Staying true to its vision of connecting to every chain that has garnered sufficient market attention, Symbiosis Finance has been operating on a range of well-known networks, including Ethereum, BINANCE Smart Chain, Polygon, Avalanche, etc. The latest addition to the list is Heco. The process is as convenient as going to the testnet, selecting any coin on the network, choosing any token on Heco, and making the swap.
To use the testnet, users need to connect to the METAMASK wallet first. The next step is to go to the available networks within the wallet application and select the Rinkeby Testnet. Now, the user can start selecting the assets they want to swap. After selecting the preferred one, one has to specify the amount. Here, one also gets to check the values for slippage tolerance, route, price impact, and the MetaRouter fee.
After confirming the transaction inside the MetaMask wallet, it takes a while for the transaction to confirm. While waiting for the swap transaction to mine, the user can see the actions that the application carries out. It takes around a minute for the swap to mine. Once mined, we can consider the process to be complete.
Each new network that Symbiosis integrates itself brings something new to the protocol. The Heco chain is no exception. In the following two segments, we present an overview of these two applications to understand why their synergy should matter to the blockchain community.
Heco Chain: A Decentralized and Energy Efficient Public Chain for Developers
The story of the Heco Chain is one of astounding growth and efficiency expansion. Heco was launched in December 2020. Within a month, the chain achieved its first milestone of a daily trading volume of 1 million. Within the first week of 2021, core assets TVL (Total Value Locked) on HECO reached $100 million. On 13th January 2021, Heco Innovation Project appeared on Huobi Global. On 19th January 2021, the peak TPS (Transactions Per Second) on the chain exceeded 77. Maintaining its exponential growth rate, the chain registered a core assets TVL of $1 billion on the chain on 24th January 2021. The growth story has been continuing.
There are ample reasons why the Heco Chain has achieved what it has achieved. The use of the HPOS consensus mechanism helps Heco achieve a high value for TPS, with a very low block out time. The presence of the meta transaction function helps it further reduce the chain cost for developers and users alike. Moreover, Heco supports cross-chain asset transmission of multiple mainstream currencies, creating a smoother user experience. Heco is also conducive for a more comprehensive contract as it supports the RPC interface of all Ethereum and related SDK to seamlessly connect the ecology on the Ethereum chain.
A wide range of leading projects has leveraged the Heco Chain. These projects belong to DeFi, Web3, and blockchain gaming. These leading projects include Pilot, HyperPay, LendMi, Pippi Finance, Chainge Finance, LendHub, DigiCenter Wallet, and many more. The HecoDAO partners include the likes of TokenPocket, BitKeep, imToken, Huobi Wallet, DeFiBox, Chain news, MXC, Pionex, and more.
Integrating Heco to Symbiosis, therefore, helps amplify the qualities of both these protocols.
Symbiosis Finance: The True DeFi Disruptor
Symbiosis Finance platform comes with a range of uniquely enticing options. Firstly, you can swap any token to any token. It is possible to move liquidity across different chains instantly. All it takes is a click on the MetaMask to get the job done. Since you can do it all on Symbiosis, it is safe and free of scams.
All the above features, without compromising the user experience, have been possible to achieve because of two main properties of Symbiosis: concentrated liquidity pools and cross-chain routing.
The concept of concentrated liquidity pools is nothing but 2 AMM pools. These two pools consist of stablecoins and native assets. In this model, the swap between BSC and ETH would mean the creation of two pairs of pools. One would contain one pair of the most liquid stable coins from both the networks, BUSD and USDC in this case. The second would be a native assets pool, BSC and ETH in this case.
The use of two liquidity pools helps avoid competition with every AMM on every connected chain for every liquidity pair.
In the cross-chain routing mechanism, Symbiosis leverages readily built swap aggregators, like 1INCH or matcha, to devise the most efficient route for every transaction.
Symbiosis operates on several major networks, and you can build multiple value-added dApps like payment networks, borrowing protocols, and many more.
Overall, Symbiosis has emerged as a wholesome and decentralized multi-chain liquidity ecosystem, where you can swap any token between all the chains without having to lose custody of your funds.
There are several reasons why Symbiosis is growing, organically and through integrations. First of all, the solution is adequately simple. It does not require additional wallets, long waiting times, or additional steps. Being fully decentralized helps it stay outside the control of a centralized authority. No one can stop or limit the users to access the protocol. Integration with every significant chain on the market makes it possible for Symbiosis to achieve a robust ecosystem. Finally, it offers limitless cross-chain liquidity potential, with the best swap price available for each pair.
Coming together of Heco and Symbiosis, therefore, means evolved decentralization and opening up of new horizons in multi-chain movements, cross-chain liquidity transfer, and interoperability.
