cross-chain AMM DEX platform Symbiosis: Redefining Blockchain Asset Swap

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

Symbiosis was born as a cross-chain AMM DEX platform aimed at solving these issues. This article will detail the working principles, technical advantages, and potential of Symbiosis.

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, an increasing number of projects choose to build on different Blockchains. However, this diversity also brings about bottlenecks in interoperability between networks.

The main issues facing cross-chain projects currently include:

1. Complex Operation: Users often need to go through multiple steps to exchange assets across different Blockchains, 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 security difficult to guarantee.

4. Cross-chain assets are singular and overly restricted: Due to the high costs and complexity of cross-chain technology, most cross-chain projects only support a portion of assets from a portion of chains for cross-chain transactions, resulting in excessive restrictions and a subpar experience.

In this context, Symbiosis offers 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, whether they are EVM-compatible or non-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 a Swap. This seamless user experience relies on Symbiosis's unique technical architecture.

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, ensuring the decentralization and transparency of cross-chain transactions. Each cross-chain transaction initiated by users is processed through these smart contracts, ensuring the accuracy and security of the transactions.

off-chain relay network

In addition to the 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, thereby enabling cross-chain communication. The non-custodial design of the relay network ensures the security of transactions while improving transaction efficiency.

seamless cross-chain swap

The Symbiosis platform allows users to seamlessly complete cross-chain asset swaps on a single interface, offering more freedom and flexibility 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 swap and transfer them through Symbiosis.

Pool and Zap

Users can provide liquidity and earn yields on any chain supported by Symbiosis, and 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 on another blockchain with a single click (one transaction). Cross-chain Zaps currently support multiple mainstream DeFi protocols.

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 various aspects, making it a future paradigm and leader in cross-chain projects.

high interoperability

Symbiosis supports liquidity for up to 34 Blockchains, covering both EVM-compatible and non-EVM-compatible chains, including some mainstream public chain ecosystems. Symbiosis supports asset swaps across chains to obtain any supported assets. This extensive network support means users can freely move funds across a broader ecosystem without being limited by a single network.

Minimalist user experience

Symbiosis presents the cross-chain and Swap process to users through a simple UI, allowing complex transactions to be completed in just one step. Additionally, it supports receiving cross-chain assets by simply entering an address, maximizing user experience.

Users can complete all cross-chain operations on one interface without the need for third-party tools or complex bridging services, lowering the barrier to entry and helping Web3 release more liquidity.

Strong security

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

Symbiosis has passed audits from several well-known security companies and will undergo more audits to ensure the strongest security.

low cost and high efficiency

The efficient architecture and automated market-making mechanism of the Symbiosis platform reduce the costs of cross-chain transactions and provide higher trading speeds. By aggregating the liquidity of 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 automatically executed by smart contracts, without the intervention of centralized institutions. In addition, Symbiosis encourages community participation by 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 swaps across 34 Blockchain networks, having processed over $2.5 billion in swap volume, completed over 2.34 million transactions, and interacted with nearly 390,000 wallets.

Symbiosis has been integrated into multiple large aggregators and closely collaborates with several well-known DEX platforms.

Symbiosis has received investments from several well-known investment institutions and has also been funded by multiple mainstream blockchain projects. As a core bridge of a renowned public chain, it further enhances 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 multiple mainstream 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 uses the VE model, where holders stake SIS to obtain veSIS and enjoy multiple benefits:

• Symbiosis will distribute a certain amount of airdrop to veSIS token holders.

• Voting rights in Symbiosis DAO

• Increase the yield of liquidity supply

• Cross-chain fees can be reduced by up to 60%.

• Native yield from staking SIS

• Other possible rights and rewards

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

This burn marks a new phase for Symbiosis, where 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 progressing towards Symbiosis v3.

The total market capitalization of SIS is still relatively low. Compared to similar projects, SIS still has considerable room for growth. If the overall market improves in the future, this potential growth space may further expand.

Future Prospects of Symbiosis

Symbiosis, as a leading cross-chain AMM DEX platform, is reshaping the way asset swaps occur in the blockchain ecosystem. Through its unique technological architecture and innovative solutions, Symbiosis is addressing the main pain points in 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 Blockchain, Symbiosis is undoubtedly a platform worth关注和参与.