Hopefully, Potentially, Mitigate with Symbiosis ($SIS)

By Gideon6ix | CryptoNuances | 20 Mar 2022


Hopefully, Potentially, Mitigate with Symbiosis ($SIS)

by Gideon Six

Are you hearing the humdrum beat? Are you witness to the lumbering lurch? Have you been mostly ready to try swapping across any(some) Blockchain(s)? Symbiosis Finance has recently launched its Mainnet Beta Swap to some acclaim. To discover what this is all about, kindly keep reading. If not, thank you for the view!

Intro to Symbiosis

Symbiosis is currently trading at $1.25 according to CMC…nice. Follow along with me by visiting Symbiosis Home Webpage. Symbiosis states that using their SWAP will enable you to transfer liquidity between any EVM and Non-EVM network, placing a heavy emphasis on “ANY” token…”yes, any”, while mitigating impermanent loss. Scrolling down, they have interactive placards that you can move around to learn more. This is an awesome design and should be used more often in the Crypto space. 

Here they (Symbiosis et al) declare that the platform is an AMM-Dex and liquidity protocol. Essentially this means that they use a bot to choose the best price of an asset using a complicated formula between different exchanges on which they hold liquidity. This makes trading much easier for users. The bot routes each transaction through whichever DEX is offering the best price.

There is an existing issue of trying to create a liquidity pool across multiple DEXs and Symbiosis will “Hopefully '' help solve this by allowing you to manage your trades across all (supported) exchanges without needing to switch among apps.

The website also allows you to check out options for LP Rewards, Vesting, etc. They also show you where you can purchase $SIS. Overall, the website is fairly clear and concise. The background and font used make it easy to navigate and you will not be overwhelmed with pop-ups; I experienced exactly zero.

Digging Deeper

Symbiosis seems to throw down the gauntlet, boasting of their financial backing from “leading” protocols, wallets, exchanges and venture funds. This is absolutely true. According to Chainbroker, Symbiosis has raised roughly 9M from such firms as Binance Labs, Spartan, Dragonfly Capital, among others. This is great, especially for a young project. For a bit of perspective though, Binance Labs is currently invested in more than 60 projects to the tune of about $25 Million. Most of these firms are similarly positioned- why wouldn’t they be? It is a great accomplishment to be financed- though not really deserving of a major boast.

The Docs page is really well laid out- this is a common theme for them- kudos to their web devs. The schematic provided to describe how transactions occur is well-defined; though they make the cringy mistake of labeling it a “high level scheme.”(sic) My genuine thought is this is an unfortunate faux-pas; though a Freudian slip cannot be ruled out. The rest of the document is a techy deep-dive into the mechanics of the platform- it is perfectly reasonable and functional.

Moving onto the Privacy disclosure, place upon your head your best Lawyer hat. Most of this is run-of-the-mill legalise. I am going to point out what I believe you need to know. 

  1. Symbiosis Finance Interface backed by Symbiosis Labs Ltd. located at: Tenancy 10, Marina House, Eden Island, Mahe, Seychelles; controller, why” and “how” your Personal Data is processed. Their website indicates they are located in London, UK. However,  Offshore Leaks shows 5 businesses at the Seychelles address; none of which seem to be related to Symbiosis. 
  2. There is emphasis on how they collect the minimal data possible, then elegantly explain the significant amount of data they collect. They promise to not share this information except when there is “possibly” a reason to. 
  3. Symbiosis “may” engage third-parties and share your data for marketing opportunities and those third-parties may “possibly” share that data with even more platforms and agencies.

Finally we have the Terms of Service. Brace yourselves.

  1. You agree to arbitration (fairly standard) regarding disputes…you agree to Class Action Waiver (yikes).
  2. They can restrict or revoke your access at any given time, at any location, for any reason at their “sole-discretion.” Also, you will not be compensated for any losses incurred because of this.
  3. “Symbiosis Finance cannot and does not represent or guarantee that any of the information available through the Interface is accurate, reliable, current, complete or appropriate for your needs.”
  4. If they make any changes to the TOS and you continue to use the interface in any way, then you automatically agree to their terms.
  5. For legal purposes, the Interface is located in the Cayman Islands (no address provided.)
  6. You absolutely cannot use the Interface in the United States, nor will any court case be adjudicated in the United States.

The Socials

Twitter - @symbiosis_fi   73.4k Followers

Instagram-Not Found

LinkedIn- Symbiosis LinkedIn 131 Followers

Discord- Link from Main Site not working; Not Found

Reddit- r/SymbiosisFinance 28 Members

Telegram-Symbiosis Community  81,024 Members

Facebook- @symbiosis.finance 74 Followers

Youtube- Youtube Symbiosis

TikTok- Not Found

Twitch- Not Found

Medium- Medium Symbiosis 553 Followers

Github- symbiosis-finance  2 Stargazers

Tokenomics of $SIS

This is a snippet taken directly from the Docs page. I will let the reader make their own inferences on this one. $SIS is the Governance token for the Symbisosis Finance Protocol.


031c119a01c14703dd5bb741c06834198a99e9a4bed5ee41132f415f74b5ae46.png

The Team 

LinkedIn shows 17 employees for Symbiosis Finance. The great majority of which seem to be located in Russia. I am only going to list a few.

Nick Avramov - Co-Founder, CMO, St. Petersburg, Russia;  @n_avramov (1,034 Followers) “The ultimate goal of Symbiosis is to be an industry standard in cross chain swaps, first…then we go further, but that is our ultimate goal”.

Maxim Voytekhovich- Performance Marketer, St. Petersburg, Russia

Ekaterina Strekalovskaia- Business Development, St. Petersburg, Russia

Alexey Lushnikov- CTO, Penza, Russia

Arthur Dranchu- Rust/ Smart-Contract Developer, Belarus

Summary

I am more than certain there is money to be made using the Interface protocol. I am more than certain there is heavy risk involved. This risk is not only a financial one, but one of personal data security. I absolutely do not give financial advice. My desire is to present facts that I believe to be relevant to the reader. Make the best decision for you. I will be looking elsewhere. All the best!

P.S. Here is a super sketch Call to Action from the Symbiosis Team; I did submit an email; have not yet received a response.

1101dc2bf3a01153111cf62dbecf592976fc03f7746c61a97b6335783d1ad7e8.png

References

https://coinmarketcap.com/currencies/symbiosis-finance/

https://symbiosis.finance/

https://ethereum.org/en/developers/docs/evm/

https://academy.binance.com/en/articles/what-is-an-automated-market-maker-amm

https://www.finextra.com/blogposting/21438/defis-liquidity-pool-party-is-getting-started-and-everyones-invited

https://www.coinbase.com/learn/crypto-basics/what-is-a-dex

https://chainbroker.io/projects/symbiosis-finance/

https://www.crunchbase.com/organization/binance

https://docs.symbiosis.finance/

http://www.symbiosislabs.com/

https://offshoreleaks.icij.org/nodes/58105321

https://www.linkedin.com/company/symbiosis-finance/

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Gideon6ix
Gideon6ix

Entrepreneur, Crypto Enthusiast, Author, Minds Profile- Gideon6ix- https://www.minds.com/gideon6ix/about Twitter- @gideon_6ix


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