You want to be in crypto but have no idea where to start. Continue reading and you will find the one thing that you need.
What is Symbiosis?
Symbiosis SymbiosisDeFined is a multi-chain AMM DEX and liquidity protocol.
Wait, what?
You don?t get it, don?t you. Don’t worry, I will explain it clearly.
What an odd name don’t you think? But it is a clever one.
In biology, is the beneficial relationship between different species that live together. As we will see later, this multi-chain AMM DEX is built to benefit the user and different cryptoassets also called
Let’s continue and start from the end.
is a set of rules so data can be shared between computers, for cryptocurrencies (), these rules are the structure of the blockchain or database. A protocol helps cryptocurrencies to be decentralized, they can communicate without the intervention of a central hub or authority.
Multi-chain? Symbiosis protocol can work with different chains (blockchains or other protocols).
stands for Automated Market Makers. Traditional exchanges use Order Books, which are lists of buying and selling orders of an asset, which gives us information about the price and volume of that asset. AMM uses a mathematical formula or to determine the prices of the cryptoasset.
Decentralized Exchange is a marketplace where two individuals interact directly with each other (Peer-to-Peer or P2P) without the intervention of a third person. A DEX provides financial transactions that aren’t related to banks or brokers. As stated before, decentralization means that no individual, group or organization involves or controls the transactions or communications.
In traditional markets, liquidity is the capacity of an asset to easily transform into expendable cash. A DEX needs a system to help trades between assets, that’s why a DEX uses liquidity poolsliquidity pool is a joint pool of tokens locked in a smart contractsmart contract is a program or protocol stored in a blockchain that is activated when conditions are met.
To sum up in simple words, Symbiosis is a decentralized marketplace where you can buy or sell different tokens. You can buy Symbiosis Finance token, called SIS, the governance token of Symbiosis DAO and Treasury.
One cool thing is that Symbiosis is compatible with some good crypto wallets like MetaMask, Coin98, Trust Wallet, ONTO Wallet and more. Also, the Wallet Connect option is available.
Don?t worry about security, Symbiosis works intensely on this matter, undergoing several security audits.
A special feature that Symbiosis have is that you can exchange or unlimited tokens with one click, with no special software and with the best rates. In other protocols, you can’t swap tokens this simple, you have to use other programs outside the exchange to do so and sometimes they are a real pain and quite expensive.
You can participate in liquidity pools easily, using only one interface to control your investments, they have many pools to fit your needs. Choose your pool and receive your rewards.
Also you can do some yield farming, you can get returns on your tokens and earn passive income.
Some great crypto projects are backing Symbiosis: Polygon, Algorand, Avalanche, Binance, Kenetic, Spartan.
You see, this is a piece of cake.
Visit Symbiosis home for much more information: symbiosis.finance Buy your favorite token or tokens. Swap them if you want to. Provide liquidity to a pool and earn rewards. Gain some passive income with your tokens. Is that simple. Follow Symbiosis in all their social networks.
Now you know why is called Symbiosis and why you have to be part of it.
