"A decentralized multi-chain liquidity enabler. Make cross-chain crypto swaps instantly and manage your liquidity on any chain.".
The definition given above is like an advance definition that could be hard to understand if you are new in the space, just heard about Symbiosis Finance and wanted to try it out but having a little hard time to understand what Symbiosis Finance is. Well, you are on the right track because this article will explain what Symbiosis Finance is in a way that even a child can understand... Well, what i really mean is to explain it as clear as possible that every newbie in Symbiosis Finance and even in the space can understand what it is.
Great Features In Symbiosis Finance.
Decentralized and Non-custodial.
Users of the platform are safe from third-parties because no one is in full control of Symbiosis and every user's assets or funds are safe from losing an access to it.
Only you can trade your tokes and it's your responsibility if you lose it (if you give your keys to someone).
The Interoperability And Cross-chain Swapping.
And this is what I love the most in Symbiosis Finance, the platform doesn't only focus on 1 or 2 chains. Users can connect to a different blockchains wherever they want to swap their tokens with. BNBChain, Solana, AVAX and other top Blockchains are available in Symbiosis Finance. In the near future, all available blockchains in the space will bridged into the Symbiosis Finance multi-chain platform where users can find the best price to swap their token between two chains.
Let's Learn Symbiosis.
Symbiosis Finance is a trading platform almost the same with Uniswap, Pancakeswap and other DEXes on different chains. Symbiosis Finance' main objective is to allow users to swap their token from a different chain to another chain with the greatest swapping price possible.
What do I mean?
Let's say that you want to swap your $ETH to $BNB.
The algorithm in Symbiosis Finance will surf through various DEXes in Binance Smartchain blockchain to look for the best price available to swap with.
Example;
$BNB is valued at $400 in Pancakeswap while in ApeSwap $BNB is valued at $395. With this, Symbiosis will always choose over this cheap price and if the user allows it, Symbiosis deliver it to its user.
How Routing Works?
Symbiosis Finance uses $USDC on Ethereum while it uses $BUSD in BNBChain. And this is how it works;
User swapping $ETH to $BNB:
$ETH -> $USDC -> $sUSDC -> $BUSD -> $BNB
Symbiosis will swapp $ETH to $USDC, then it will mint wrapped $USDC or $sUSDC with 1:1 ratio, swap it to $BUSD and lastly converts it to $BNB that go automatically to user's wallet.
The $SIS Token of Symbiosis Finance.
$SIS is an Ethereum chain token and the native token of Symbiosis Finance and used for:
Staking to run a node in the relayers' network.
Governing the Symbiosis DAO and DAO Treasure.
And according to Coingecko's statistics:
It has a total and max supply of 100 million tokens with only 9,715,000 in circulation.
Fully diluted valuation of $121,167,523.
Current price of $1.22 per $SIS token.
Final Say.
I haven't joined any other writing contest here in Publish0x but while reading the docs papers of Symbiosis Finance, I saw a great potential of success of the project in the long term. I loved what I read that's why I joined this SymbiosisDefined contest and I write about it.
