Symbiosis

What is Symbiosis?

Symbiosis is a decentralized exchange (DEX) that revolutionizes the way users trade and transfer digital assets across different blockchains. By pooling liquidity from various blockchains, regardless of their underlying technology, Symbiosis allows for seamless token exchanges and asset transfers. Users no longer need to worry about which network a token resides on or how to move funds between blockchains, as Symbiosis handles all cross-chain operations in a single transaction with competitive rates and minimal costs.

Key Principles of Symbiosis

The Symbiosis protocol is designed to offer a seamless cross-chain trading experience, adhering to several key principles:

• Complete Decentralization: Symbiosis operates without a central authority, ensuring no single party can halt its functionality or censor access.
• Interoperability: The protocol aims to connect all blockchains that attract significant market interest, striving to create a unified bridge across the blockchain ecosystem.
• Non-custodial: User funds remain secure, with no access granted to the Symbiosis team or any other party.
• Boundless Cross-chain Liquidity: Symbiosis targets a wide range of token pairs across supported networks, offering optimal prices for any token exchange.

How Does It Works?

On-chain Part: Smart Contracts

Symbiosis employs smart contracts to implement the on-chain logic for cross-chain operations, including swaps, zaps, interchain communication, and bridging. These contracts are meticulously deployed and tuned by Symbiosis administrators for each added blockchain.

Off-chain Part: Relayers Network

The off-chain component, the Symbiosis Relayers Network, is a peer-to-peer (P2P) network that facilitates fast, accurate, and secure transmission of information for cross-chain operations. This network ensures smooth and secure communication between different blockchains.

Services Provided by Symbiosis

Symbiosis offers a range of services aimed at enhancing cross-chain functionality:

• Cross-chain Swaps: Enables the exchange of any token for another across supported blockchain networks. Interchain Communicating Messenger: Allows users to supply liquidity to other DeFi protocols through a single cross-chain transaction.
• Cross-chain Zaps: Facilitates liquidity supplying to Symbiosis Octopools, allowing providers to supply assets in one transaction. Farming: Offers reward programs for users providing liquidity to the protocol.
• Symbiosis Explorer: Collects and stores data related to cross-chain operations.
• veSIS: Staking SIS tokens grants rewards, reduces cross-chain fees, increases APR for liquidity, and provides voting power within the Symbiosis DAO.

Symbiosis Roadmap

In 2024, Symbiosis is set to introduce several significant updates and features. The platform will enable token-for-BTC swaps using ThorChain technology and launch a native BTC bridge to facilitate token exchanges across supported networks. Additionally, the protocol will expand to include more EVM-compatible networks, enhancing its reach and functionality.

A major codebase refactoring will improve performance, security, and scalability, while Symbiosis Protocol v3 will bring new features and enhancements over previous versions. The growth of cross-chain zaps will allow for direct investments in projects across blockchains, and the token teleport service will broaden its support for various asset transfers.

Symbiosis plans to form new partnerships to enhance liquidity and integrate innovative DeFi services. Enhanced loyalty programs for veSIS holders, the implementation of Delegated Proof of Stake for the relayer network, and support for BRC20 tokens will further strengthen the ecosystem.

SIS Token

SIS serves as the governance token for the Symbiosis protocol, playing several key roles:

• Governance: SIS holders participate in decision-making processes within the Symbiosis DAO.
• Protocol Security: Staking SIS tokens supports the operation of relayers, ensuring network security.
• Incentivization: Active protocol participants are rewarded with SIS tokens.

SIS tokens can be traded, exchanged, or staked, providing versatile utility across the Symbiosis ecosystem. Initially deployed on Ethereum, SIS tokens can be bridged to the BNB chain and several Layer 2 networks, including Arbitrum One, zkSync Era, Linea, and Scroll.

SIS Bridging and Exchanging

Symbiosis ensures that SIS tokens retain their identity and total supply when moving across different networks, using official bridges for seamless transitions. Token exchanges, whether on-chain or cross-chain, are facilitated through the Symbiosis WebApp and AMM DEXs, optimizing for minimal fees and efficient operations.

Partners

Symbiosos' partners: Binance Labs, Coin98, benQi, OpenOcean, Blockchain.com, and PancakeSwap.

Project Development

Symbiosis is excited to announce the integration of Core Chain by Core DAO, a Layer 1 blockchain combining Ethereum's smart contract capabilities with Bitcoin's decentralization and security. This integration allows users to swap and bridge assets on Core DAO through the Symbiosis Protocol.

Core DAO's Core Chain leverages the Satoshi Plus Consensus, blending Bitcoin's Delegated Proof of Work with Ethereum-like Delegated Proof of Stake to enhance scalability and composability. This mechanism rewards users with BTC for staking their native token, CORE. Core DAO aims to merge Bitcoin’s security with Ethereum’s scalability, providing a decentralized platform for builders and users alike.

Core DAO's mission addresses Bitcoin scalability, offering a user-friendly platform that supports decentralized applications and services familiar to Ethereum users, such as stablecoins and liquidity pool rewards. This integration broadens the scope of on-chain activities for Bitcoin enthusiasts and newcomers.

Symbiosis Price Analysis

As of November 24 2024 Symbiosis has a marketcap of $6.7M. This is {{percentagefromath}} from its all time high of $5.59. In terms of its tokenomics, there's a total supply of 100M with 65% currently outstanding. Keep in mind Symbiosis has a fully diluted value of $10M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.