Innovative cross-chain protocol Symbiosis Finance

Dear friends!
Today, there are many types of blockchain networks, which offer numerous benefits and a wide range of tools and opportunities to interact with the crypto world!
However, there is a major downside - crosschain transactions can be complex, particularly for novices taking their first steps in cryptocurrency.

We've all come across ERC-20 and TRC-20, terms that stress the importance of selecting the correct network when withdrawing your money. Be sure to review all entered data to prevent any unintended transfer of your tokens and digital currency. One misstep could result in permanent loss of personal funds, which can be quite worrisome for users.

Symbiosis Finance aims to assist investors in navigating cross-chain exchanges and transfers by simplifying the process. The protocol serves as a bridge between all cryptocurrency ecosystems, offering liquidity to the blockchains underneath and functioning as a single channel for cross-chain transactions.

To gain a better understanding, the AR_Premium team and I have composed a complete review of this project, which is undoubtedly eligible for consideration as a potential gem.

Let's get started!

It works like this: The protocol blocks cryptocurrency on the original blockchain and issues sTokens in another network at a 1:1 ratio. When the cryptocurrency returns to the original blockchain, the synthetic assets are burnt to maintain the overall balance in the networks. Additionally, the average transaction fee is approximately 0.01%.

Currently, the protocol supports multiple blockchains. Ethereum, BNB Chain, Polygon, Avalanche, Boba Network, Telos, Aurora, and Milkomeda are all incorporated in the project, and zkSync Era and Arbitrum have recently been integrated. Additionally, Aptos, Near and Sui blockchains are slated for implementation in the near future.

The project also includes a Cross-chain Zap service that enables users to invest in various pharming protocols such as AAVE and Cream quickly.

In addition, Symbiosis offers JS SDK and Mobile SDK software for application developers to seamlessly integrate its technology into their projects.
The protocol team prioritizes user-friendliness and security for both users and liquidity providers.

Main features of the project

Symbiosis boasts the most potent cross-chain protocol currently available, surmounting multiple inter-network obstacles.

While Symbiosis's blockchain solution is unique and user-friendly, it prioritizes features like security, seamlessness, user interface, and decentralization.

Basic functions of the Symbiosis protocol:

• Automatic market maker mechanism with cross-exchange;
• General and easy-to-use user interface;
• Ability to create complete Dapps applications;
• Smooth application connectivity using software development kits;
• End-to-end routing;
• One-click cross transactions (meta-routing).

Symbiosis has a user-friendly interface that resembles Uniswap.

With Symbiosis Finance protocol, a user can exchange any token from one blockchain for another, with just a single click.

The most significant aspect is that the protocol allows payment of transaction fees (gas) using the exchanged token, which eliminates the need for a native network token like Ether in Ethereum or BNB in Binance Smart Chain. This approach greatly simplifies working with decentralized finance (DeFi) services and makes trading operations easy even for beginners.

Symbiosis Finance boasts a robust, publicly traded development team hailing from Russia, renowned for their exceptional skills and reputation within the blockchain industry.

The main developers of the protocol have known each other for almost five years. Among them are people from Zerion and a number of other projects.

The former team leader of Yandex and the Japanese conglomerate Rakuten is responsible for security. The head of the repeater network development team previously managed open source projects in IBM's Russian division.

💠 More information about the project participants can be found in the company's Linkedin profile: link

In total, there are about 30 people in the team, almost all of whom have social media profiles with good experience.

In addition, Symbiosis Finance has support from top-notch consultants to help in the development and establishment of the project.

Some of them are:

In September 2021, Symbiosis Finance raised an investment from Gate.io Labs in a seed round of funding (round amount undisclosed).

In October 2021, in a seed round, the protocol raised a $2,000,000 investment from Blockchain.com Ventures (led the round), Kucoin Labs, Gate.io, DAO Maker, BTC Inc, Kairon Labs and others.

Symbiosis has also raised an additional $10,000,000 in subsequent private and public rounds.

Among the regular sponsors of the project are Amber Group, Algorand, Avalanche Asia Star Fund, Dragonfly, Wave Financial, BTC Inc, Injective Labs, Primitive Ventures.

Also, another major development for the project is a strategic round funding from Binance's venture capital arm on February 18, 2022 for over $3,500,000.

Bill Chin, Head of Funds at Binance Labs, said: "Symbiosis Finance is making an important contribution to the future of cryptocurrencies, we are pleased to support Symbiosis Finance and work closely with the project team to realize our shared vision."

Jasmine Kong of Binance Labs said: "We invest in innovations that have the potential to deliver better user experiences and shape the crypto world, which is why we have chosen to support Symbiosis."

SIS is a native Symbiosis Finance protocol token created on the Ethereum blockchain.

As a protocol token, SIS performs two main tasks:

• Staking to run a relay node in Symbiosis relayers' own network;
• Managing the Symbiosis DAO and its investment fund.

In addition, the protocol incentivizes SIS users to provide liquidity to its platform by offering certain rewards for doing so.

More details on the SIS holder reward program can be found in the official documentation at the link: here.

Key indicators

• Ticker: SIS.
• Token type: Utility.
• Ethereum contract: 0xd38BB40815d2B0c2d2c866e0c72c5728ffC76dd9
• BEP-20 Contract: 0xf98b660adf2ed7d9d9d9d9daacc2fb0cace4f21835
• Arbitrum contract: 0x9E758B8a98a42d612b3D38B66a22074DC03D7370
• Total bid: 99,741,145 SIS.
• Maximum bid: 100,000,000 SIS.

Tokenomics

The project developers reserved 40 million SIS tokens for farming, protocol liquidity, auctions for slots in the relay network and staking.

The remaining tokens were shared by participants of private and several public tokensales, as well as project advisors and Symbiosis Finance developers.

For a better understanding we suggest you to familiarize yourself with the table below - visual distribution of SIS↓ tokens

This mechanism was first activated on April 3, 2023, where 258,856 SIS tokens were burned (~0.25% of the total supply). The burning process will control the inflationary component of the asset, which will ultimately have a favorable impact on the price values of the SIS token.

Where to buy SIS?

The SIS token is traded on 11 exchanges, including:

• OKX
• PancakeSwap (SIS/BNB)
• Huobi Global
• Gate
• ByBit

The full list of exchanges can be found on CoinMarketCap: link

The project provided a roadmap for 2023:

🔘Q1.

• Symbiosis DAO Launch;
• SIS BNB launch;
• Launch of veSIS BNB;
• Integration of new EVM - KAVA;
• Launch of Shardeum and Hepton test network.

🔘 Q2.

• Integration of L2 circuits;
• Expansion of ZAP crosschain;
• Integration with major crosschain aggregators;
• Transition of Symbiosis relays to POS algorithm;
• Integration of the new EVM blockchain.

🔘 Q3.

• Work on Symbiosis Zaps 2.0;
• Launch of SIS Polygon;
• Integration with chains other than EVM;
• Integration of new EVM.

🔘 Q4.

• Launch of Symbiosis Zaps 2.0 test network;
• Integration with chains other than EVM.

It is worth noting that the Symbiosis Finance team is successfully evolving in line with the established roadmap, delivering on all the stated promises from 2020 onwards.

High community activity in social networks. The project actively stimulates its community with various contests with valuable prizes.

GitHub protocol is constantly updated, you can see that the project is constantly being worked on by developers who follow a strict roadmap.

Social media statistics:

• Twitter - 96.5 K;
• Telegram - 11.3 K.

In addition, the Symbiosis Finance team actively participates in various public events and maintains feedback with its users.

The Symbiosis team has conducted 3 security audits:

1. SlowMist
2. Omniscia
3. Zokyo

Dear friends, it's time to summarize the results!

Symbiosis Finance brings a brand new, revolutionary and most needed enhancement to the world of decentralized finance.

With its simplicity and the ability to exchange any token on one blockchain for any token on another blockchain, and to pay a fee with the asset being transacted (without the need to store native tokens), it is a complete game changer.

The protocol's technology is truly unique and large-scale, as evidenced, of course, by the interest and support of major funds and partners.

• Uniqueness of the idea and its successful realization;
• Ready working products (Swap, Pools, ZAP, Farming, veSIS, SIS-Token) that change the idea of DeFi;
• Publicity and openness of the development team, constant AMA sessions and live broadcasts with various representatives of the crypto industry;
• Independent audits from: SlowMist, Omniscia, Zokyo;
• Fundamental support from sponsors. Collaborations with major projects. Including strategic support from the largest exchange Binance;
• Powerful project tokenomics, burn mechanisms;
• Own blockchain;
• Universal software packages for Dapps developers;
• The project's technology is focused on ease of use and functionality, which opens up a potentially high demand horizon, and as a consequence - global growth of the project's capitalization.

In the near future, Symbiosis Finance plans to actively integrate with all sorts of networks, including Polygon, to globally expand and populate its ecosystem. In addition, new product launches and test networks for SIS are being prepared.

Regards Defi Dons team

🌐 Links to sources

Official site ⎮ CoinMarketCap ⎮App Symbiosis ⎮ CoinGecko ⎮ EtherScan⎮ ArbiScan⎮ Explorer SIS ⎮ Symbiosis NFT ⎮ Docs ⎮CrunchBase

Social channels Symbiosis Finance

Twitter ⎮ Telegram Announcements (EN) ⎮ Telegram Chat (EN) ⎮ Discord ⎮ Medium ⎮Linkedin