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Symbiosis Finance

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Discover Symbiosis Finance's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Symbiosis Finance?

Symbiosis Finance (SIS) is a decentralized multi-chain liquidity protocol that aggregates exchange liquidity across various Ethereum Virtual Machine (EVM) and non-EVM networks. It enables users to perform crypto token swaps across multiple blockchains with a single click, ensuring the best rates for any-to-any token swaps. The platform leverages a decentralized Relayers Network to verify and transfer information securely, mitigating impermanent loss and enhancing liquidity provision.

How is Symbiosis Finance used?

Symbiosis Finance (SIS) is a governance token that plays a crucial role in the Symbiosis protocol, a cross-chain liquidity aggregation platform. Here are the key ways SIS is used:

  1. Governance: SIS token holders have the privilege of participating in decision-making processes, particularly in the Symbiosis DAO. This allows them to contribute to the protocol's development and direction.

  2. Protocol Security: SIS tokens are staked to operate relayers, ensuring the seamless functioning of the Symbiosis relayers network. This staking process enhances the platform's security and resilience against central points of failure.

  3. Incentivization: Active participation in protocol activities is rewarded with SIS tokens as incentives. This encourages users to engage with the platform and contribute to its growth.

  1. Trading and Staking: Token holders can trade, exchange, or stake their SIS tokens, providing them with various options for utilizing their assets.

  2. Cross-Chain Operations: SIS tokens can be bridged across different blockchain networks, including Ethereum, BNB Chain, Arbitrum One, zkSync Era, Linea, and Scroll. This allows for seamless token swaps and liquidity transfers across multiple chains.

  3. Liquidity Provision: Users can provide liquidity to the Symbiosis Octopools, which are used to run cross-chain operations. In return, they receive rewards and contribute to the growth and liquidity of the DeFi ecosystem.

  1. Voting Power: veSIS, a staked version of SIS, gives users voting power in the Symbiosis DAO, allowing them to influence the protocol's development and decision-making processes.

Overall, SIS is a versatile token that serves multiple purposes within the Symbiosis ecosystem, from governance and security to incentivization and liquidity provision.

How do I store Symbiosis Finance?

To store Symbiosis Finance (SIS) tokens, you can use the Symbiosis Finance (SIS) Wallet by Noone, which is a free cryptocurrency wallet that supports over 1200 coins and offers 24/7 support. This wallet allows you to easily create a Symbiosis Finance address, send, and exchange your tokens.

How to buy Symbiosis Finance?

To buy Symbiosis Finance (SIS) tokens, follow these steps:

  1. Create an account on a cryptocurrency exchange: Choose a reliable exchange such as Coinbase, CoinEx, OKX, Bybit, or gate.io. Create a free account on the exchange's website or through their app. You will need to provide proof of identification to purchase SIS.

  2. Fund your account: Deposit funds into your exchange account using methods such as credit or debit cards, bank transfers, peer-to-peer trading, or third-party payment channels. The available payment methods may vary depending on the exchange you choose.

  3. Select SIS and confirm your order: Navigate to the Buy & Sell section of your exchange and select Symbiosis Finance (SIS) as the asset you want to purchase. You can choose from different order types, including market orders, stop orders, and limit orders. Enter the amount of SIS you want to buy, and confirm your order.

  1. Store or use your SIS: Once your purchase is complete, you can store your SIS tokens in your exchange wallet or transfer them to a personal cryptocurrency wallet. You can also use your SIS to trade for other cryptocurrencies, stake them for passive income, or participate in the Symbiosis DAO.
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History of Symbiosis Finance

Symbiosis Finance (SIS) is a cryptocurrency token that serves as the governance token for the Symbiosis protocol. The token was originally deployed on Ethereum (L1) and can be bridged to other blockchain networks such as the BNB chain, Arbitrum One, zkSync Era, Linea, and Scroll.

Symbiosis Finance was built with the vision to allow users to swap tokens between different blockchain networks while maintaining ownership of their funds. The platform utilizes a decentralized Relayers Network, which is an off-chain ecosystem of relayer node runners that verify and transfer information across blockchains. These relayers must stake SIS tokens to participate in consensus and process swaps, ensuring the smooth and secure functioning of the network.

The token has several key functions, including governance, protocol security, and incentivization. SIS token holders can participate in decision-making processes within the Symbiosis DAO and are rewarded with SIS tokens for active participation in protocol activities. Additionally, token holders can trade, exchange, or stake their SIS tokens.

Symbiosis Finance has undergone several funding rounds, including an IEO (Initial Exchange Offering) and an IDO (Initial DEX Offering), raising a total of $12.24 million. The token has been listed on various exchanges and has a circulating supply of 61,367,996 SIS tokens.

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How Symbiosis Finance works

Symbiosis Finance (SIS) is a decentralized multi-chain liquidity protocol designed to solve the problem of liquidity fragmentation across different blockchain networks. It aggregates decentralized exchange liquidity across all Ethereum Virtual Machine (EVM) and some non-EVM networks, providing users with a seamless experience in swapping tokens between chains with low slippage.

Governance and Tokenomics

The SIS token serves as the governance token for the Symbiosis protocol, allowing holders to participate in decision-making processes within the Symbiosis DAO. Additionally, SIS tokens are staked to operate relayers, ensuring the smooth functioning of the Symbiosis relayers network. Active participation in protocol activities is incentivized with SIS tokens as rewards.

Cross-Chain Operations

SIS tokens can be exchanged for other tokens across supported blockchains through the Symbiosis WebApp and Automated Market Maker (AMM) Decentralized Exchanges (DEXs). The protocol supports bridging SIS tokens between Ethereum, BNB Chain, Arbitrum One, zkSync Era, Linea, and Scroll, allowing for flexible token management.

Technology Stack

Symbiosis Finance utilizes a range of technologies, including Solidity, Rust, Go, JavaScript, Node.js, and React. It also employs advanced tools such as the Crosschain Swap Router and Metarouter to facilitate efficient cross-chain transactions.

User Experience

The platform aims to provide a simple, Uniswap-like user experience, ensuring that users can easily navigate the process of finding and swapping tokens across different blockchain networks. This is achieved through a fully decentralized, interoperable, and non-custodial architecture.

Marketing Strategy

Symbiosis Finance employs a multi-pronged marketing strategy that includes content and co-marketing with crypto projects, Initial DEX Offerings (IDO) and close work with Key Opinion Leaders (KOLs), strategic partnerships and crypto education, and a referral program. These efforts aim to drive adoption and increase user engagement with the platform.

Overall, Symbiosis Finance (SIS) offers a comprehensive solution for liquidity management and token swapping across multiple blockchain networks, providing users with a seamless and efficient experience.

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Symbiosis Finance's strengths

The token Symbiosis Finance (SIS) has several key strengths that contribute to its value and utility:

  1. Governance: SIS token holders have the privilege of participating in decision-making processes within the Symbiosis DAO, ensuring that they have a direct influence over the direction the platform takes.

  2. Protocol Security: The SIS token is staked to operate relayers, ensuring the seamless functioning of the Symbiosis relayers network. This enhances the platform’s security and resilience against central points of failure.

  3. Incentivization: Active participation in protocol activities is rewarded with SIS tokens as incentives, encouraging users to contribute to the stability, security, and growth of the Symbiosis ecosystem.

  1. Interoperability: Symbiosis finance can facilitate limitless token pairs across different blockchains, guaranteeing the best price for swaps between any two arbitrary tokens pairs. This interoperability is a significant feature, allowing users to seamlessly interact with various blockchain networks.

  2. Decentralization: The platform is completely decentralized, ensuring that it cannot be censored by any third party. This decentralized nature ensures that users have full control over their digital assets at all times.

  3. User-Friendly: The Symbiosis finance protocol is designed to be easy to use, similar to Uniswap. Users do not need to download separate software or wallets, making it accessible to beginners and experienced users alike.

  1. Cross-Chain Swaps: Symbiosis allows for cross-chain swaps without the need for numerous transactions, making it a convenient and efficient platform for users.

  2. Fee Discounts: By possessing veSIS tokens, users can take advantage of fee discounts for cross-chain transactions, which can be up to 60% depending on the tier of veSIS holdings.

These strengths collectively contribute to the utility and value of the SIS token, making it an attractive option for users and investors in the cryptocurrency space.

Symbiosis Finance's risks

Symbiosis Finance (SIS) is a cross-chain Automated Market Maker (AMM) Decentralized Exchange (DEX) that pools liquidity from different networks, including Layer 1 (L1) and Layer 2 (L2) blockchains, both EVM and non-EVM networks. This allows users to easily swap tokens and move assets across different networks with a single click.

Financial Risks

The volatility of Symbiosis Finance (SIS) poses significant financial risks to traders and investors. The value of holdings can fluctuate widely in relatively short periods, which can result in substantial losses if not managed properly.

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Did Symbiosis Finance raise funds?

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Symbiosis Finance's ecosystem

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Symbiosis Finance’s team

  • Nick Avramov: Co-founder, responsible for marketing and business operations. He started his career in crypto in 2016 and has experience as a community manager, working on several projects and a VC fund before co-founding Symbiosis in 2020.

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