You don't need to switch between different virtual networks while doing a swap."  -Nick Avramov

SymbiosisDeFined , Revolutionizing the way tokens are exchanged between chains through symbiosis

By gregoricordova | gregoblog | 23 Mar 2022


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There are 2 very notable problems in the world of cryptocurrencies today and I am sure that any user, novice or veteran, has had to deal with them at some point in their adventure in the blockchain ecosystem. I am referring, of course, to the limitations both in the high fees of the ethereum network and in the scalability to interoperate between different chains. Due to this, there are today multiple projects that seek to reverse this trend by building more efficient mechanisms by implementing very significant advances, as is the case of the project that I present to you on this occasion, called Symbiosis finance.

Why symbiosis?


Launched on the market in mid-February of this year, the symbiosis finance multi-chain liquidity protocol came to the market to stay, since its promise to exchange tokens from different chains in just one click is not a lie and can be carried out in a very simple way. With the use of symbiosis, Gone are the days when we had to waste a lot of time making complex exchanges from one currency to another, which made the user experience complex and did not allow the advancement and massive adoption of cryptocurrencies. as it should be.
Crypto users always seek to maximize our benefits and this at some point is a tedious process because sometimes we want to invest in a token that is having a high performance but that does not work under the same chain of blocks as the tokens we own, for example exchanging an erc-20 token for a trc-20 or one under the solana network, which has more complexity, and due to these different standards and the non-interoperability between these chains, it is a cumbersome process. that is why the importance of using the famous blockchain bridges and in this case Symbiosis is far ahead.

as an example , it is only enough to say that the exorbitant price of a transaction in the ethereum network is one of the main anxieties of any trader today. There are cases in which sending $30 from one wallet to another can have a transaction cost of more than $70, something that is certainly not profitable at all, and that is why many resort to the use of bridges in that through unwrapped tokens you can obtain many more benefits and more profitability through a fast, simple and above all secure multi-chain swap service such as the one that symbiosis has to offer.

 

                                                   

 
Descriptive video of how to change from one token to another that even our grandfather can do without difficulty:

 

                                     

                  step by step how to do a swap in just a few seconds

Symbiosis  interface and main features:


The experience that symbiosis offers when browsing its platform is simply unique. This was one of the aspects that I liked the most when I entered for the first time. It is extremely easy to connect your wallet and to date you can do it using wallets such as Metamask, trust wallet, coin98, wallect connect, Xdefi and onto wallet and make a swap with just one click since it is not necessary to first exchange between different networks to get to the token you want to acquire.

the platform uses a mechanism based on smart contracts, which collect information from concentrated groups of liquidity outside the chain that allows it to take advantage of the liquidity of the most famous AMMs of other chains such as uniswap considering that it is a high liquidity protocol. performance

 

                                               here you can see all the wallets available to connect with symbiosis

                  here you can see all the wallets available to connect with symbiosis

 

What makes this liquidity protocol different from the rest?


Suffice it to say that the system can be used to exchange as many tokens as possible in the market providing the most suitable prices and very fast speeds but symbiosos has other very positive features to mention, such as the following:

• It connects the main networks that are used the most today, such as Ethereum, BNB chain, Polygon, Avalanche, OEC, huobi eco Chain and its vision is to add as many as possible.
• Its ease of use and friendly interface means that even the least expert can make an exchange in just seconds.
• Non-custodial as no one not even Symbiosis members can access your funds
• Provides Unlimited Cross-Chain Liquidity
• It is not necessary to carry out any type of KYC to operate, since it is a Decentralized Exchange
• They do not have a wallet, but you can use the one of your choice
• They have many means and detailed guides to try to clarify frequent doubts both on their website, as well as on Telegram and an email to which you can send your requirements.

                 

My honest conclusion about symbiosis


Almost everything has already been said about the potential of this platform, but Something that from the first moment caught my attention was undoubtedly its name, Symbiosis, since when I was studying biology in high school I loved this topic that refers to how organisms Overtones of different species interact with each other for vital benefit. Bringing it to the technological environment of the blockchain, that is exactly what this project does, by trying to create interoperability with absolutely all existing projects on the market and thus facilitate the long-awaited mass adoption of cryptocurrencies that are being introduced every day. makes it closer. It is a beautiful analogy that I think everyone should know.

                             

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   Resources from  https://symbiosis.finance/ 

 

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gregoricordova
gregoricordova

cryptocurrency enthusiast and passionate writer in my spare time


gregoblog
gregoblog

My intention here is to raise awareness about the potential of the blockchain and all the capabilities that cryptocurrencies have to offer us. so ... enjoy!

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