Seamless Token Exchange Across Blockchains: How Symbiosis Optimizes User Experience
A Closer Look at Cross-Chain Operations with the Symbiosis Protocol
The Symbiosis protocol allows users to freely exchange any token across different blockchain networks. However, this seamless shift between chains occurs through a specific route involving stablecoins or WETH tokens. For example, if you’re moving from Ethereum to the BNB chain, the transaction would go from ETH to WETH on the Ethereum network, and then from WETH to DAI on the BNB network.
Why Stablecoins or WETH Tokens?
One might ask why Stablecoins/WETH tokens are necessary. The answer is consistency. Stablecoins and WETH tokens have the advantage of maintaining the same face value across different blockchain networks. This uniformity allows Symbiosis to effectively route cross-chain operations and preserve value during shifts between networks.
Addressing Market Volatility
Exchanging assets between different blockchains is not an instantaneous process. With ever-changing exchange rates, there’s a persistent risk that rate fluctuations could make the transaction unfavorable.
User Experience: Then and Now
Up until recently, if such a situation occurred, the Symbiosis protocol would halt the transaction. Users were then required to send another transaction to retrieve their assets, incurring both transaction and cross-chain fees, only to end up back where they started.
To enhance the user experience, we’ve updated our protocol. Now, if a cross-chain transaction can’t be completed due to unfavorable rate changes, users will automatically receive stablecoins or WETH tokens on the destination network. This way, you not only save on additional transaction costs but also ensure you receive an asset of consistent value.
Upcoming Contract Updates: Special Note on zkSync ERA Network
To implement the new logic aimed at enhancing user experience, all Symbiosis contracts will be updated across all networks. However, it’s essential to note that the existing contract on the zkSync ERA network is non-upgradable. Therefore, a new contract will be deployed on this specific network.
To ensure a smooth transition, both the old and new contracts will operate concurrently from September 1st to September 30th. This will give Symbiosis users ample time to adjust to the changes without any service disruption.
