NYM for NYM: Swapper app bridges native and ERC20 token

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Guide to swapping your NYM easily with new extensions for MetaMask and Keplr

Token engagement with the Nym ecosystem is now much easier through a new crypto interface.

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Nym Swapper is now available! Thanks to the trustless and neutral Gravity Bridge provider, the Swapper allows users to easily exchange NYM tokens between MetaMask and Keplr wallets.

Here’s why the new Swapper app makes token economics much easier for Nym community members, mixnet operators, crypto enthusiasts, and the Nym ecosystem as a whole. And of course, Nym has a step-by-step guide to getting it up and running.

NYM Swapper explained

Nym Swapper’s here to help

NYM tokens live on two blockchains: native tokens on the Cosmos chain called Nyx, and fungible ERC-20 tokens on Ethereum. While there is a much easier availability of NYM on Ethereum, only native tokens on Nyx can be staked on Nym nodes and be received as rewards for network services. So getting Ethereum tokens over to Nyx for staking, and rewards over to Ethereum, has been an ongoing difficulty for the Nym community.

But no longer! With the Nym Swapper, NYM tokens can now be easily exchanged between the native Nyx (Cosmos) chain and Ethereum. Nym community members no longer need to go through an arduous transfer process. With this new swapper interface, it can be done easily by connecting your MetaMask and Keplr wallet to the web application, thus making NYM tokens more liquid for staking and rewards.

Here’s all you need to know about how to set up the Nym Swapper.

Nym Swapper requirements

Nym Swapper is a stand alone web interface for swapping tokens between MetaMask (Ethereum) and Keplr (Cosmos) wallets, but more wallet integrations are to come! If you do not have these wallets installed, or if they are not detected on your browser, the interface will prompt you to install them.

Nym Swapper: Step-by-step setup

Install

Once the wallet extensions are installed, you can then connect these to the swapper to get started.

Connect Wallets

MetaMask will prompt the user to choose which accounts they’d like to connect to the swapper. Users can select multiple accounts if they like, and Nym Swapper will automatically update depending on whatever is selected in MetaMask.

Similarly, you can connect your Keplr wallet and it’ll detect the Nyx address automatically.

Swapping NYM

Swapping from ERC-20 NYM to native NYM on Nyx chain is straightforward. Simply enter the amount you want to swap and click “Accept & Start Transaction.” The swapper will then show your existing Ethereum NYM balance.

If you’re transacting for the first time, or if your NYM tokens are not approved to be spent by the Gravity Bridge contract, a MetaMask prompt will appear asking you to create an approval transaction. This allows Gravity Bridge to interact with your tokens on your behalf.

In order to make this a one-time process and save time in the future, the swapper automatically suggests a high spending cap.

Once the transaction is successful, MetaMask will prompt you to sign another transaction to initiate the transfer of tokens from Ethereum to your Cosmos address. This transaction interacts with the Gravity Bridge contract on Ethereum, locks up the ERC-20 NYM tokens on Gravity Bridge, and unlocks tokens on the native chain.

Once the transaction is signed, the application will track the progress of the transaction and alert you when the transaction succeeds.

Swapping from Native NYM to ERC-20

Connection

First, connect both wallets. This will show the native token balance as well as any fees to be paid, which you should take note of below.*

* Note that Nym does not itself charge users any fees. All the fees displayed are dependent on factors like how busy Ethereum network is and Gravity Bridge’s operating parameters. Unfortunately this is outside of Nym’s control.

Breakdown of Fees

Bridge Fee : The amount of tokens required to incentivise an Ethereum relayer to bridge your Nym tokens to Ethereum. This is used to pay for the gas incurred by the relayer.

Gravity Chain Fee: The payment to Gravity Bridge chain for processing the transaction.

Transfer

The app will prompt you to sign a transaction to transfer tokens from Nyx chain to Gravity Bridge using IBC.

Once the tokens are transferred to Gravity Bridge, the app will automatically detect this and initiate another transaction to send the tokens to Ethereum.

Once the transaction is signed, the web application will wait for an Ethereum relayer to pick up this transaction to be relayed to Ethereum. This can take a few minutes to an hour, depending on availability of relayers. Again, this is a factor outside of Nym’s control.

Completed transaction

Once the transaction is completed and tokens are relayed, the app will report the transaction as complete.

The tokens will now be available in the Metamask wallet.

Move your delegations and rewards

NYM is much more than a cryptocurrency: it’s also a resource in supporting and incentivizing a privacy network for operators and users all over the world. The Nym Swapper makes delegations and rewards reaped from this network easier to manage. There’s no longer a need to tiresome external bridge providers. Do it all yourself in-wallet.

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