Good day everybody,
I hope you are all having a great day. Welcome to CryptoGod-1's blog on all things crypto. Today I will be doing a write up about Symbosis as part of the Symbiosisdefined Writing Contest here on Publish0x.
What is Symbiosis
The name Symbiosis certainly draws attention from the off, as it is a term not often recognized within the crypto space. An astute user would realize that the creators have used a term which means 'an interaction between two different organisms living in close physical association, typically to the advantage of both.'
Certainly anyone familiar with DeFi protocols will understand the cuteness of this name, as DeFi was created to the advantage of its users by essentially cutting out the middleman for financial transactions in the crypto space. As a multi-chain liquidity enabler, Symbiosis allows its users to access token swaps across multiple blockchains, facilitating the networks of BNB Chain (formerly BSC), Ethereum, Polygon, and Avalanche.
Created by a trio of Will K (CEO), Alexey L (CTO), and Nick A (CMO), they have a combined wealth of experience working in the software industry and developing Blockchain industry.
October 22nd it was announced the testnet version of the platform was released, challenging the basis of what users understood about Crypto and DeFi. This was done with their platform, which allows users to swap any token to any other token without relying on a pairing, and moving liquidity across chains instantly. This realease focused on stress testing their cross chain liquidity engine and verifying the stability and speed of the Symbiosis network in real life circumstances.
From there, on March 9th the team announced that the Beta Mainnet was ready for launch, having put in the testing, development and work required to ensure they were ready for the Beta launch. Most importantly, they felt ready to show what they had created to a global audience.
As described by the team:
The swap feature will remain in beta mode with a few limitations, required to tailor it and test the first product hypothesis. That’s why we call it Beta.
To use Symbiosis, all a user needs to do is connect their wallet in the app and they are good to go.
Their website can be found here: https://symbiosis.finance/
What you can do on Symbiosis
Swaps and Liquidity Pools are basically the life blood of Symbiosis. As an AMM DEX, with network support for BNB Chain, Ethereum, Polygon, and Avalanche blockchains, users can swap assets based of the amount of asset available in a pool. Basically, the more users deposit coins into a pool, the less impact there will be on price. The advantage of this will result in potential arbitrage opportunities for traders who can then find another DEX or CEX to sell their swapped token at a higher price.
At the time of writing, Symbiosis supports four of the main DEX's, Uniswap, PancakeSwap, Pangolin, and QuickSwap, with ambitions to add further down the line. This will help to ensure users get the best prices possible for their swaps. Available on both web and mobile browsers, the app is also compatible with major wallets such as MetaMask, Coin98, Trust Wallet, ONTO Wallet, Wallet Connect, and more.
When it comes to users liquidity, Symbiosis aims to be the go to single interface for managing all their transactions, swaps, and adding/removing liquidity to pools. Once the Beta Mainnet launch has been deemed a success, the team will aim to add new Blockchains such as Solana, Terra, Boba, and Aurora, furthering the ability for users to manage their funds and achieve swaps. Down the line the goal is to add sidechains, which will allow or unique features such as unified AMM pools, smart order routing, unified cross-chain farming, and much more.
The team have dedicated social media, where they have updated information about the DEX, along with fun competitions and giveaways, such as the twitter quiz from back in January of this year.
Available Network and Liquidity Pools on Symbiosis (So Far)
As mentioned above, the current networks available on Symbiosis are BNB Chain, Ethereum, Polygon, and Avalanche. The swap function is quite user friends and easy to navigate, with users having the choice of network once they connect their wallets. A full list of tokens becomes available, and it is clear what levels of slippage and fees will occur once a user goes to confirm their swap.
The liquidity pools available are based off the main networks along with a selection of Stablecoins. As you can see in the image below the amount of liquidity is decent, if not mind blowing. Again, as the product is still in Beta, seeing over 250k locked is a decent amount, along with very high APR rates. These high rates will make it attractive for new users to deposit their funds into the pools to gain the benefit of the rewards.
Conclusion
Just like Nemo living peacefully in the Coral reefs (before the adventure through the ocean), Symbosis aims to become the one stop destination on mobile and desktop for users to manage their liquidity across all Blockchains. A single point where users can comfortably manage their funds, swap tokens, and in time take part in smart order routing, unified cross-chain farming.
While it only has four networks available currently, it is still in Beta mode and has plans to add more soon, along with sidechains. Once the App gets traction, with high amounts of liquidity in the pools, users will be able to swap tokens for less volatile prices, ensuring they will have the opportunity for arbitrage elsewhere. With a solid team based with backgrounds in Blockchain development, the outlook is positive for Symbiosis (as long as no Sharks turn up to disturb the peace).
*All images used are referenced below*
I hope you enjoyed the article and good luck to everyone as part of the contest.
CryptoGod-1.
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