Built on Telos: Symbiosis Finance
Defi protocols that are versatile and user-friendly contribute significantly to the mass adoption of cryptocurrency and blockchain technology. These are attributes Telos looks for in a project and the principal reasons why we are pleased to welcome Symbiosis Finance as the latest dApp to be built on Telos.
Symbiosis is a decentralized multi-chain liquidity protocol that enables users to perform any crypto token swaps across multiple blockchains with a single click. Currently, the protocol supports five networks, including Boba, BNB Chain (formerly BSC), Ethereum, Polygon, and Avalanche, with plans to expand to more networks in the future. The Symbiosis team prioritizes solving the dual problem typical across DeFi products, which lacks interoperability and provides a user-friendly experience.
How Simbiosis Differs from DEXs
If you’ve navigated the “cryptoverse” for a minute, you’ve probably come across several decentralized exchanges (DEXs) used to trade cryptocurrencies. However, unlike DEXs, Symbiosis enables users to take their trading a step further with cross-chain swaps, effectively allowing them to swap an ERC-20 token for crypto assets built on Solana, Polygon, or BNB Chain.
Symbiosis can execute these transactions by swapping the initial asset through liquidity pools that contain stablecoins, then swapping the stablecoin selected with another on the intended blockchain. This leads to the final step, which swaps the asset to its destination. It’s an innovative solution that saves time and resources, which makes Symbiosis a perfect fit for the Telos community.
How does your project benefit the Telos Community?
Our project stimulates liquidity provision from other networks that we support. That way, other projects on Telos EVM can leverage our Seamless Cross-Chain Interoperability (SCI) to attract new users to migrate from other networks.
Symbiosis can execute these transactions by swapping the initial asset through liquidity pools that contain stablecoins, then swapping the stablecoin selected with another on the intended blockchain. This leads to the final step, which swaps the asset to its destination. It’s an innovative solution that saves time and resources, which makes Symbiosis a perfect fit for the Telos community.
Why did you choose to build on Telos?
We appreciate your goals of creating solutions for everyday problems that DeFi users face. It’s also fantastic to work with a network that prioritizes ESG compliance and reducing carbon output — which is rare and very cool. We have a lot in common with Telos as we both view decentralization as a critical attribute, and through partnerships like this, we can create a better future for Web3.
Where can our community follow your project? (Insert links to social media)
Twitter | Telegram | Discord | Facebook | Instagram | Linkedin
About Telos
The Telos EVM is the most powerful and scalable Ethereum Smart Contract platform built to power Web 3.0. Telos features a robust, third-generation, ESG-compliant evolutionary blockchain governance system, including smart contracts, advanced voting features, and flexible and user-friendly fee models. In addition, Telos supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications through development grants. Come build with us.
