Multichain liquidity aggregator Symbiosis to list on Bybit and Gate Multichain liquidity aggregator Symbiosis to list on Bybit and Gate
Protocol breaks up the status quo in blockchain interoperability with a one-click solution for any-to-any token swaps regardless of the networks, both EVM and non-EVM are supported.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Interoperability and cross-chain transfers are increasingly becoming key to the growth and success of blockchain technology. Being able to transfer your liquidity to any chain without having to worry about slippage is a game-changing solution towards the evolution of a robust and self-sufficient Blockchain ecosystem.
Symbiosis Finance is a service that helps us achieve that. In short, it is an aggregator of decentralized exchange liquidity across all EVM-compatible blockchains. While it provides liquidity to every major blockchain, it also works as a unified layer for cross-chain communication.
True Cross-Chain Liquidity Protocol
As the total crypto market grows past $3 trillion in 2021, several Ethereum competitors have emerged and started chipping away at its market share with prominent layer 2 solutions, including Solana, Avalanche, Polygon, and Binance Smart Chain (BSC).
With crypto becoming multi-chain, it is not easy or even cheap to move your funds across these chains and take advantage of the billion-dollar decentralized finance (DeFi) sector.
Here, Symbiosis aims to remove this friction by aggregating decentralized exchange liquidity across all EVM compatible and non-EVM blockchains.
To eliminate the need for users to hold different native assets to pay for gas fees, Symbiosis has adopted a similar architecture as Ethereum Gas Station Network. It allows users to pay gas fees with the same token used for the swap. It reduces liquidity fragmentation and the experience of moving liquidity more cost-effective and less troublesome.
Symbiosis ensures premium security for the trustless non-custodial system with the Threshold Signature Scheme and Multi-Party Signature models.
The Backers
Standing testimony to the solution’s efficiency and uniqueness of offering, Symbiosis has the backing of almost all the leading industry investors. The list includes Blockchain.com, Spartan, Dragonfly Capital, BTC, Wave Financial, Republic, Kenetic, BIXIN Ventures, Amber, Sybil, Algorand, and many more.
Blockchain Ventures, the venture capital fund and subsidiary of Blockchain has names like DappRadar, Securitize, Enjin, Aave and many crypto leaders in its portfolio. Dragonfly Capital, another investor of Symbiosis, has made 61 investments so far and created two funds, cumulatively worth $300 million. Dragonfly’s successful exits include ErisX, Coinbase Customer Support and Lumina.
Support from such solid backers helps Symbiosis stand on a solid footing and take it to the next logical step: listing on exchanges.
Symbiosis Listing on Bybit and Gate
ByBit
Bybit is one of the fastest-growing crypto exchanges with more than three million registered users. It is known for its innovative and intuitive platform facilitating online trading, mining and staking functions for a range of retail and institutional clients. ByBit’s launchpad has facilitated the launch of five well-chosen products so far, with a total committed amount of more than a billion, coming in from nearly 139k participants.
The fifth project on the ByBit launchpad is Symbiosis Finance. Symbiosis has allocated 500,000 SIS tokens, each for 1 USD. The subscription period opens in a few hours from now, allowing people to leverage the unique multi-chain liquidity enabler’s long-term growth potential.
Gate
Symbiosis is also ready to go for its listing on the Gate exchange. Gate is one of the leading crypto exchanges in the world, facilitating buying, selling and trading of nearly 1,000