A New Star in the Cross-Chain World: How Symbiosis is Reshaping Blockchain Interoperability

With the rapid development of blockchain technology, interoperability and liquidity issues have been major challenges faced by the industry. The emergence of more and more blockchain networks and different virtual machine environments has created an urgent need for users and developers for a solution that can seamlessly exchange assets across multiple networks.

Symbiosis, as a cross-chain AMM DEX platform, was created to address these issues. This article will delve into the workings of Symbiosis, its technical advantages, and its potential in the cross-chain trading field.

The Current Status and Challenges of Cross-Chain Transactions

Before delving into the advantages of Symbiosis, we need to first understand the main issues facing cross-chain transactions today. With the continuous launch of various public chains, more and more projects are choosing to build on different Blockchains. However, this diversity has also brought about bottlenecks in interoperability between networks. Traditional single-chain structures, while advantageous in terms of security and stability, face significant limitations in communication and asset circulation between chains.

Currently, cross-chain projects mainly face the following issues:

1. Complex Operations: Users exchanging assets between different Blockchains often need to go through multiple steps, involving different wallets and bridging services, making the process cumbersome and prone to errors.

2. High Costs: Cross-chain transactions involve fees from multiple networks, and these costs can add up significantly, especially during frequent operations.

3. Security Risks: Cross-chain bridging and relay services often become targets for hacker attacks, making fund safety difficult to guarantee. There have been multiple historical incidents where massive amounts of funds were stolen due to attacks on cross-chain bridges.

4. Cross-chain asset singularity, too many restrictions: Due to the high cost and complexity of cross-chain technology, most cross-chain projects only support a portion of assets from a part of the chain for cross-chain transactions, resulting in excessive restrictions and a poor user experience.

In this context, Symbiosis provides a more efficient, secure, and user-friendly cross-chain solution.

Core Functions and Technical Architecture of Symbiosis

Symbiosis is a decentralized cross-chain automated market maker (AMM) platform designed to aggregate liquidity across different blockchains, regardless of whether these blockchains are EVM compatible, including the BTC ecosystem.

Through Symbiosis, users can easily achieve token swaps between different networks, completing complex cross-chain transactions in a single operation in the form of Swap. This seamless user experience relies on the unique technical architecture of Symbiosis.

On-chain smart contract

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. Every cross-chain transaction initiated by users is processed through these smart contracts to ensure the accuracy and security of the transactions.

Off-chain relay network

In addition to on-chain smart contracts, Symbiosis has also designed an off-chain relay network. These relays are responsible for transmitting messages and assets between different blockchains, thus enabling cross-chain communication. The non-custodial design of the relay network ensures the security of transactions while improving transaction efficiency.

Seamless cross-chain exchange

The Symbiosis platform allows users to seamlessly complete cross-chain asset exchanges on a single interface, making it more free and flexible compared to other cross-chain platforms, with support for a wider variety of tokens. Regardless of the type of tokens users hold, or which network those tokens are on, they can easily exchange and transfer them through Symbiosis.

Pool and Zap

Users can provide liquidity and earn yields on any chain supported by Symbiosis, 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 offered to lending, farming protocols, or Symbiosis Octopools on another Blockchain with just one click (one transaction). Cross-chain Zaps currently support AAVE, LIDO, and BEEFY.

Advantages and Innovations of Symbiosis

The emergence of Symbiosis not only addresses many pain points of current cross-chain transactions but also possesses unique advantages in multiple aspects, making it the future paradigm and leader of cross-chain projects.

High Interoperability

Symbiosis supports liquidity for up to 34 Blockchains, covering both EVM-compatible chains and non-EVM-compatible chains, including TRON, TON, and part of the BTC ecosystem, making it the core cross-chain bridge for TON.

Generally, cross-chain projects only support a few types of assets for cross-chain transactions, and there are many limitations. Symbiosis supports cross-chain transactions for various assets, allowing users to obtain any supported asset. This extensive network support means that users can freely move funds within a broader ecosystem, no longer limited by a single network.

Minimalist User Experience

Symbiosis presents the cross-chain and Swap processes to users through a simple UI, allowing complex transaction processes to be completed with just one step. It also supports receiving cross-chain assets by entering only the address, maximizing user experience.

Users can complete all cross-chain operations on a single interface without the need for third-party tools or complex bridging services, lowering the usage threshold and helping Web3 release more liquidity.

The platform's design has greatly simplified the operational process, making cross-chain transactions as easy as single-chain transactions.

Strong Security

The on-chain smart contracts and off-chain relay network of Symbiosis are meticulously designed to ensure the security and transparency of cross-chain transactions. The non-custodial architecture further reduces the risk of funds being hacked while also avoiding centralized control over user assets.

Symbiosis has passed the audits of multiple security audit agencies and will undergo more audits to ensure the strongest security.

Low Cost and High Efficiency

The efficient architecture and automated market maker mechanism of the Symbiosis platform reduce the costs of cross-chain transactions and provide faster trading speeds. By aggregating liquidity from multiple networks, Symbiosis is also able to offer users more competitive prices and lower slippage.

Decentralization and Community Driven

The completely decentralized design of Symbiosis means that all cross-chain transactions are executed automatically by smart contracts, without the intervention of centralized institutions. Additionally, Symbiosis encourages community participation, allowing users to play an active role in the platform's development through governance tokens and various reward mechanisms.

Symbiosis Background Information

Symbiosis supports seamless asset exchange across 34 blockchain networks, having 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 several well-known DEXs and trading platforms, and has closely collaborated with multiple projects.

Symbiosis has received investments from several well-known institutions and has been funded for multiple important projects, further enhancing its influence in the cross-chain ecosystem.

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 five chains: Ethereum, BNB, zkSync, Linea, and Scroll. It is already listed on more than 20 exchanges.

The main functions of SIS include:

• Governance Voting: SIS holders can participate in the decision-making process through voting, especially regarding decisions related to the Symbiosis DAO.

• Protocol Security: SIS is used for relay rewards, ensuring the stable operation of the relay network.

• Protocol Incentives: Earn SIS rewards by participating in Symbiosis activities.

SIS adopts the VE model, where holders stake SIS to obtain veSIS and enjoy multiple rights, including airdrop distribution, voting rights, increased earnings, reduced fees, and more.

In July, a proposal to burn 251,384 SIS tokens was approved through a DAO vote, and the destruction was executed on August 7, which accounted for 0.25% of the total supply of SIS.

This destruction marks a new phase for Symbiosis. The ecosystem will continue to iterate and optimize, incorporating various mechanisms to bring SIS into a deflationary era, enhancing the value of SIS, and further advancing towards Symbiosis v3.

The current total market value of SIS is only 17.64 million, which still has considerable growth potential compared to similar projects. In the future, when the market conditions improve, its value may be further enhanced.

Future Outlook of Symbiosis

Symbiosis, as a leading cross-chain AMM DEX platform, is reshaping the way assets are exchanged within the Blockchain ecosystem. Through its unique technological architecture and innovative solutions, Symbiosis is addressing the main pain points of cross-chain transactions and bringing more opportunities and possibilities to Web3.

Looking ahead, with the addition of more Blockchain networks and the introduction of more sources of liquidity, Symbiosis is expected to further solidify its position in the Web3 ecosystem and become a leader in the cross-chain technology field. For users and developers who wish to freely move funds between different Blockchains, Symbiosis is undoubtedly a platform worth paying attention to and participating in.