Symbiosis protocol


By tripplea1 | Web3 ecosystem | 18 Mar 2022

The advent of Defi( decentralized finance) to disrupt the existing financial system from a third party system to a decentralized system has led to the emergence of different blockchains to solve the problem of scalability to enhance the capacity of a blockchain to withstand many transactions and at the same time allowing low fees.

Hence to solve this problem has led to the creation of different Layer 1 blockchains like Solana, Polygon, Terra, etc, and Layer 2 blockchains like Arbitrum, Optimism, etc. Which makes decentralized finance split into different blockchains. With this is a problem of accessing different blockchains by switching and bridging from one blockchain network to another. Hence, there is a need for a system that can connect and enable users to access different blockchains from a single interface.

SYMBIOSIS is a multi-chain liquidity protocol and AMM dex designed to enhance liquidity fragmentation across different blockchain networks, solving the problem of poor user experience while working with Defi and Web3 ecosystem by enabling easy interaction among different blockchain networks with a single click.

Some of the core aspects of symbiosis are;

  • THE FRONT-END:  collects information about assets on the blockchain supported by the symbiosis protocol. It enables the optimal routes for cross-chain swaps across different blockchains without using an intermediary. This means users can swap tokens for another token from any blockchain integrated on symbiosis protocol with ease.
  • THE CROSS-CHAIN LIQUIDITY ENGINE: Liquidity is the ease with which a user can buy or sell an asset. The engine concentrates on cross-chain liquidity pools and off-chain routing mechanisms allowing the user to tap into AMM liquidity across all blockchains without switching between different apps.
  • THE RELAYERS NETWORK: is a P2P (peer to peer) decentralized custodian. It listens to an event emitted by the cross-chain liquidity engine on every supported blockchain on symbiosis protocol, reach a consensus on each event, sign and send a transaction to the appropriate blockchain. Hence the consensus is the bridge between the users and different blockchains.
As the Web3 world continues to unfold, with different creations of decentralized financial applications across different blockchains, there will be a need for an easy-to-use platform that connects different blockchains with a single click. This means symbiosis protocol will play a vital role in the Web3 ecosystem.

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My name is Damilare Alabi a crypto enthusiast, technical analyst and a Web3 content writer.

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