During the rapid development of blockchain technology, interoperability and liquidity have always been the core challenges faced by the industry. With the emergence of more and more blockchain networks (whether Layer 1 or Layer 2) and different virtual machine environments (EVM and non-EVM), users and developers are in urgent need of a solution that can seamlessly exchange assets between multiple networks.
Symbiosis, as a cross-chain AMM DEX platform, was born to solve these problems. This article will provide a detailed introduction to the working principle, technical advantages, background information of Symbiosis, and why Symbiosis is considered underrated.
Current Situation and Challenges of Cross-Chain Transactions
Before fully understanding the advantages of Symbiosis, we first need to understand the main problems faced by current cross-chain transactions. With the continuous launch of various L1 and L2 public chains, EVM public chains, and non-EVM public chains, more and more projects choose to build on different blockchains. However, this diversity also brings bottlenecks in interoperability between networks. Although the traditional single-chain structure has advantages in security and stability, it has significant limitations in communication and asset circulation between chains.
The main problems faced by most cross-chain projects currently include:
Complex operations: Users often need to go through multiple steps and involve different wallets and bridging services to exchange assets between different blockchains, making the process cumbersome and prone to errors.
High costs: Cross-chain transactions involve fees from multiple networks, which can significantly increase costs, especially with frequent operations.
Security risks: Cross-chain bridging and relay services are often targets of hacker attacks, making it difficult to ensure the security of funds. There have been multiple incidents in history where large amounts of funds were stolen due to attacks on cross-chain bridges.
Limited cross-chain assets: Due to the high cost and complexity of cross-chain technology, most cross-chain projects only support a subset of assets from a subset of chains, resulting in too many limitations and a poor user experience.
In this context, Symbiosis provides a more efficient, secure, and user-friendly cross-chain solution.
Core Features and Technical Architecture of Symbiosis
Symbiosis is a decentralized cross-chain Automated Market Maker (AMM) platform designed to aggregate liquidity from different blockchains, whether they are EVM-compatible or non-EVM-compatible, including the BTC ecosystem.
Through Symbiosis, users can easily achieve token exchanges between different networks and complete complex cross-chain transactions in a single operation through swaps. This seamless user experience relies on Symbiosis' unique technical architecture.
On-chain smart contracts
Symbiosis uses on-chain smart contracts to handle the logic of cross-chain transactions. These contracts are deployed on multiple supported blockchain networks to ensure the decentralization and transparency of cross-chain transactions. Each cross-chain transaction initiated by a user is processed through these smart contracts to ensure accuracy and security.
Off-chain relay network
In addition to on-chain smart contracts, Symbiosis has designed an off-chain relay network. These relays are responsible for transmitting messages and assets between different blockchains to achieve cross-chain communication. The non-custodial design of the relay network ensures the security of transactions while improving transaction efficiency.
Seamless cross-chain swaps
The Symbiosis platform allows users to seamlessly exchange cross-chain assets on a single interface, providing more freedom and flexibility compared to other cross-chain platforms. Regardless of the tokens held by users and the networks they are on, they can easily exchange and transfer them through Symbiosis.
Pool and Zap
Users can provide liquidity and earn rewards on any Symbiosis-supported chain, and they can also use the Zap feature to simplify cross-chain and DeFi interactions into a one-stop operation. Any asset on any blockchain can be provided to lending, farming protocols, or Symbiosis Octopools with a single click (a single transaction). Cross-chain Zaps currently support AAVE, LIDO, and BEEFY.
Advantages and Innovations of Symbiosis
Symbiosis not only solves many pain points of current cross-chain transactions but also has unique advantages in multiple aspects, making it the future paradigm and leader of cross-chain projects.
High interoperability
Symbiosis supports liquidity from up to 34 blockchain networks, covering both EVM-compatible and non-EVM-compatible chains, including TRON, TON, and a part of the BTC ecosystem. It is the core cross-chain bridge of TON.
While most cross-chain projects only support a few assets for cross-chain transactions with many limitations, Symbiosis supports cross-chain transactions for a wide range of assets. This extensive network support means that users can freely move funds in a broader ecosystem without being limited to a single network.
Simplified user experience
Symbiosis presents the process of cross-chain and swaps to users through a simple UI, allowing complex transactions to be completed with just one step. It also supports receiving cross-chain assets by simply inputting addresses, maximizing the user experience.
Users can complete all cross-chain operations on a single interface without the need for third-party tools or complex bridging services, reducing the entry barrier and helping Web3 unleash more liquidity.
The platform's design greatly simplifies the operation process, making cross-chain transactions as simple as single-chain transactions.
Strong security
Symbiosis' on-chain smart contracts and off-chain relay network are carefully designed to ensure the security and transparency of cross-chain transactions. The non-custodial architecture further reduces the risk of funds being hacked and avoids centralized control over user assets.
Symbiosis has passed audits by Omniscia, Zokyo, and SlowMist, and will undergo more audits to ensure the strongest security.
Low costs and high efficiency
The efficient architecture of the Symbiosis platform and its automated market maker mechanism reduce the cost of cross-chain transactions and provide faster transaction speeds. By aggregating liquidity from multiple networks, Symbiosis can also offer users more competitive prices and lower slippage.
Decentralization and community-driven
The fully decentralized design of Symbiosis means that all cross-chain transactions are automatically executed by smart contracts without the intervention of centralized institutions. In addition, Symbiosis encourages community participation and allows users to play an active role in the development of the platform through governance tokens and various reward mechanisms.
Background Information of Symbiosis
Symbiosis supports seamless asset exchanges on 34 blockchain networks and has processed over $2.5 billion in exchange volume, completed over 2.34 million transactions, and interacted with nearly 390,000 wallets.
Symbiosis has been integrated into all major aggregators, including Li.fi, Socket, Rubic, DODO, and has close collaborations with OKX DEX, 1inch, OpenOcean, etc.
Symbiosis has received investments from Binance Labs and KuCoin Labs. It has also received funding from projects such as Mantle, GMX, AAVE, Taiko, zkSync, and TON, and serves as a core bridge for TON, further enhancing its influence in the cross-chain ecosystem.
The Underrated Governance Token SIS
The governance token of Symbiosis is SIS, with a maximum supply of 100 million, of which 65% is already in circulation. SIS can be used on Ethereum, BNB, zkSync, Linea, and Scroll. It is listed on more than 20 exchanges, including Bybit, OKX, Huobi, Gate, BingX, etc.
The main functions of SIS include:
Governance voting: SIS holders can participate in the decision-making process through voting, especially regarding Symbiosis DAO.
Protocol security: SIS is used for relay rewards to ensure the stable operation of the relay network.
Protocol incentives: SIS rewards can be obtained through participation in Symbiosis activities.
SIS adopts the VE model, where holders can stake SIS to obtain veSIS and enjoy multiple benefits:
Symbiosis will distribute a certain amount of airdrops (Scroll, Linea, ZetaChain, etc.) to veSIS token holders.
Voting rights in Symbiosis DAO.
Increased yield for providing liquidity.
Up to 60% reduction in cross-chain fees.
Native rewards for staking SIS.
Other possible rights and rewards.
In July, a proposal to burn 251,384 SIS tokens was passed through DAO voting, and the burning was executed on August 7. This burning accounts for 0.25% of the total supply of SIS.
This burning marks a new stage for Symbiosis, and the ecosystem will continue to iterate and optimize, introducing various mechanisms to bring SIS into the era of deflation and enhance the value of SIS, further advancing towards Symbiosis v3.
The current market value of SIS is only $1.764 million. Compared to similar projects, the total market value of Axelar's token AXL is $600 million, and Stargate's STG is $310 million. SIS still has 20-30 times the potential to reach the market value of ZRO and W. When the bull market arrives and tokens generally rise, this multiple can be multiplied several times.
Compared to competitors such as Stargate, Synapse, and Axelar, Symbiosis has a lower market value, but its technological maturity and cooperative network give it great potential to become a future dark horse in the cross-chain field.
Future Outlook of Symbiosis
As a leading cross-chain AMM DEX platform, Symbiosis is reshaping the way asset exchanges are conducted in the blockchain ecosystem. Through its unique technical architecture and innovative solutions, Symbiosis is addressing the major pain points of cross-chain transactions and bringing more opportunities and possibilities to Web3.
Looking ahead, with more blockchain networks joining and more sources of liquidity introduced, Symbiosis is expected to further consolidate its position in the Web3 ecosystem and become a leader in the field of cross-chain technology. For users and developers who want to freely move funds between different blockchains, Symbiosis is undoubtedly a platform worth paying attention to and participating in.
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