Symbiosis is a decentralized exchange that operates across 12 different networks. Users can trade and swap tokens across these networks, regardless of whether they use EVM technology or not. Symbiosis Finance, the crypto platform, is headquartered in Moscow and was co-founded by Nick Avramov and Alexander Nikolaev. Alexander currently serves as the CTO of the project. The protocol has successfully raised $5 million in seed and venture rounds, with Blockchain.com among the investors. The team's transparent approach is evident as they openly display their positions on their LinkedIn profiles. At Definda, we value transparency and consider the team and founders' profiles as a good source of transparency when comparing crypto exchanges.
Symbiosis Finance currently operates on various networks, including Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, Arbitrum Nova, ZetaChain, Telos, Boba, Kava, and ZkSync. The integration of new blockchains is determined based on market traction and legal considerations. Symbiosis provides an easy-to-navigate web app, allowing anyone to connect with a web wallet. The platform supports a wide range of wallets to cater to users' preferences.
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Symbiosis Finance offers a rich set of tools for users, including swap, bridge, liquidity pools, farming, and veSIS lockings. As of June 2023, the total value locked (TVL) on the platform exceeds $3 million. The native token of the Symbiosis protocol is SIS Token, which facilitates various functions within the ecosystem. Token holders can stake SIS tokens to run relayer nodes in the Symbiosis relayers network and participate in the Symbiosis DAO and DAO Treasury. Additionally, users are incentivized with SIS tokens for activities such as providing liquidity to the protocol.
The Symbiosis DAO governs the Symbiosis DAO Treasury and allows users with a voting power of 2,000 veSIS or more to submit governance proposals. To participate in voting, SIS token holders need to stake their tokens and receive veSIS tokens, granting them voting power and additional rewards for engaging in the governance process. The voting system and Symbiosis DAO make Symbiosis Finance a community-driven project. The active Symbiosis community supports the project and actively participates in discussions on the internet.
In the Symbiosis protocol, wrapped tokens called sTokens are utilized for cross-chain operations. These tokens represent assets on different blockchains, enabling seamless exchange within a single blockchain or between blockchains. sTokens, a type of wrapped or synthetic token, are specifically used in the Symbiosis protocol for cross-chain operations. The protocol locks the source token on one blockchain and mints the corresponding sToken on another blockchain at a 1:1 ratio. For example, USDC on Ethereum can be exchanged for sUSDC on the BOBA BNB chain. During a cross-chain operation, the sTokens are burned on the source blockchain, and the corresponding stablecoins are released on the destination blockchain. The Symbiosis Octopool, hosted on the BOBA BNB chain, contains multiple sTokens representing stablecoins from different blockchains. This pool enables seamless token swaps between any tokens within it, without any constraints on specific token pairs.
One of the notable aspects of Symbiosis Finance is its clear history with no hacks or exploits. The platform has undergone audits by several independent blockchain security firms, including well-known companies such as SlowMist and Omniscia. The audit reports are available on the website. However, it's important to note that even projects with solid audit reports have experienced hacks and exploits. Therefore, before investing or using DeFi protocols, it is crucial to compare crypto exchanges and select platforms with higher security standards to ensure the best yield on crypto.
$3,431,061 USD currently invested (TVL)
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