It's time to set the floor as the new pretender enters. Symbiosis Finance comes in dazzling you with it's nearly venomous web design, promising things that you didn't think were possible before. "Swap any token and transfer liquidity. Yes, any." they say. Well, let's go ahead and find out how if it's just sweet talking!
What is Symbiosis Finance?
Symbiosis Finance is a website/application accessible for every user with a compatible wallet. According to their website, Symbiosis Finance was created to solve two main problems, "liquidity fragmentation across different blockchain networks and poor user experience while working with DeFi and web3 economy". It is also a decentralized and non-custodial app. What it means for an everyday crypto user is that now we will have a way to exchange all kinds of different cryptocurrencies making it easy to transfer, consolidate and reevaluate your investments. Symbiosis promises to be the Swiss army knife when it comes to tokken swaps and liquidity. That kind of a tool is always useful, but one has to remember to play with it responsibly!
Swapping
First of all, in order to use the website, users have to connect a compatible wallet. We have a nice selection of wallet plugins to choose from: Metamask, XDEFI, Coin98, Wallet Connect, Trust Wallet and ONTO Wallet.
After that, we will be able to directly perform cross-chain swaps trading tokens across different blockchains without intermediaries. They currently support four networks: BNB Chain, Ethereum, Polygon and Avalanche, but promise to expand their operation further in the future.
Liquidity Pools
Another thing that Symbiosis offers is Cross-Chain Liquidity. While there are many liquidity providers that support specific blockchains and cryptocurrencies, there wasn't a single interface available that could access different liquidity pools across multiple blockchain networks and that's where Symbiosis comes in. They promise to allow liquidity provisions for all supported networks enabling users to add and manage Cross-Chain Liquidity without having to constantly switch and maintain multiple apps.
The $SIS Token of Symbiosis Finance.
$SIS is an Ethereum chain token and the native token of Symbiosis Finance. It has two mains applications:
- Staking to run a node in the relayers' network.
- Governing the Symbiosis DAO and DAO Treasure.
As I mentioned earlier, Symbiosis Finance promises to expand swap and liquidity pools operability to more networks, but, according to their website, they are also planning to add Cross-Chain Advanced Farming. Another feature currently in development is being able to pay the swap fees in the currency we will be swapping for.
Conclusion
Symbiosis Finance definitely seems like a useful addition to the crypto-sphere, especially for people that are interested in providing liquidity or those who often need to swap tokens from different sources. As the app continues to improve, I'm sure it will attract more users and grow in notoriety. Well, unless the aggressive green layout of their website burns your retinas before you get to swapping ;)
