In the world of Decentralized Finance (DeFi) everyday a new innovation pops up with ingenious ways to solve a problem for the crypto community. One of the recent entrants into this space is Symbiosis Finance.
- What is Symbiosis Finance?
In crypto terms:
Symbiosis is a decentralized multi-chain liquidity protocol. It allows users to swap assets between all the blockchains while remaining the sole owners of the funds.
In normal English:
It is an application owned and operated by computer codes that allows investors to exchange their cryptocurrencies without removing ownership of the cryptocurrencies from the investors.
- The problem to be solved?
In today's world, investors are able to carry out a cryptocurrency swap through centralized exchanges (A centralized exchange or CEX is an exchange platform owned by a person or a number of people).
Some private wallets have this feature too (although these are technically connected to CEXs).
This means that when you want to swap your crypto you need to transfer it in a CEX, and put it in somebody else's custody to carry out the swap.
Another problem is that not only is your crypto in the hands of a CEX, your options to swap are also limited and cannot really choose which network you want your cryptocurrency to be swapped too.
e.g. A CEX only has coins/tokens as ERC-20 (Ethereum Network) but you want to swap on the BEP20 (Binance Smart Chain Network), you are limited and won't be able to swap with your preferred network.
- The Solution:
There are solutions out there but are tedious and time consuming and involve bridges, fees, creating different wallets, wrapping, unwrapping.. bit of a hassle.
This is where Symbiosis Finance comes in, their platform allows you to connect your wallet to their interface (Welcome to Web3) and then you can select a cryptocurrency from your wallet and exchange it with any other network on spot!
Below is a video of how you can get this done on a test network, if your interested to see how it works
In addition, to this as an investor you can also use other features on their interface such as providing liquidity to a pool and earning income
The Defi space is evolving and innovation just does not stop in this space! Enjoy swapping