Symbiosis Testnet Launch
We just released a test version of our platform that will challenge anything you thought you knew about crypto.
The platform allows you to:
- Swap any token to any token (bye-bye limited pairs!);
- Move liquidity across different chains instantly;
- One-click (in MetaMask) is all it takes;
- Use one safe platform and remain scam-free.
It’s incredibly intuitive and easy to use, reducing the learning curve to get into crypto immensely.
To make all these promises come true in a safe and verified way, we have now released the first version of our platform to stress test its cross-chain liquidity engine in a production setting. In the coming days, all developers are watching the system 24/7 to verify the stability and speed of the Symbiosis network in all kinds of circumstances and with big user numbers at the same time, ensuring a robust user experience at all times.
All users can visit symbiosis.finance, select any coin on any supported network, then choose any token on any other supported network. Make the swap, and you’re done! It’s like seeing the future of crypto in the most intuitive way possible.
See for yourself here: symbiosis.finance
How is this possible? We have built a true DeFi Disruptor!
To understand what’s happening under the hood, you need to understand 2 main concepts/features of our scalable liquidity engine: concentrated liquidity pools and cross-chain routing.
Concentrated liquidity pools are basically 2 AMM pools (automated market makers) consisting of:
1. Stable coins;
2. Native assets.
If, for example, you want to swap BSC and ETH there would be 2 pairs of pools
- 1 pair of most liquid stable coins from both networks i.e. BUSD/USDC;
- Native(gas) assets pool (BSC and ETH).
Why did we choose this design?
We want the user to transfer liquidity from chain A to chain B in the most efficient way possible. Historically, native assets and stablecoins are the most liquid ones. There is always ample availability and on top of that stablecoins allow you to avoid price slippage.
Using these liquidity pools allows us to avoid competing with every AMM on every connected chain for every liquidity pair.
We designed a smart shortcut!
So that’s that on obtaining liquidity, but how do we achieve any-to-any token swap?
This leads us to our second fundamental feature.
Cross-chain routing
To allow you to swap any token to any token on the connected chains, we use already built swap aggregators like 1inch or matcha to figure out the most efficient route for every transaction, both to stable coins as native assets.
So when you want to swap token A on chain X to the token B on chain Y :
· We ask every swap aggregator on chain X what is the most efficient way to swap token A for a stable coin/native asset
· We make a swap with this route to stable coin/native asset
· We swap the stable coin on chain X to the wrapped representation of a stable coin from chain Y
· We unwrap this wrapped stable coin to the original one on chain Y
· We utilize routing once again to find the best price for stablecoin to token B swap
And then the most efficient any to any token swap is done!
Connected Blockchains
There are 2 main networks we are operating on now: Ethereum and Binance Smart Chain, with three networks (Polygon, Avalanche, and Solana) to be added shortly. On top of the Symbiosis platform, there can be built multiple value-added dApps like payment networks, borrowing protocols, and many more. We are also negotiating close partnerships with crypto wallets and exchange services.
Partners & investors
We are proud to say, we closed a $2 million funding round led by Blockchain.com. Other backers include Wave Financial, DAO Maker, BTC Inc, Kairon Labs, Gate.io, and even more.
Join our community to find out launch dates and updates first!
- Twitter: Symbiosis_fi
- Telegram: Symbiosis_finance
- Medium: https://medium.com/symbiosis-fi
- Discord: https://discord.gg/symbiosis
More info soon on https://symbiosis.finance
