Symbiosis Q1 2023 Recap
Hello to all the Symbiotes reading this article! It’s time to take stock of Q1 2023. Let’s be honest: it was very wild, but interesting!
Symbiosis protocol achieved several milestones in the first quarter of the year, including:
OpenOcean Collaboration
Symbiosis protocol collaborated with OpenOcean, a leading DeFi ecosystem that offers aggregated liquidity from multiple platforms. Thanks to OpenOcean’s efforts, we have been able to significantly reduce the cost of on-chain swaps. OpenOcean has taken full responsibility for this aspect, resulting in a more cost-effective solution for our users.
Investment from DWF Labs
Symbiosis protocol received investment from DWF labs, a blockchain venture capital firm. The investment provides Symbiosis protocol with additional resources to accelerate its growth and development. DWF Labs has recently shown significant support for the TON ecosystem through a substantial investment of $10M. We believe that this partnership is a perfect fit for us, as Symbiosis is actively engaged in the integration of TON and is nearing the completion of its R&D process.
Launching SIS Token on BNB Chain
We launched the SIS token on the Binance Smart Chain, making it available for trading and other DeFi activities on the Binance ecosystem.
We are already linked with Binance, thanks to the strategic investment we received from Binance Labs in the previous year. As a result, we commenced developing within the Binance ecosystem. Moreover, we decided to add our platform to the BNB chain because Symbiosis v2 employs Boba BNB L2 as a serving (S-chain) network. This partnership allows us to be agile in terms of security and integrating a range of blockchain networks that our users or partners may demand.
Furthermore, we are delighted with the transition requirements, as the BNB chain is working diligently to ensure a seamless integration despite the expected challenges. Finally, we would like to point out that BNB is considerably more affordable and faster than Ethereum.
veSIS on BNB Chain
As part of our ongoing efforts to enhance the Symbiosis platform, we recently launched veSIS on the Binance Smart Chain. This feature offers users the opportunity to stake their SIS tokens and receive rewards in return. By participating in veSIS, users can earn passive income while simultaneously supporting the chain’s operations.
SIS BNB Retrodrop
The primary objective of the initiative was to reward members of the community for their support and enthusiasm towards the SIS token, while also promoting wider adoption of the Symbiosis platform. To be eligible for the Retrodrop, there are three categories of users: Cross-chain swap users who have conducted transactions worth more than $100, on-chain swap users who have utilized OpenOcean or the top 50 holders of $OOE, $RBC, $RANGO, $LIME, and $XDAO.
Users who fall under any of these categories can receive rewards as part of the Retrodrop initiative. Additionally, there are three multipliers available to increase the potential rewards: Rubic and Symbiosis NFT campaign holders, veSIS holders and Symbiosis LP providers.
Symbiosis NFT
We are so delighted to announce the launch of Symbiosis NFTs. Our esteemed partners and active users of Symbiosis platform can now explore and acquire two exceptional collections. We look forward to sharing more details with you soon.
KAVA Chain Added
Symbiosis protocol has expanded its platform by incorporating the KAVA chain. This new development offers users the opportunity to engage in trading activities and interact with DeFi applications that are based on KAVA.
Specifically, Kava is designed to be fast and efficient like Cosmos, while also offering developers the advanced capabilities and flexibility of Ethereum. This combination of features makes Kava a powerful and versatile platform for a wide range of applications and use cases.
Symbiosis & Rubic & Boba Airdrop
During the season of cross-promotions and our partners' airdrops, which included the Airdrop Campaign with Rubic and Boba Network, we were thrilled to have reached over 800k people. This was an incredible achievement, and we are grateful for the overwhelming response and participation from the community. Participants had the chance to grab unique NFTs and participate in a $45,000 reward pool, making it an even more exciting event.
OpenOcean Collaboration
No, we didn’t make a mistake duplicating the paragraph, it’s just that this time OpenOcean integrated us into their cross-chain swap service! Users can benefit from the convenience of one-click fast cross-chain transfers across multiple networks such as Ethereum, BNBChain, Polygon, and Avalanche. Additionally, they can take advantage of the platform’s access to the best rates available in the market.
