Symbiosis Finance Integrates Into the Avalanche Network
In a valuable update for the entire blockchain community, Symbiosis Finance has integrated into the Avalanche Network. With Symbiosis already operating on three major blockchain networks, the inclusion of Avalanche helps expand its ecosystem further.
The Avalanche Asia Star Fund (AVATAR), the venture and accelerator focused on early-stage blockchain start-ups, is one of the investors of Symbiosis and supports Symbiosis on its development on the Avalanche network.
The Integration Details
With the integration activated, all that the users need to do is go to the testnet and select any coin on any supported network. Next, users need to choose any token on Avalanche C-chain and make the swap. Testnet-0 hosts the first official release, featuring a cross-chain swap and liquidity provision module.
To ensure hassle-free functioning during the testnet phase, developers monitored the system 24/7 after launch. It helped assess the stability and speed of the Symbiosis network. It was crucial to ensure that the user experience stayed smooth when the user traffic was surging fast.
How Does the Testnet Work?
To start with, users will need to connect the Symbiosis testnet to their MetaMask wallet and select “Rinkeby Testnet” among all the available networks.
The next step is to choose the assets you want to swap and specify the amount. Then click “Swap” and confirm the transaction on the Metamask wallet. It might take some time for a transaction to be processed and confirmed.
Once the transaction is confirmed, you will find the asset in your wallet and can check the transaction activities on the blockchain explorer.
Symbiosis’ integration into the Avalanche network offers a more convenient option to swap more assets across chains to the existing users on both sides. To understand the full scope of its potential, we will have to delve deeper into how both these protocols work.
Symbiosis Finance: Moving Liquidity Across Any Chain
The mission of Symbiosis Finance is to help move liquidity across any chain. It helps aggregate decentralized exchange liquidity across all EVM-compatible blockchains so that one can transfer its liquidity on any chain without ending up with an increased slippage.
While running the protocol, Symbiosis optimizes all three vital aspects of security, incentivization, and decentralization. The protocol secures its non-custodial system by leveraging the Threshold Signature Scheme and Multi-Party Computation. For participation incentivization, relayers’ network community-driven nodes have bonded tokens at stake for processing swaps. Finally, true decentralization is achieved by allowing anyone to become a relayer to help secure and create a forwarding impact in the future of the blockchain metaverse.
Apart from AVATAR, Symbiosis Finance has also received investment from the Spartan Group, Dragonfly Capital, Wave Financial, Republic, Kenetic, Bixin Ventures, Amber, Sybil, Algorand, KuCoin, and many more.
The utility value of the service that Symbiosis provides is one of the reasons why so many investors love to back it. It helps discover the best available rates across multiple chains by consistently monitoring the exchange rates. The number of crypto pairs it looks into goes into thousands.
Without feeling trapped in several applications, Symbiosis helps discover the most efficient trade routes. The user interface is convenient, intuitive, and hassle-free. One does not require to know any special software to leverage it. There is no need for backing up key files and having a new browser wallet. What is also uniquely enticing about the protocol is that one does not need to hold different native assets to pay gas fees. The provision of cross-chain gasless transactions resolves the issue.
As a fully decentralized system, no centralized authority can stop a protocol or restrict user access. Being non-custodial implies no one can access user funds. Finally, targeting as many token pairs as possible, across all chains, while maintaining the best prices for each pair, keeps the cross-chain liquidity practically limitless.
Avalanche: Speedy, Low-Cost, and Eco-Friendly
The integration of Avalanche holds special significance as the fastest smart contracts platform in the blockchain industry. It performs its function in the least time-to-finality with the maximum numbers of validators securing its activity among any proof-of-stake protocol.
As an open, programmable smart contracts platform, the possibilities with Avalanche are limitless. It helps build fast and low-cost Solidity compatible dApps, capable of instant transaction confirmation and processing thousands of transactions in a second. For projects, the presence of Avalanche means the power to deploy blockchains, fitting the exact application needs.
The customization potential allows building one’s virtual machine and setting the contours for how the blockchain should work. Avalanche enables scaling to millions of validators with minimal hardware. Users can stake or lock up their AVAX to help process transactions and further secure the platform. It helps garner security guarantees that go much above the 51% standard.
Deploying smart contracts on Avalanche is possible at one-tenth of the cost of what it takes on Ethereum. It is also free from front-running and other adverse effects. The flexible and composable VMs is another USP. The EVM is fully running on Avalanche. Avalanche has found its application in several use areas.
In DeFi, it has proven its worth in the areas of asset issuance, AMMs, borrowing and lending, and DEXs. It has also proved useful in institutions, enterprises and governments, and the field of digital collectibles.
Summary
The partnership of Avalanche and Symbiosis would prove more beneficial in the days to come. Interoperability is the future of blockchain, and the Avalanche Bridge helps conduct easy transfers of Avalanche and Ethereum assets between blockchains. Symbiosis is integrating every chain that has got good market attention. Bridging all possible networks would finally lead to the most robust and efficient system.
