Mynth

Crypto and AI development firm. Creator of @Novaswap

[Mynth @_mynth_]

@masatoalexander Our biggest mistake was not doing a presale before the product was built. This is the playbook of every single one of our competitors -- do a big sale, then slowly drain the funds over time until the token value is obliterated. We thought we should build a usable product instead

[Mynth @_mynth_]

@GameChangerOk @Novaswap We would need more funding

[Mynth @_mynth_]

Unfortunately we have to share very bad news.

Three years ago, we set out on the ambitious task of building a more secure cross-chain interoperability protocol. We were successful in that mission. Our spin-off product, @Novaswap, has received a lot of positive feedback from users, and we're proud to have built a reliable system that facilitates cross-chain swaps in a matter of seconds. We released many features designed to make cross-chain interaction easier, safer, and more seamless.

Our core thesis was that the market would place significant value on a fast and secure cross-chain experience. That thesis was shaped by a reality we continued to see across the industry: cross-chain systems are frequent targets for major security exploits, and several large competitors experienced serious vulnerabilities while we operated.

While we're proud of the protocol's security and features, usage hasn't reached the level required to sustainably operate and continue expanding.

We've explored many possibilities to continue providing this service to the community. After reviewing the available paths forward, we'll be unable to maintain the pace of innovation we've committed to in the past, and we'll be unable to expand across more blockchains.

As such, we've reached the very difficult decision to wind down operations. We'll be discontinuing our hosted infrastructure that makes Novaswap functional.

By June 30th 11pm UTC, we'll cease all operations. All user funds will remain safe and non-custodial. No user action is required. Swaps will continue to be processed up until this time. If there are any issues, our team remains available to support you via our Discord through to the end of July.

We want to sincerely thank everyone who joined us on this journey and everyone who believed in what we were building. We know this is hard news, especially for those who supported us along the way. We're deeply grateful for that support, and proud of what we built together.

[Novaswap @Novaswap]

In the beginning people questioned us why we wanted to make a more secure version of THORChain

We never wished for THORChain to be compromised. But we saw the risks and wanted to build a more secure alternative

[Lunarlon ✧ @lunarlon339]

I’ve used v2 of @Novaswap built on @_mynth_ and the web account from where you can receive and withdraw stables instantly is an amazing feature. People should know about it more. Try it

[Mynth @_mynth_]

@Plutus_Plumbus @wolf__nomadic Exactly. Public order books were definitely deployed. Multiple times. We even deployed on ourselves. But users prefer CPAMMs

[Novaswap @Novaswap]

If you need USDCx, Novaswap has you covered 😎

[Novaswap @Novaswap]

Feeling a little left out 😮‍💨 There have been so many exploits over the past couple weeks, yet nobody has hacked us

[Novaswap @Novaswap]

Two cross-chain bridges hacked within a week. Fortunately with Novaswap, each swap is isolated. This is what gives our users trust that their money is always safe

[Novaswap @Novaswap]

Anyone know of a cross-chain bridge that has never been hacked?

[Mynth @_mynth_]

@bru_tu5 what's your idea?

[Mynth @_mynth_]

@theprivacycash Very nice growth

[Mynth @_mynth_]

@jonahkoch @alex_vespr @InputEndorsers @matiwinnetou @MLabs10 We were the first to deploy babel fees but discontinued it because nobody uses it

[Mynth @_mynth_]

What’s Next for Mynth

Mynth is currently undergoing internal structural changes as we evaluate the best strategy for the next phase of growth.

Over the past several months, our primary focus has been on a marketing strategy designed to promote @Novaswap and increase adoption. While swap volume is approaching $1 million, it’s clear that the strategy has not delivered the level of performance we expected. As a result, we are reassessing our approach and exploring new avenues to move Mynth forward more effectively.

We continue to have a strong product roadmap and several plans for future development. However, many of these initiatives are currently on the backburner while we work to secure a new source of funding that can support sustainable execution.

Mynth has previously been revenue positive, but the broader cross-chain ecosystem has shifted significantly. The market has entered into what can be described as a race to zero fees, with protocols competing aggressively on pricing. In response, Mynth now offers some of the most competitive fees in the industry for cross-chain swaps.

While this improves the user experience and strengthens Novaswap’s competitiveness, it also reduces revenue available to token holders. We’re actively evaluating how to balance growth, sustainability, and long-term value creation for the Mynth ecosystem.

Our priority now is to make the strategic changes necessary to put Mynth in the strongest possible position going forward. We appreciate the continued support and patience of our community as we work through this transition and determine the best path ahead.

[Mynth @_mynth_]

While the feed is filled with drama, we've hit a new record in volume this month

[Mynth @_mynth_]

@algerstmehn @FabianoSolana Not necessarily. We rely on probability, not finality. We can easily process Solana swaps within seconds

[Mynth @_mynth_]

It doesn't cost anywhere near as much to run a business as some of these proposals lead you to believe

[Mynth @_mynth_]

Private swaps are coming.

Today, when you start a cross-chain swap, your intent is encoded into a contract. Those instructions are public, visible, and verifiable, which lets the network process your swap quickly.

Private swaps work the same way, with one key difference: the encoded instructions are encrypted.

The transaction is still visible. The proof is still verifiable. But the details of your intent are unreadable to everyone else.

Your swap goes through as usual, without exposing what you are trying to do.

[Mynth @_mynth_]

@SpentronSpence on it

[Mynth @_mynth_]

@Cerkoryn Welcome to Polkadot