Multi-chain instant swap platform Symbiosis announces beta mainnet launch


Symbiosis Finance is a multi-chain AMM DEX and liquidity protocol that allows users to perform any crypto token swap.

After a long period of testing, Symbiosis announced its beta mainnet launch which enables instant swaps with no need for special software–leveraging a simple solution for moving liquidity across different chains.

The core of the Symbiosis protocol 

As a decentralized multi-chain liquidity protocol, Symbiosis enables users to swap assets between different blockchains while remaining the sole owners of the funds.

Thus far, the protocol supported for networks including BNB Chain (formerly BSC), Ethereum, Polygon, and Avalanche. However, more networks will be added in the upcoming future.

That said, the protocol supports four leading DEXes, including Uniswap, PancakeSwap, Pangolin, and QuickSwap. 

According to the announcement, the protocol intends to continue expanding its list of supported DEXes, creating competition between them–ensuring that Symbiosis users receive the best prices during their token swaps.

Symbiosis protocol token is SIS–deployed on Ethereum and used for the Symbiosis DAO and DAO Treasure governance, and/or for staking to run a node in the relayers network. 

All the supported blockchain networks on Symbiosis work as liquidity pools, which makes asset prices dependent on the volume of funds available in a pool. 

That said, any increase or decrease in the asset volume in a pool will create arbitrage opportunities for traders.

Easy-to-use solution for moving liquidity across different chains

Symbiosis beta mainnet allows users to swap “any token to any token” with no need for special software. 

In addition, it’s compatible with the leading wallets, including MetaMask, Coin98, Trust Wallet, and ONTO Wallet.

As per Symbiosis Finance, the protocol has undergone three severe security audits–performed separately by SlowMist, Omniscia, and Zokyo, with more to follow. 

Following the mainnet launch, Symbiosis will be adding new blockchains–including Solana, Terra, Celo, and Boba Network, amongst others.

According to the protocol announcement, Symbiosis v.2 with implemented sidechains and additional features, including unified AMM pools, cross-chain farming, and smart order routing, is in the works. 

Get your daily recap of Bitcoin, DeFi, NFT and Web3 news from CryptoSlate

It’s free and you can unsubscribe anytime.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button