interacting with a blockchain, everything needs to happen on the backend and feel as seamless as talking on a Zoom call today,” says Owl. “After working on the internet and software as a service companies in their early years, I would say that there is nothing quite as interesting to work on now as Web 3.0 and the infrastructure for it. The blockchain is going to be truly transformative for every end user on the internet and it’s interoperability that will unlock that transformation.”