Symbiosis is defined as “being an interaction between two different organisms living in close physical association, typically to the advantage of both.” (Oxford Languages) Replace “organisms” with cryptocurrencies and you have the next edition to decentralized exchanges: Symbiosis Finance.
Symbiosis is quickly becoming known as the next big swapping platform. It allows users to swap any token in the crypto-market with a simple click of a button, versus all the loopholes that previous swapping applications have had you go through when trading on different blockchains. Technically, it is a decentralized multi-chain liquidity protocol. Put more simply, “it’s a Uniswap-like AMM DEX, but working simultaneously on different chains,” Nick Avramov, CMO and co-founder of Symbiosis told Decrypt.
Symbiosis utilizes speed and user-friendly functionality to do away with the current, confusing methods of cross-chain token swapping. This will enhance the experience of swapping for crypto-newbies, for it will allow those who are not as Web3 savvy to swap with minimal difficulty. Their White Paper also includes a glossary so newcomers can look up terms that they do not fully understand. Therefore, Symbiosis is not only bridging the gap between tokens but bridging the gap between swapping experts and swapping beginners.
Before Symbiosis, there were issues with token swapping when attempting to exchange in different virtual networks and gas-fees were at an all-time high. By eliminating additional wallets and superfluous steps, Symbiosis provides the lowest gas-fees possible. This is accomplished by routing their transactions through popular AMM DEX’s that already exist, like Uniswap, PancakeSwap, etc.
Stablecoins, otherwise known as fiat currency (Tether, Dai, Binance USD, USD Coin, etc.) are basically the middle-men in exchanging one token for another. Symbiosis simplifies the swap process by dipping into the most liquid of stablecoin pools. Instead of pairing all tokens to their native token, they swap by using all blockchains’ preferred stablecoin to initiate the swap. This minimizes the slippage which, in then, minimizes time, effort, and fees. Therefore, this opens up more possibilities for every day users who are not as well off as most high level investors currently front-running the market. This, in itself, will revolutionize swapping and increase activity in the crypto-world, which, we know, helps not only the individuals investing but everybody who is investing.
Although Symbiosis has already succeeded in taking the next big steps in decentralized exchange, their future looks even brighter. Nick Avramov has even stated that they aim to make the experience of using Symbiosis similar to the experience of “using Uber.” Their goal is to make multi-chain swaps as simple as if swapping on single chain swaps. Also, the company's transparency in their White Paper alone will convey tremendous trust in users, which will also further enhance future growth.
Currently, their token, SIS, is running at $1.25 @ 0.000417 Eth. If you would like to invest in SIS, you can use ETH to purchase it in your Coinbase wallet, or you can trade on Gate.io, an altcoin exchange platform.