Good morning Publish0x community and welcome to a new article dedicated to the latest contest of this blog! Publish0x has given this new opportunity to us authors to try a new contest dedicated to Symbiosis!
What is Symbiosis?
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.
Their main goal is to end liquidity fragmentation and help crypto users get rid of the age-old confusion of switching between two different crypto standards like ERC20 and TRC20. Symbiosis Finance’s liquidity protocol essentially aggregates exchange liquidity between various EVMs (Ethereum Virtual Machines) and even non-EVMs to enable crypto exchanges. For years, people have struggled to transfer cryptocurrencies across multiple chains. Symbiosis finance was introduced to solve this problem by acting as a trusted liquidity bridge between different crypto ecosystems and large blockchains. The exchange process for Symbiosis Finance is easier as the user remains the sole owner of their funds and there are no restrictions on compatible blockchains.
The Symbiosis protocol has 5 main features:
- Simple, Uniswap like user experience: No additional wallets, long waiting time, or extra steps to proceed with a swap.
- Fully decentralized: No central party can stop the Symbiosis protocol or censor users from accessing it.
- Interoperable: It connects every blockchain that gets enough market attention. Our ultimate goal is to bridge all networks together.
- Non-Custodial: No one (including the Symbiosis team) has access to users' funds.
- Limitless cross-chain liquidity: It targets as many token pairs as possible across all blockchains while providing the best prices for swaps between any arbitrary token pair.
SIS is the protocol token of Symbiosis. It is deployed on Ethereum and used for staking to run a node in the relayers' network and governing the Symbiosis DAO and DAO Treasure.
Now SIS token is traded around 1.20$ range.
How to swap with Symbiosis?
First of all, you have to connect your wallet to the website. I personally use Metamask Wallet.
Then, select your origin network and token. In my example you can see that I selected Ethereum network and then I selected ETH.
Now, select your destination token (SIS token always on Ethereum network in this example).
And below your destination token you can see different information:
- Minimum received means the minimum amount you are guaranteed to receive from the trade; otherwise, the trade will cancel, and you will get back your assets minus the gas fee.
- Price means the value of one cryptocurrency for the purpose of conversion to another.
- Slippage Tolerance means that the trade will automatically cancel if the price change exceeds this percentage.
- Liquidity Provider Fee is the payment for executing the transaction on the destination network.
- Price impact is a difference between the market and estimated prices due to the trade size
Now, you only have to click on “swap”, then “confirm”, and confirm the transaction on your Metamask Wallet.
It’s easy, it’s simple, It’s Symbiosis Swap!
On Symbiosis Finance you can also provide liquidity on different liquidity pools.
As you can see, there are almost 3 million USD locked in their LP at the moment. You can provide liquidity on different networks and the APR are pretty juicy.
Symbiosis is a very young company, that's exactly why on their website I also found a section where there are several job positions where you can apply.
These guys are working hard to make this platform grow every day! As the crypto world grows in popularity, projects like Symbiosis that make life easier for crypto investors, will be increasingly useful. The convenience of being able to trade crypto on different networks instantly and easily is really a great thing that can save you several times and make fewer mistakes.