Symbiosis Secures Additional Funding, Bringing Dual Benefits to Tech Capital!
With the rapid development of blockchain technology, the demand for cross-chain interoperability is increasing.
On May 10, 2024, the TON Foundation announced 14 funded projects, including Symbiosis, which connects TON with 27 chains.
Symbiosis is a decentralized cross-chain protocol. According to the latest data, its cumulative transaction amount has reached $2.27 billion, with 1.91 million transactions and 336,070 active addresses, covering 30 different networks. These figures demonstrate the application of Symbiosis in cross-chain technology and its user base.
The support from the TON Foundation not only highlights Symbiosis’ appeal in the primary market but also reflects the market’s recognition of the cross-chain liquidity aggregation concept.
Currently, with the rise of new public chains such as Solana, Avalanche, and Fantom, the demand for cross-chain assets is increasing. Symbiosis Finance has emerged in this market context, with its unique design allowing it to capture wealth opportunities in emerging ecosystems.
Next, we will explore the specific advantages of Symbiosis in cross-chain technology and its future development direction.
01
Focusing on Cross-Chain Liquidity Aggregation
Symbiosis Finance is a cross-chain AMM DEX that aims to aggregate liquidity from different networks.
Whether it’s Layer 1 or Layer 2, EVM-compatible chains or non-EVM chains, Symbiosis enables seamless cross-chain asset exchanges. Through a single interface, users can freely swap any two assets across multiple ecosystems such as Ethereum, BSC, Polygon, and Avalanche, providing great convenience to users.
Symbiosis Finance operates through three main components: a DEX aggregator on the source chain, a decentralized cross-chain bridge, and a DEX aggregator on the target chain. Specifically, when a user initiates a cross-chain transaction, Symbiosis Finance identifies the best trade path on the source chain and executes the trade. It then transfers the assets to the target chain via its decentralized cross-chain bridge and completes the asset swap on the target chain. This design not only simplifies the cross-chain transaction process but also provides users with optimal exchange rates and minimal transaction costs.
Through this three-step process, users can complete an instant asset swap from the Ethereum chain to other chains at the best price with just one transaction, significantly simplifying the overall operation. Additionally, Symbiosis Finance has built a bridging network monitored and confirmed by numerous relay nodes, ensuring the decentralization, non-custodial nature, and security of cross-chain transactions.
02
Key Breakthrough in Multichain Liquidity
As a decentralized multichain liquidity protocol, Symbiosis Finance stands out against competitors like Multichain and THORChain with distinct advantages.
Symbiosis allows users to trade any asset across different blockchains while maintaining sole ownership of their funds. Its unique interoperability and fully decentralized nature enable Symbiosis to offer users the best trading experience and prices.
The core components of the Symbiosis protocol include the frontend, cross-chain liquidity engine, and relay network.
The frontend is a web interface or mobile application that helps users access asset information, build optimal trade paths, and sign transactions. The cross-chain liquidity engine runs on each blockchain supported by Symbiosis, managing aggregated cross-chain liquidity pools and off-chain routing mechanisms. The relay network is a decentralized P2P node network where relayers listen to events from the cross-chain liquidity engine on supported networks, reach consensus, and send transactions to the corresponding blockchain.
The Symbiosis relay network not only enables decentralized cross-chain transactions but also has a built-in crypto-economic incentive mechanism. Anyone can join the relay network as a relayer by staking SIS tokens, participating in consensus and transaction signing processes. Furthermore, Symbiosis employs multi-party computation (MPC) and threshold signature schemes during cross-chain processes to ensure transaction security and reliability.
Symbiosis’s uniqueness in cross-chain transactions lies in its support for a wide range of blockchain networks and token pairs, currently supporting over 30 blockchains and more than 430 unique swap pairs. Compared to other cross-chain bridges, Symbiosis offers superior flexibility and breadth in supporting cross-chain transactions, especially in supporting non-EVM chains and Bitcoin cross-chain transactions.
03
Cross-Chain Growth Reaches New Heights
The Symbiosis team has introduced several new features, including a native Bitcoin bridge, veSIS expansion, and DAO voting. The native Bitcoin bridge has launched on the testnet, enabling native Bitcoin swaps with EVM-compatible blockchains. SIS staking on the Linea Network is also live, allowing users to stake SIS tokens to obtain veSIS and enjoy staking rewards and cross-chain fee discounts. Additionally, the ZK token on ZKsync is now listed on Symbiosis, enabling users to conduct cross-chain swaps across more than 30 blockchain networks.
Symbiosis plans to add more blockchain networks to its WebApp and expand pairing availability on existing blockchains. In the future, Symbiosis will continue to advance the development of its cross-chain liquidity protocol, striving to provide users with more convenient and efficient cross-chain asset swap services.
Based on new networks and features, Symbiosis has achieved several significant milestones over the past two weeks. These include surpassing $2 billion in transaction volume, a cross-chain growth rate of 517.8%, and 437 unique exchange routes. Notably, in terms of cross-chain growth, Symbiosis’s Total Value Locked (TVL) has reached over $11 million, with usage on some networks increasing by more than 600%.
Additionally, Symbiosis is launching a series of new activities where users can earn token rewards by using the WebApp. For example, in the Mantle MNT incentive program, users can earn MNT tokens by conducting cross-chain swaps with Mantle. Similarly, the ARB incentive program is set to start soon, allowing users to earn ARB tokens every time they swap funds into Arbitrum. Furthermore, Symbiosis has partnered with Taiko to launch the Trailblazers Journey, offering special XP points to the most active users.
Summary
As a key project in the DeFi space, Symbiosis Finance demonstrates strong market potential and development prospects through its cross-chain liquidity aggregation capabilities and continuously expanding ecosystem. With the introduction of new features and the inclusion of more blockchain networks, Symbiosis will continue to lead the development of cross-chain technology, providing users with superior services and experiences.
