Symbiosis Finance: A Detailed Review

By Stan Peterson
Published December 9, 2021 Updated December 9, 2021
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Symbiosis Finance: A Detailed Review

By Stan Peterson
Published December 9, 2021 Updated December 9, 2021

Crypto exchanges have been raging in the market for nearly more than a decade now but during their time they have turned out to be not the best solution for exchanging cryptocurrencies securely. Because leaving your digital assets in an exchange wallet means putting them at extreme risk of getting stolen or even hacked based on several past security incidents that occurred on some of the top-tier crypto exchanges. Luckily, when it comes to the crypto markets, there are solutions for every situation. These problems with exchanging cryptos in a secure environment gave rise to crypto swap services and platforms.

A crypto swap means easy exchange of crypto into another type without having to store your digital coins in a third-party wallet. This non-custodial approach is preferred by many crypto enthusiasts daily due to its simplicity, success rate, and safety.

In this review, we shall take a look at Symbiosis Finance which is a unique kind of crypto swap platform that enables multi-chain functionality to allow users to swap any token between different chains without losing custody/ownership of their assets.

What is Symbiosis Finance?

Symbiosis finance came out as a much-needed decentralized multi-chain liquidity protocol whose main goal is to put an end to liquidity fragmentation and help crypto users break free from the age-old confusion of swapping between two different crypto standards like ERC20 and TRC20. Symbiosis finance’s liquidity protocol basically aggregates exchange liquidity across different EVMs (Ethereum virtual machines) and even non-EVMs to allow crypto swaps to occur.

For years, people have been struggling while transferring crypto across multiple chains which requires double-checking the correct address every step of the way. Symbiosis finance was introduced to fix this problem by acting as a trusted liquidity bridge between different crypto ecosystems and a major blockchain. The swap process is easier with Symbiosis finance as users remain the sole owner of their funds without any restrictions as to compatible blockchains.

Details Regarding SIS Tokenomics:

Symbiosis finance is powered by Ethereum-based SIS tokens that serve two different purposes;

  • Users can participate in consensus and signing transactions by staking SIS tokens to run a node within the relayer network. The process is similar to other PoS tokens like Solana and Cardano.
  • To govern the entire Symbiosis DAO through voting for future symbiosis proposals and its treasury.

Symbiosis supporters can invest in SIS tokens to see the project reach new heights. The maximum supply of SIS is close to 100 million tokens. Out of the total amount, node runners get to acquire 15 million SIS tokens while liquidity farming would get 10 million tokens. Holding SIS tokens means partaking in Symbiosis finance’s future.

Courtesy: ByBit, a partner of Symbiosis Finance

Some Unique Features of Symbiosis Finance:

Symbiosis finance’s team has ensured that this platform is easy to use for crypto enthusiasts in a way similar to Uniswap. The symbiosis finance follows symbiosis protocol which offers some of the features below;

  • No limit over cross-chain liquidity

Symbiosis finance can facilitate limitless token pairs across different blockchains and guarantees that they offer the best price for swaps between any two arbitrary tokens pairs owing to constant monitoring.

  • Custody remains with owners

Being a non-custodial service allows users of Symbiosis finance to be the sole owners of their digital assets at any point. Not even the symbiosis finance team has access to user funds in any way.

  • Interoperability

As expected from a high-functioning multi-chain liquidity protocol whose ultimate goal is to connect multiple networks, interoperability is an essential feat for symbiosis finance as it can connect every popularly used blockchain available in the market.

  • Complete decentralization

Being totally decentralized in the absence of any third party is a necessary requirement for a safe and secure swap platform cum liquidity protocol like symbiosis finance. That is why this protocol cannot be censored by any third party that does not have access to it.

  • User-friendly

The main idea behind symbiosis finance protocol was to create a reliable multi-chain liquidity platform that is easy for beginners to understand and utilize whenever they need to swap crypto into another type of crypto but of a different blockchain. Symbiosis does not require users to download a separate software or wallet. Swapping cryptos with symbiosis is easy as doing the same thing on Uniswap.

Symbiosis Finance Testnet and How to Use it?

In October, the team of symbiosis finance platform released a test version to their platform allowing users to break free from limited pair swaps, move liquidity across different chains, use swap functions with one-click (via MetaMask), and trust a secure platform where no scammers can steal one’s digital coins. The team of Symbiosis finance has chosen a two-layer concept for its scalable liquidity engine that is based on

  1. Concentrated liquidity pools are actually two automated market makers consisting of stable and native coins.
  2. Cross-chain routing

Preference was given to building a platform that is under-protection of expert developers 24/7 to check its stability and other health stats to bring more users onboard to their idea of liquidity fragmentation using a multi-chain approach for the first time in the crypto market. Users can visit their website, select a coin on any supported network, then select the other token on another supported network to begin the swap which takes very little time to finish.

Partners of Symbiosis Finance

Since its inception, the multi-chain liquidity enabler, symbiosis finance has partnered with some of the renowned entities active within the crypto space. Bybit, Avalanche Network, Polygon, are some of the many partners of this particular project. Recently,  Evolve Capital has joined Symbiosis finance as its newest investor.

Is it Worth Investing?

The main attraction of symbiosis finance is the idea of “symbiosis of any to any platform” which it provides. A true DeFi disruptor is another tag that symbiosis finance seems loyal to according to our research as their high-level scheme of its protocol makes it easier to build optimal routes for swaps at the best available rate all over the network at any given time.

Symbiosis finance offers an uncomplicated solution for when crypto users require liquidity fast in a cross-chain environment. These features and the noteworthy backing received from its partners & investors make symbiosis finance, an investment-worthy entity especially now when quick, safe, and easy multi-chain swap services are nowhere to be found. There is a lot planned in the near future as well, for example, Symbiosis finance has started its staking initiative. The LP farming event will begin at block #13771000. Participants would get to Stake SIS-ETH LP tokens to get farming rewards distributed block by block.

But of course, there are risk factors associated with any emerging crypto platform that still has a lot of room to grow and opportunities to prove its worth against market trends, uncertainties, and other variable circumstances related to crypto.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Stan Peterson
770 Articles
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.

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