Symbiosis Starts Operating on Polygon
Symbiosis Starts Operating on Polygon

Symbiosis Starts Operating on Polygon


Symbiosis, the aggregator of DEX liquidity across all EVM-compatible blockchains, has been expanding its ecosystem fast. It has been operating now on the vital blockchains of the industry, including Ethereum, Binance Smart Chain, Avalanche, and Polygon. Users can conveniently go to its Testnet, select any token on the network, and make the swap. Before delving deeper into why the integration with Polygon is considered crucial, let us have a brief overview of how the Symbiosis Testnet works. 

 

How Does the Symbiosis Testnet Work?

The symbiosis testnet offers the provision to check its any to any token swap platform. Here is how to use it. The first step requires the user to connect to the MetaMask wallet. From the network options available within the app, one has to select the Rinkeby Testnet. The next step is to start choosing the assets one wants to swap and specify the amount against each one of them. The application shows all the necessary parameter values, including slippage, tolerance, route, price impact, and MetaRouter fees. After confirming the transaction inside the MetaMask wallet, one has to wait for some time for the process to get over. 

While the swap transaction is mined, one can see all the actions that the Symbiosis app is doing for the user. This process goes on for about a minute, and that makes the swap complete. To verify, one can go to the wallet and check the result. 

While Symbiosis is expanding its network base consistently, the inclusion of Polygon in the league holds special significance. To understand why we must look at the Polygon features and its USPs. 

 

Polygon: Ethereum’s Internet of Blockchains 

The Polygon protocol empowers developers with a structural framework that helps build and connect Ethereum-compatible blockchain networks. Its multi-chain system helps combine the best of Ethereum and sovereign blockchains. Blockchain technology suffers from a range of operational bottlenecks, including high gas fees, slow speeds, etc. Polygon is fully equipped to leverage Ethereum’s network effects and it is comparatively more secure, powerful, and open. 

With Polygon, it is possible to deploy preset blockchain networks with a single click. It has a growing set of modules for developing custom networks and the highly crucial interoperability protocol that helps exchange arbitrary messages with Ethereum and other blockchain networks. Polygon also offers the modular and optional “security as a service” solution, while hosting adaptor modules that prove useful in enabling interoperability for existing blockchain networks. 

As an open-source project developed by a decentralized team of contributors working globally, Polygon PoS has more than 3,000 decentralized applications live on it. Its ETH compatibility empowers it with established tech stack tools, languages, standards, and enterprise adoption capability. It runs on scalable consensus algorithms and operates within the custom Wasm execution environment. Its sovereignty thrives on dedicated throughput/resources and a fully customizable tech stack. 

Polygon scores are high on both the parameters of user and developer experience. Its UX is awesome.. Transactions happen instantly. The developer experience is comparable to Ethereum, with no protocol-level knowledge required, no token deposits, fees, or permissions.

 

Symbiosis Finance: Multi Chain Liquidity Enabler

Symbiosis has been flourishing on its potential as a multi-chain liquidity enabler. Revered industry investors, including Blockchain.com, Avalanche Asia Star Fund, Wave Financial, DAO Maker, BTC Inc., Kairon Labs, Gate.io, and more. The well-known angel investor Richard Dai has also backed the project. 

In the Symbiosis ecosystem, you can run a swap between any two tokens between all the chains without giving up the custody of your funds. It does not require users to hold any additional wallets. Complete decentralization of the protocol ensures that it is beyond the reach of any centralized authority to stop or restrict users from accessing the protocol. Since its vision is to connect every blockchain that has earned traction, it will soon have a robust and sufficient ecosystem. While keeping the model non-custodial, Symbiosis will eventually target as many token pairs as possible across all chains. However, it will not compromise the prices for swaps for any trading pair. 

To extract the best price possible, Symbiosis constantly monitors the best exchange rates for thousands of available crypto pairs in real-time. Users can benefit from the most efficient trade route without getting lost in a host of available application options. The protocol is easy to use since one does not need the backing up of key files or download a new browser wallet. There is also no requirement for any special software. The provision of cross-chain gasless transactions ensures that you do not need to hold different native assets.

Finally, Symbiosis takes care promptly of all three important aspects in a blockchain protocol. Leveraging the Threshold Signature Scheme and Multi-Party Computation frameworks, the platform ensures that the security of the trustless non-custodial system remains best in class. Bonded tokens at stake to process swaps incentivize the relayers’ network community-driven nodes. The decentralized potential ensures the possibility of virtually anyone becoming a relayer to help secure and influence the future of the blockchain metaverse. 

 

Summary

The coming together of Polygon and Symbiosis is an event in itself because of the features these two protocols boast. After the activation on the testnet, Polygon developers monitored the system 24/7 to ensure that the stability and speed stayed adequate, even when the number of users was surging. 

The enthusiasm of Symbiosis community members across social media and reflected through increased participation levels indicate that it will keep adding newer and crucial blockchains. 

About Polygon

Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.

If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.

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A decentralized multi-chain liquidity enabler. Symbiosis aggregates liquidity across all EVM-compatible blockchains. Swap between any chain with low slippage.


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