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Symbiosis: A cross-chain AMM platform reshaping asset swap supporting 34 chains
Symbiosis: The Rising Star of Cross-Chain Trading
The rapid development of blockchain technology has brought challenges in interoperability and liquidity. With the emergence of various blockchain networks and virtual machine environments, users and developers urgently need a solution that can facilitate seamless asset exchange across different networks.
Symbiosis was born as a cross-chain AMM DEX platform, aimed at solving these problems. This article will delve into the working principles, technical advantages, and potential of Symbiosis.
Challenges Faced by Cross-Chain Transactions
The current cross-chain transactions mainly have the following issues:
Complex operations: Users need to go through multiple steps involving different wallets and bridging services.
High costs: cross-chain transactions involve fees from multiple networks, resulting in significant costs.
Security Risks: Cross-chain bridges can easily become targets for hacker attacks, making the safety of funds difficult to guarantee.
Cross-chain asset restrictions: Most projects only support certain assets on certain chains for cross-chain.
Core Functions and Technical Architecture of Symbiosis
Symbiosis is a decentralized cross-chain AMM platform that aggregates liquidity from different blockchains, supporting both EVM and non-EVM compatible chains, including the BTC ecosystem.
technical architecture
On-chain smart contracts: handle cross-chain transaction logic, ensuring decentralization and transparency of transactions.
Off-chain relay network: Responsible for the transmission of messages and assets between different blockchains, achieving cross-chain communication.
Seamless cross-chain exchange: Users can complete cross-chain asset exchanges on a single interface, supporting more types of tokens.
Pool and Zap functions: Users can provide liquidity and earn rewards on any supported chain, and can also use the Zap function to simplify cross-chain and DeFi interactions.
Advantages of Symbiosis
High interoperability: Supports liquidity across 34 blockchains, including EVM and non-EVM compatible chains.
Simplify user experience: complete complex cross-chain transactions in one step.
Strong security: Reviewed by multiple security agencies, using a non-custodial architecture to reduce risk.
Low cost and high efficiency: Efficient architecture and AMM mechanism reduce trading costs and offer more competitive prices.
Decentralization and community-driven: Smart contracts automatically execute transactions, encouraging community participation in platform development.
Market Performance of Symbiosis
Symbiosis has implemented asset exchange across 34 blockchain networks, handling an exchange scale of over $2.5 billion, completing 2.34 million transactions, with nearly 390,000 wallets interacting with it. The platform has integrated multiple large aggregators and partnered with several well-known DEXs.
SIS Governance Token
SIS is the governance token of Symbiosis, with a maximum supply of 100 million, 65% of which is in circulation. Its main functions include governance voting, protocol security, and incentives. It adopts the VE model, and staking SIS can yield multiple benefits.
Recently, Symbiosis voted through the DAO to burn a portion of SIS tokens, marking a new phase for the ecosystem and preparing for SIS to enter a deflationary era.
Future Outlook
Symbiosis is reshaping the way assets are exchanged within the blockchain ecosystem. With the addition of more blockchain networks and the introduction of liquidity sources, Symbiosis is expected to become a leader in the cross-chain technology space. For users and developers looking to freely move funds between different blockchains, Symbiosis is a platform worth paying attention to.