As of today the centralized Crypto-exchanges are still working good for exchanging cryptocurrencies, but all their users are running the risk of getting their digital assets stolen or hacked even with top-tier exchanges. Fortunately now, we saw the rice of many crypto-swap platforms to overcome this security problem and Symbiosis Finance is a one of them!
After a long period of testing and continuous development, Symbiosis is thrilled to announce the launch of the Mainnet. Their Web App is significantly updated, Now let’s deep dive in to review the whole Symbiosis Finance project.
- Non-custodial: Nobody (not even the Symbiosis group) has entry to consumer assets.
- Efficiency: No wallet to install, No long waiting and measures to initiate a trade.
- Decentralized: No one can stop the protocol or censor consumer entry to it.
- Interoperable: Major blockchains are connected and plan to connect more.
- Infinite Cross Liquidity: Supply the greatest exchange rate for a quite token pairs as feasible on all blockchains.
- No Mobile Application yet!
- The website design need improvement
Profile & Tokenomics
|Token title:||Finance symbiosis|
|Company:||Symbiosis Finance – Founded on 2021|
|Industries||IT Services and IT Consulting|
|Support and customer care||You can get support anytime on : LinkedIn, Telegram, Twitter, Discord, Medium, YouTube, GitHub, Blog or by sending an mail to firstname.lastname@example.org.|
Staking to run a node named Relayer Network, and
DAO through voting for future symbiosis administration and its treasury.
Features of Symbiosis Finance
The symbiosis protocol offers the following features:
- No limit over cross-chain liquidity: Limitless token pairs across different blockchains with the best price for swaps between pairs.
- Custody remains with owners: Users are the sole owners of their digital assets at any point.
- Interoperability: The ultimate goal is to connect every popularly used blockchain available in the market.
- Decentralization: Totally decentralized which secure the swap with no censorship by any third party.
- User-friendly: Swapping is very easy and it does not require users to download a separate software or wallet.
How does symbiosis perform the swap?
As explained in the Symbiosis original documentation Here is an example of a cross-chain swap from UNI ERC20 on Ethereum (with high gas fee) to CAKE BEP20 on Binance Smart Chain (with low gas fee).
The swap route go through several steps and will look like: UNI → USDC → sUSDC → BUSD → CAKE (see the algorithm in the Scheme)
It starts with the front-end finding the path with the lowest fees for this swap and provides the user with details of all fees associated with the intermediate swaps, then if the user agrees with the fees, He will signs ONE transaction that allows the Symbiosis protocol to do all these intermediate swaps on behalf of the user.
Through all the steps, the user is the sole owner of the swapping assets.
For More details Go to Here
As a result of this process the gas can be paid with the swapped token, getting rid of the need of possessing native gs token. Also Symbiosis protocol is provides real-time access to a variety source of liquidity targeting as many token pairs as possible across blockchains, with the best prices for swaps between token pairs, all these operations are done within a single transaction! which will make the user experience simple and smooth.
Symbiosis Vs its Competitors
The top competitors of Symbiosis are listed below with the actual limitations of each one of them:
- Synapse (SNP) is serving as a bridge for trading only high liquidity blue ships whereas Symbiosis trades ANY token
- ThorChain trades any token, but the trade is not native to native as its ecosystem employs wrapped copies of native assets limiting their trading options. Here also Synopsis has no limitations as it perform native-to-native swaps for every token with on-chain liquidity
- DeBridge is using ChainLink’s Oracles as relayers which centralizes cross-chain bridging but Symbiosis is using its own Relayers network protected by best-practice cryptographic primitives (TSS and MPC), with staking and slicing incentives and supporting all chains
- AnySwap is a good platform but it uses fusion whereas Symbiosis remain a blockchain-agnostic protocol empowering an infinite number of effective token exchanges between networks within a single interface
- xDai is a single bridge solution, however, not a one-size-fits-all as it is the case for Symbiosis which is a comprehensive AMM DEX and bridge, connecting two or more networks.
Symbiosis doesn’t compete, but instead, routes transactions through the other DEX’s which enables to offer the best pool pricing for the user and without having to transfer among multiple applications. Also Symbiosis roadmap includes blockchains that aren’t just EVM-compatible!
At present Symbiosis Finance is supporting some attractive blockchains, However, the team is planing to expand the list in the upcoming future. The list of supported blockchains includes the following:
- Ethereum (Rinkeby)
- Binance (Testnet)
- Polygon (Mumbai)
- Avalanche (Fuji)
- Huobi Eco Chain (Testnet)
- OEC, formerly known as OKExChain
To date of writing of this review, Symbiosis Finance is supporting four leading decentralized exchanges, which include Uniswap, PancakeSwap, Pangolin, and QuickSwap.
Symbiosis is a full-fledged AMM DEX. Thus, the price of an asset will depend on the volume of the asset available in a pool which will open arbitrage opportunities for traders therefore Symbiosis is planning to expand the list of supported DEXes and create more competition between them in order to get the best prices during the swap.
Partners and Backers of Symbiosis Finance
Symbiosis Finance is backed by:
- Ecosystem funds of leading protocols such as Polygon, Algorand, Avalanche, BTC Inc, DAO Maker, Evolve,
- Leading wallets and exchanges such as: Blockchain.com, KuCoin, Binance, Amber and
- Venture funds such as: Spartan Group, Bixin venture, Republic, Kenetic, Wave Financial, Dragonfly Capital and 3Commas.
Symbiosis Project Team
Symbiosis has a strong project team with good reputation and high skills, The updated Linked in profile can be found HERE, in addition of high profiles advisors including:
- Mark Stein : Business Development & Strategy
- Chris Casey: Community & Brand Development
- Ross Jones: Finance Development & Strategy
- Tim Innvutt: Business Development
- Artem Taradash: Product Design
- Jens Willemen: Trading & Exchanges Listing
- Mark Wang: NFT & Collectibles
- Alex Troshichev: Encryption
- Dariusz Duminski: Tokenomics
The Symbiosis Mainnet
Symbiosis has launched the beta mainnet on web and mobile browsers, it is compatible with the leading wallets like MetaMask, Coin98, Trust, and ONTO Wallet. Although, a couple of wallets were already working perfectly, many more are in integration process with mobile SDK and JS/TS libraries ready. The user can easily swap any token to any token with no need for special software to use Symbiosis. Also, he can manage the liquidity on any chain from a single interface.
After the Mainnet launch, Symbiosis will be adding new blockchains such as Solana, Terra, Celo, Boba and Aurora. They are also working on the launch of the Symbiosis v.2 protocol with implemented side chains and some features like unified AMM pools, smart order routing, unified cross-chain farming.
The attractive idea of cross-chain environment built on optimal routes for the best available swap rate, is truly innovative and will bring a huge add value to the cryptocurrency and blockchain technology. Symbiosis Finance is the first protocol successfully completing real native-to-native token swaps on a single platform while complementing and working in conjunction with existing DEX (Decentralized Exchange) and AMM (Automated Market Makers) protocols. Moreover, the simplicity and the significant backing received from its partners & investors make Symbiosis finance a worthy entity and true DeFi disruptor.
Now, as it’s an emerging crypto platform, it still has opportunities to prove its worth against market trends, uncertainties, and other variable circumstances related to crypto. Nevertheless Symbiosis finance is working on new features and planing to bring more initiatives such as staking and farming.
Disclosure – We are not a financial advisors but all data & opinion mentioned on this review are based on our experience and web researches
We hope this article helped you to have a clear idea about Simbiosis Finance, your comments are Welcome!
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