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Symbiosis Reshapes Cross-Chain Trading: 34 Chains Supported, $2.5 Billion Scale Decentralization AMM Platform
The New Era of Cross-Chain Transactions: How Symbiosis is Reshaping Blockchain Interoperability
With the rapid development of blockchain technology, interoperability and liquidity issues have become core challenges faced by the industry. The emergence of more and more blockchain networks and different virtual machine environments has created an urgent need for users and developers for a solution that can seamlessly exchange assets across multiple networks.
Symbiosis, as a cross-chain automated market maker ( AMM ) decentralized exchange ( DEX ) platform, was created to solve these problems. This article will delve into how Symbiosis works, its technical advantages, and its potential in the cross-chain trading space.
The Current Situation and Challenges of Cross-Chain Transactions
Before fully understanding the advantages of Symbiosis, we need to recognize the main issues currently faced by cross-chain transactions. With the continuous launch of various public chains, more and more projects are choosing to build on different blockchains. However, this diversity has also led to bottlenecks in interoperability between networks. Although traditional single-chain structures have advantages in terms of security and stability, they face significant limitations in communication and asset circulation between chains.
The main issues faced by cross-chain projects currently include:
Complex Operation: Users exchanging assets across different blockchains often have to go through multiple steps, involving different wallets and bridging services, making the process cumbersome and prone to errors.
High Costs: Cross-chain transactions involve transaction fees from multiple networks, and these costs can significantly increase, especially during frequent operations.
Security Risks: Cross-chain bridging and relay services often become targets of hacker attacks, making the safety of funds difficult to guarantee. Historically, there have been multiple incidents where massive amounts of funds were stolen due to attacks on cross-chain bridges.
Cross-chain assets are limited and too restrictive: Due to the high cost and complexity of cross-chain technology, most cross-chain projects only support a portion of assets from a limited number of chains, which is overly restrictive and results in a poor user experience.
In this context, Symbiosis offers a more efficient, secure, and user-friendly cross-chain solution.
Core Functions and Technical Architecture of Symbiosis
Symbiosis is a decentralized cross-chain automated market maker platform designed to aggregate liquidity from different Blockchains, including EVM-compatible, non-EVM-compatible, and even the BTC ecosystem.
Through Symbiosis, users can easily achieve token swaps between different networks, completing complex cross-chain transactions in a single operation in the form of Swap. This seamless user experience relies on the unique technical architecture of Symbiosis.
On-chain smart contract
Symbiosis utilizes on-chain smart contracts to handle the logic of cross-chain transactions. These contracts are deployed on multiple supported Blockchain networks, ensuring the decentralization and transparency of cross-chain transactions. Each cross-chain transaction initiated by users is processed through these smart contracts to ensure the accuracy and security of the transactions.
Off-chain relay network
In addition to the on-chain smart contracts, Symbiosis has also designed an off-chain relay network. These relayers are responsible for transmitting messages and assets between different Blockchains, enabling cross-chain communication. The non-custodial design of the relay network ensures the security of transactions while improving their efficiency.
Seamless cross-chain exchange
The Symbiosis platform allows users to seamlessly perform cross-chain asset exchanges on a single interface, offering more freedom and flexibility compared to other cross-chain platforms, with support for a greater variety of tokens. Regardless of the tokens users hold or which network these tokens are on, they can easily exchange and transfer them through Symbiosis.
Pool and Zap
Users can provide liquidity and earn rewards on any chain supported by Symbiosis, and can also use the Zap feature to simplify cross-chain and DeFi interactions into a one-stop operation. Any asset on any Blockchain can be provided to lending, farming protocols, or Symbiosis Octopools on another Blockchain with a single click (one transaction). Cross-chain Zaps currently support AAVE, LIDO, and BEEFY.
Advantages and Innovations of Symbiosis
The emergence of Symbiosis not only addresses many pain points of current cross-chain transactions, but also possesses unique advantages in several aspects, making it the future paradigm and leader of cross-chain projects.
High interoperability
Symbiosis supports liquidity for up to 34 Blockchains, covering both EVM-compatible and non-EVM-compatible chains, including TRON, TON, and parts of the BTC ecosystem. Symbiosis allows various assets to obtain any supported asset through cross-chain transactions. This extensive network support means that users can freely move funds across a broader ecosystem without being restricted by a single network.
Minimalist User Experience
Symbiosis presents the cross-chain and Swap processes to users through a simple UI, allowing complex transactions to be completed with just one step. It also supports receiving cross-chain assets by simply entering an address, maximizing user experience.
Users can complete all cross-chain operations on a single interface, eliminating the need for third-party tools or complex bridging services, thereby lowering the barriers to use and helping Web3 release more liquidity.
Powerful Security
The on-chain smart contracts and off-chain relay network of Symbiosis are carefully designed to ensure the security and transparency of cross-chain transactions. The non-custodial architecture further reduces the risk of funds being attacked by hackers, while also avoiding centralized control over user assets.
Symbiosis has passed audits from multiple security agencies and will continue to undergo further audits to ensure the strongest security.
Low cost and high efficiency
The efficient architecture and automated market maker mechanism of the Symbiosis platform reduce the costs of cross-chain transactions and provide faster trading speeds. By aggregating liquidity from multiple networks, Symbiosis is also able to offer users more competitive prices and lower slippage.
Decentralization and Community-Driven
The completely decentralized design of Symbiosis means that all cross-chain transactions are executed automatically by smart contracts, without the intervention of centralized institutions. In addition, Symbiosis encourages community participation by using governance tokens and various reward mechanisms, allowing users to play an active role in the development of the platform.
Symbiosis Background Information
Symbiosis supports seamless asset exchanges across 34 Blockchain networks, having processed over $2.5 billion in exchange volume, completed over 2.34 million transactions, and interacted with nearly 390,000 wallets.
Symbiosis has been integrated into multiple large aggregators and has closely collaborated with several well-known DEX platforms.
Symbiosis has received investments from several well-known investment institutions, as well as funding from multiple important blockchain projects, and has served as a core bridge for a significant project, further enhancing its influence in the cross-chain ecosystem.
Governance Token SIS
The governance token of Symbiosis is SIS, with a maximum supply of 100 million, and 65% is already in circulation. SIS can be used on multiple mainstream Blockchain networks and has been listed on several exchanges.
The main functions of SIS include governance voting, protocol security, and protocol incentives. SIS adopts the VE model, where holders stake SIS to obtain veSIS, and enjoy multiple rights, including participating in airdrops, voting rights, increasing liquidity supply rewards, and reducing cross-chain fees.
Recently, Symbiosis executed a token burn through DAO voting, marking the ecosystem's entry into a new phase, and will continue to optimize various mechanisms to enhance the value of SIS.
Compared to similar projects, SIS currently has a relatively low market capitalization, but its technological maturity and collaboration network give it great potential to become a future dark horse in the cross-chain field.
Future Prospects of Symbiosis
Symbiosis, as a leading cross-chain AMM DEX platform, is reshaping the way assets are exchanged in the blockchain ecosystem. Through its unique technical architecture and innovative solutions, Symbiosis is addressing the major pain points in cross-chain transactions and bringing more opportunities and possibilities to Web3.
Looking to the future, as more Blockchain networks join and more sources of liquidity are introduced, Symbiosis is expected to further consolidate its position in the Web3 ecosystem and become a leader in the cross-chain technology field. For users and developers who wish to freely move funds between different Blockchains, Symbiosis is undoubtedly a platform worth关注 and参与.