FULL INSIGHT ON SYMBIOSIS FINANCE

In the cryptosphere today, nearly all the major blockchains have different features and characteristics in the operation of their network. These differences in characteristics make it difficult for inter-chain operations or transactions. As a result of this, most of the liquidity available in the cryptosphere is locked or restricted to a particular blockchain and its native tokens.

Bitcoin is a good example of this, being the first cryptocurrency it has most of the market capitalization present today in the cryptosphere. But due to the underlying differences in the blockchain, it is difficult to move most of these funds across other blockchains in the cryptosphere. This is where Symbiosis Finance comes in.

To understand fully what I am about to share with you, let’s break down what liquidity is.

Liquidity in general term, refers to the process in which an asset can be easily converted to cash, in most cases, without affecting the asset’s value. Regarding cryptocurrencies, liquidity is the ability of a cryptocurrency (coin or token) to be converted to a fiat currency or other cryptocurrencies. This makes liquidity very important, especially for tradeable assets.

Introduction to Symbiosis Finance

Symbiosis Finance is a decentralized liquidity network that allows easy inter-chain currency exchange between EVM and non-EVM networks.

For those completely new to blockchain technology, Ethereum Virtual Machine (EVM) is a decentralized computation engine that incorporates the unique tech and code structure of Ethereum in its ecosystem.

Symbiosis Finance simplifies the complicated procedure involved in finding a suitable cross-chain bridge during cryptocurrency liquidity swap. With Symbiosis, a simple click can get crypto swaps done irrespective of the chain or network.

Vision/Objectives of Symbiosis Finance

Symbiosis Finance has two main objectives and these are core issues in the blockchain space today.

• To resolve issues of liquidity fragmentation across different blockchain networks.
• To eliminate poor user experiences while working with DeFi and Web3 economies.

Features of Symbiosis

What crypto enthusiasts and users of the Symbiosis protocol stand to benefit from symbiosis include, but are not limited to the following:

A Simple, Uniswap-like User Experience — On Symbiosis, the token swap process is easy to understand, quick and does not require a bridging wallet.

Fully decentralized — Symbiosis is a network that utilizes blockchain technology as such, it is fully decentralized. This means it cannot be controlled by a central authority.

Interoperable — Interoperability is the ability of a network to interact and transact information with other blockchains. Symbiosis is designed as an interoperable protocol, this underlying code enables it interact seamlessly with other chains.

Limitless Cross-chain Liquidity — Symbiosis enables others to use its reliable ecosystem to transact and share digital information and assets across multiple blockchains. With Symbiosis, all blockchains are connected and cross-chain swaps or transactions are just a click away.

Non-Custodial —The concept of being non-custodial means that no one, not even the Symbiosis team has access to the users’ funds.

Tokenomics of Symbiosis

The tokenomics of a project is vital information that users need to know about a project. It gives information about the accepted medium of exchange of the protocol and other supporting facts about it.

The native token of Symbiosis Finance is $SIS and it currently runs on the Ethereum Network. Its use case on the Symbiosis protocol involves two main roles:

• Staking to run a node in the relayers’ network. This allows for participation in the protocol’s consensus and process swaps.
• Governing the Symbiosis DAO and DAO Treasure.

SIS Token Distribution

The $SIS token has a total supply of 100,000,000. See the photo representation below for details on the different categories of distribution.

How to Get SIS Token

You can secure $SIS tokens using these contact addresses:

On Ethereum

https://etherscan.io/token/0xd38bb40815d2b0c2d2c866e0c72c5728ffc76dd9

On Arbitrum L2

https://arbiscan.io/token/0x9e758b8a98a42d612b3d38b66a22074dc03d7370

You can also trade $SIS tokens on the following exchanges:

Gate.io, Uniswap, Huobi Global, Bybit, OKX and CoinEx

Supported Blockchains

Symbiosis Finance is an infant project that was launched in the last quarter of 2021. Howbeit, it has shown good potential in just a little while. It is still in its active development stage, but it has already recorded significant achievements by onboarding four major chains.

Currently, the protocol supports BNB Chain (formerly BSC), Ethereum, Polygon, and Avalanche. This achievement has enabled users to perform seamless crypto token swaps across these chains. Click here to view token statistics.

Symbiosis’ ultimate goal is to bridge together all the networks in the cryptosphere. At this record pace, I am certain that this will be achieved soon.

How to Execute Cross-chain Swap on Symbiosis

To execute cross-chain swaps on Symbiosis, there are two possible cases.

Case 1: a cross-chain swap from a blockchain with a high gas fee to a blockchain with a lower gas fee.

Case 2: a cross-chain swap from a blockchain with a low gas fee to a blockchain with a higher gas fee.

To initiate transactions between chains, for example, if to swap between ETH and BNB chain (formerly BSC); it is necessary to know that the symbiosis protocol may use different stablecoins for each chain. For Ethereum, USDC is used and for BNB chain, BUSD is used.

Since gas fees are higher on the ETH chain than on BNB chain, the liquidity pool to do cross-chain swaps for this pair is would be on the BNB chain.

This liquidity pool contains sUSDC <> BUSD, where sUSDC is a wrapped token representing USDC of Ethereum on the BNB Chain at the ratio of 1:1.

A wrapped token is a representation of one token through another token. For more details on wrapped tokens, click here.

Step-wise Breakdown

If to swap UNI ERC20 on Ethereum → CAKE BEP20 on BNB Chain, the path will look like: UNI → USDC → sUSDC → BUSD → CAKE

One of the outstanding benefits of using Symbiosis is that, it does swap on behalf of the user on AMM using the best price.

Follow Symbiosis finance to get more updates

Twitter: https://twitter.com/symbiosis_fi
Telegram: https://t.me/symbiosis_finance
GitHub: https://github.com/symbiosis-finance
Discord: https://discord.com/invite/symbiosis
Blog: https://blog.symbiosis.finance/