The total value locked in all DeFi protocols together is almost US$258 million. While Ethereum still leads the chart among all protocols, BINANCE has emerged as the second with a TVL of more than US$19 billionSymbiosis Finance is operating on both of them. Symbiosis is consistently expanding its ecosystem by collaborating with all significant chains on the block, including Avalanche and Polygon. Yet, as the closest competitor to Ethereum at the moment, the presence of Binance holds special meaning.
Binance Smart Chain: The Dual-Chain Advantage for dApps and Fast Trading
The Binance Smart Chain has a dual chain architecture. While, on one chain, it helps users to build their decentralized applications and digital assets, the other chain facilitates fast trading to exchange. Binance Smart Chain has four vital features. First of all, it is EVM compatible. Secondly, it follows the proof of staked authority consensus. Thirdly, it enables cross-chain transfer and, finally, it has a block time of 3 seconds.
The integration of the Binance Smart Chain to Symbiosis is all the more vital because it brings programmability and interoperability to the Binance Chain. It is reliant upon a system of 21 validators. These 21 validators, in combination with the Proof of Staked Authority consensus, helps bring down the fees and the block time. To ensure security, stability, and chain finality, the smart chain deploys double-sign detection and other slashing logic.
Since the chain supports interoperability, it is possible to conduct cross-chain transfers and other communication. It also gets the support of the Binance Decentralized Exchange liquidity as a readily available avenue for the exchange of assets.
When it comes to the chain’s cross-chain capabilities, several cross-chain applications support the Binance Smart Chain. Category-wise, apps belong to the Fungible Token and NFT category. Among fungible tokens, there are apps like the Binance Bridge, Anyswap, multichain.xyz, xDai, Poly.Network, Allbridge, Renbridge, and cBridge. Among NFTs, there are pNetwork and Curvegrid.
Symbiosis: Moving Liquidity Across Any Chain
The synergy between Symbiosis and Binance Smart Chain is going to create significant traction in the industry as it aggregates decentralized exchange liquidity across all EVM compatible blockchains like the BSC. It helps users to transfer their liquidity with low slippage on any chain. Interaction with every major blockchain and providing liquidity to them make Symbiosis qualified to form a blockchain metaverse. It works as a unified transport layer for cross-chain communication.
Additionally, as a protocol, Symbiosis has a robust structural framework catering to all three vital aspects of a chain: Security, Incentivization, and Decentralization.
Symbiosis leverages the Threshold Signature Scheme and Multi-Party Communication mechanisms to secure its trustless non-custodial system. In incentives, all relayers’ network community-driven nodes have bonded tokens at stake for processing swaps. Finally, the protocol achieves ideal decentralization by virtually allowing anyone to become a relayer. These relayers are the ones who help secure the overall blockchain ecosystem built around Symbiosis.
As an application, Symbiosis keeps monitoring the best exchange rates for thousands of available cryptocurrency pairs continuously.
The concentrated liquidity features of the protocol help discover the most efficient trade routes, without the user getting lost in multiple applications. It is highly user-efficient as there is no need for any special software. Moreover, users do not need to backup a key file or download a new browser to use Symbiosis. Finally, it helps to do away with the process of holding a range of different native assets to pay gas fees. The cross-chain gasless transaction feature of Symbiosis resolves the issue.
All these features make a unique protocol to work with and also to invest in. It is no wonder that a host of leading blockchain industry investors back Symbiosis, including the likes of Blockchain.com, Spartan, Dragonfly capital, BTC, Wave Financial, Republic, Kenetic, Bixin Ventures, Amber, Sybil, Algorand, and more.
How to Explore the Collaborative Offering?
Leveraging BSC in Symbiosis is a seamless process. All the users need to do is go to the testnet and select any coin on any supported network and any token on the BSC. The only action that remains is the act of swapping itself.
After launching the testnet, developers monitored the system 24/7 to verify its stability and speed under increased user traffic. Its efficiency under surging user numbers was particularly crucial as blockchains were added one by one to the platform.
To use the Testnet, one needs to connect to the METAMASK Wallet and select the Rinkeby Testnet option. The next step is to select the assets to be swapped. It is as easy as clicking on the preferred ones and then specifying the amount. The system shows the values for slippage tolerance, route, price impact, and meta router fees to help users make an informed choice. After agreeing to all these values, the user confirms the transaction inside the MetaMask wallet. Transaction confirmation takes a while. The last step requires waiting for the swap transaction to be mined. One can see all the actions that Symbiosis does during this time and it usually takes a minute or so.
While it is easy to use, the benefits of Symbiosis go beyond a hassle-free user experience. The application does not require additional resources, like wallets, long waiting times, or additional steps. Decentralization and the non-custodial mode of asset holding ensure that there is no intervention from any third party as far as the ownership of user assets or the right to access the platform is concerned. The properties of interoperability and the potential of limitless cross-chain liquidity add to the benefits. With such properties, the more chains integrate to Symbiosis, the better it is for the evolution of the blockchain industry.
