Symbiosis Finance and OKC AMA Recap
On February 18th, the Marketing Lead of Symbiosis Finance, Diana Kovaleva, joined a live Ask Me Anything session on the official OKC Telegram channel and answered questions from the OKC team.
The purpose of the event was to introduce Symbiosis Finance to the OKC Community.
The following is a recap of the AMA.
Please briefly introduce Symbiosis for those who might not yet know about your project.
Diana: Symbiosis is a multi-chain liquidity enabler. We aggregate decentralized exchange liquidity across any EVM and non-EVM networks. So, it means that you can swap any token and transfer liquidity. Sounds cool, isn’t it?
Can you tell us about the Symbiosis dApp?
Diana: You can think of Symbiosis as a Uniswap-like AMM DEX, but working with virtually any blockchain network. With a single click, you can swap any token on say Ethereum to any token on OKC. No special software is needed.
Besides that, you can easily add liquidity and manage it across all chains within a single interface. So imagine you have a GameFi project, earn to play the game, built on OKC. Once your token is deployed on OKC, with Symbiosis you can provide liquidity to it (and then we route it to CherrySwap or Jswap, or any other AMM DEX on OKC), and so from now on it’s a tradable asset!
Besides that, you can integrate Symbiosis so that people swap from any chain to your token on OKC without leaving the interface of your game! Just imagine how it enhances the user experience.
You have launched on mainnet. Can you share the aspects of the mainnet?
Diana: It so happened that we had two major announcements this week. In addition to this, we now have about 20 wallets with which we are negotiating integration. Due to these technical reasons, we were forced to postpone the mainnet release by a week. We decided to stick to a balanced strategy and run a series of major integrations before launch, as it requires a lot of technical effort. I think we are growing too fast :)
Honestly, my messengers have so many work chats that I don’t answer my friends for days. Guys, if you’re reading this, please don’t be offended! I love you very much!
What benefits do users get for swapping into OKC when using Symbiosis?
- Easily swap tokens from any chain to OKC;
- Provide liquidity for newly created tokens on OKC;
- Facilitate projects development on OKC, enriching the OKC ecosystem.
What makes Symbiosis’ concept of liquidity exchange across any EVM and non-EVM network different from its competitors?
Diana: First and foremost, at Symbiosis, we use the classic AMM pools model without the need to pair every token to our native token. None of our competitors even comes close to doing what we do.
Secondly, we basically can allow any token on any connected chain to be swapped to any token. In one click, without installing additional software.
Last, but not least, we bring better capital efficiency for end-users (less price slippage) and liquidity providers (less impermanent loss).
Can you share with us Symbiosis’ farming model? What features make it unique from others?
Diana: Firstly, let’s take a look at https://rewards.symbiosis.finance/
Liquidity provider tokens or LP tokens are tokens issued to liquidity providers on a DEX that run on AMM protocol. When liquidity providers deposit tokens to DEXes, they receive LP tokens in exchange. LP tokens can be used to withdraw deposited tokens and rewards for staking.
Rewards are distributed block by block. We would like you to consider waiting a bit for your reward to grow, so you could pay fewer network fees.
Right now you can do this on two networks: Ethereum and Arbitrum.
From the last AMA, can you tell us which part of your roadmap has been achieved? Which is yet to be achieved and how soon will it be achieved?
Diana: Despite some delays, we are on track with our roadmap. We even add integrations there that weren’t planned. To be honest, I myself do not believe a little in how well we work together.
We launched farming, vesting, our token appears on more and more exchanges. I think that you can subscribe to our social networks at least in order to observe the development of the project with the same passion as we do.
You have your own mascot. Tell us more about it.
Diana: Our Symbiote is a domineering and determined alien octopus. We don’t know what universe it came from or what its ultimate goal is. We only know that the Symbiote really liked us, so it told us all its multi-chain secrets.
I think Symbiote will tell us many more interesting things in the future.
Tell us more about $SIS, tokenonomics, and its utility and where to purchase them.
Diana: SIS is the protocol token of Symbiosis. It is deployed on Ethereum and used for staking to run a node in the relayers’ network and governing the Symbiosis DAO and DAO Treasure.
Also, you can visit https://docs.symbiosis.finance for more info.
What does the future hold for Symbiosis?
Diana: We think we will be very happy to maintain a partnership with the OKX and OKC team since our token has been successfully listed on your exchange and we are planning an equally successful integration of your network into our product.
We plan to keep up with the roadmap. It looks quite impressive, I advise everyone to check it. Also keep an eye on our social media, as the world is so unpredictable, who knows what awaits you around the corner!