At the beginning of December, the general TVL in DeFi protocols exceeded $ 256 billion.Over 65% of these funds are in Ethereum, and the rest is in Binance Smart Chain (6.53%), Avalanche (4.79%), Solana (4.76%) and other networks…
Project Symbiosis Finance develops a protocol of the same name for combining liquidity of several blockchains in one interface. We explain how the protocol works and why users need SIS tokens.
What problems does Symbiosis Finance solve
Started in October testing Symbiosis Finance on Ethereum Rinkeby, Binance Testnet, Polygon Mumbai, Avalanche Fuji, Huobi Eco Chain Testnet, and OEC Testnet. By the end of December, the developers will add the Solana testnet. The rollout of the protocol to major networks is scheduled for January 2022.
The project team consists of 30 people, 22 of whom are developers.
“Symbiosis Finance is a solution to the problem of liquidity fragmentation between networks. User experience when working with DEX looks like a nightmare across different blockchains. We want to fix it, “- says Nick Avramov, co-founder and marketing director of the project.
Following the mainnet launch, Symbiosis Finance will exchange wrapped tokens between Ethereum, Binance Smart Chain, Avalanche, Solana, Huobi Eco Chain (HECO), OEC and Polygon blockchains. In the future, developers will add support for other networks and L2 solutions.
SIS token and DAO Symbiosis Finance
SIS – token of the ERC-20 standard with emission 100 million… Its owners can earn on staking and submit proposals to change the protocol to the vote of the DAO.
Token listing was carried out Bybit and Gate.io… It is currently also traded on the platforms ZT and Uniswap…
In October, Symbiosis Finance sold 10 million SIS for $ 2 million in a seed funding round. It was attended by Blockchain.com Ventures, Wave Financial, BTC Inc, KuCoin Labs, Injective Labs, DAO Maker, Primitive Ventures, Kairon Labs, Gate.io and Avalanche.
Another 40 million SIS will go to pharming, liquidity of the protocol, auction for slots in the relay network and staking.
The rest of the tokens will be shared by participants in one private and several public tokens, as well as project advisors and developers of Symbiosis Finance.
Protocol architecture
Symbiosis Finance conducts swaps using Synthetic Tokens (sToken).
The protocol blocks cryptocurrency on the original blockchain and issues tokens on another network in a 1: 1 ratio. When the cryptocurrency returns to the original blockchain, Symbiosis Finance burns the sToken.
The protocol consists of three modules:
- frontend – web interface with information about assets in networks. In it, users sign and send transactions to blockchains;
- cross-chain liquidity mechanism – a set of smart contracts for swaps between networks. The Symbiosis Finance team deploys them when adding the blockchain to the protocol;
- repeater network – A P2P network of relay nodes that track events on blockchains and then sign and send transactions to the appropriate networks.
Cross-chain liquidity mechanism Symbiosis Finance includes four groups of smart contracts:
- AMM exchange tokens;
- Mint / Burn create and burn tokens;
- Bridge are responsible for the interaction between Synthesis smart contracts and the relay network;
- Metarouter invoke contracts on behalf of the user during cross-chain swaps.
To protect the repeater network, the protocol uses:
- multi-party computing (MPC) – a cryptographic protocol that allows several network participants to make a common computation without disclosing their incoming data;
- Threshold Signature Scheme (TSS) – a cryptographic method for distributed key generation and transaction signing;
- Proof-of-Bond algorithm – a mechanism in which only nodes that have staked SIS tokens are allowed to sign transactions.
Symbiosis Finance will distribute 15 million SIS among the repeaters. Developers will reveal more information about launching such nodes in the near future.
conclusions
Symbiosis Finance is a multi-chain liquidity protocol at the testing stage. Nevertheless, the project token is already traded on two centralized exchanges from top-20 CoinMarketCap ranking by trading volume.
In January 2022, the Symbiosis Finance mainnet will be launched. If users remain interested in the DeFi sector, it could become one of the main protocols for cross-chain swaps.
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At the beginning of December, the general TVL in DeFi protocols exceeded $ 256 billion.Over 65% of these funds are in Ethereum, and the rest is in Binance Smart Chain (6.53%), Avalanche (4.79%), Solana (4.76%) and other networks…
Project Symbiosis Finance develops a protocol of the same name for combining liquidity of several blockchains in one interface. We explain how the protocol works and why users need SIS tokens.
What problems does Symbiosis Finance solve
Started in October testing Symbiosis Finance on Ethereum Rinkeby, Binance Testnet, Polygon Mumbai, Avalanche Fuji, Huobi Eco Chain Testnet, and OEC Testnet. By the end of December, the developers will add the Solana testnet. The rollout of the protocol to major networks is scheduled for January 2022.
The project team consists of 30 people, 22 of whom are developers.
“Symbiosis Finance is a solution to the problem of liquidity fragmentation between networks. User experience when working with DEX looks like a nightmare across different blockchains. We want to fix it, “- says Nick Avramov, co-founder and marketing director of the project.
Following the mainnet launch, Symbiosis Finance will exchange wrapped tokens between Ethereum, Binance Smart Chain, Avalanche, Solana, Huobi Eco Chain (HECO), OEC and Polygon blockchains. In the future, developers will add support for other networks and L2 solutions.
SIS token and DAO Symbiosis Finance
SIS – token of the ERC-20 standard with emission 100 million… Its owners can earn on staking and submit proposals to change the protocol to the vote of the DAO.
Token listing was carried out Bybit and Gate.io… It is currently also traded on the platforms ZT and Uniswap…
In October, Symbiosis Finance sold 10 million SIS for $ 2 million in a seed funding round. It was attended by Blockchain.com Ventures, Wave Financial, BTC Inc, KuCoin Labs, Injective Labs, DAO Maker, Primitive Ventures, Kairon Labs, Gate.io and Avalanche.
Another 40 million SIS will go to pharming, liquidity of the protocol, auction for slots in the relay network and staking.
The rest of the tokens will be shared by participants in one private and several public tokens, as well as project advisors and developers of Symbiosis Finance.
Protocol architecture
Symbiosis Finance conducts swaps using Synthetic Tokens (sToken).
The protocol blocks cryptocurrency on the original blockchain and issues tokens on another network in a 1: 1 ratio. When the cryptocurrency returns to the original blockchain, Symbiosis Finance burns the sToken.
The protocol consists of three modules:
- frontend – web interface with information about assets in networks. In it, users sign and send transactions to blockchains;
- cross-chain liquidity mechanism – a set of smart contracts for swaps between networks. The Symbiosis Finance team deploys them when adding the blockchain to the protocol;
- repeater network – A P2P network of relay nodes that track events on blockchains and then sign and send transactions to the appropriate networks.
Cross-chain liquidity mechanism Symbiosis Finance includes four groups of smart contracts:
- AMM exchange tokens;
- Mint / Burn create and burn tokens;
- Bridge are responsible for the interaction between Synthesis smart contracts and the relay network;
- Metarouter invoke contracts on behalf of the user during cross-chain swaps.
To protect the repeater network, the protocol uses:
- multi-party computing (MPC) – a cryptographic protocol that allows several network participants to make a common computation without disclosing their incoming data;
- Threshold Signature Scheme (TSS) – a cryptographic method for distributed key generation and transaction signing;
- Proof-of-Bond algorithm – a mechanism in which only nodes that have staked SIS tokens are allowed to sign transactions.
Symbiosis Finance will distribute 15 million SIS among the repeaters. Developers will reveal more information about launching such nodes in the near future.
conclusions
Symbiosis Finance is a multi-chain liquidity protocol at the testing stage. Nevertheless, the project token is already traded on two centralized exchanges from top-20 CoinMarketCap ranking by trading volume.
In January 2022, the Symbiosis Finance mainnet will be launched. If users remain interested in the DeFi sector, it could become one of the main protocols for cross-chain swaps.
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