With the rapid development of blockchain technology, the demand for cross-chain interoperability is increasing. On May 10, 2024, the TON Foundation announced that it would fund 14 projects, one of which was Symbiosis, which connects TON with 27 chains.

Symbiosis is a decentralized cross-chain protocol. Data shows that its cumulative transaction amount is US$2.27 billion, the number of transactions has reached 1.91 million, the number of active addresses is 336,070, and it covers 30 different networks. These data show the application of Symbiosis in cross-chain technology and its user base.

Gaining support from the TON Foundation not only demonstrates Symbiosis’s appeal in the primary market, but also reflects the market’s recognition of the concept of cross-chain liquidity aggregation.

With the rise of emerging public chains such as Solana, Avalanche, and Fantom, users’ demand for cross-chain assets is increasing. Symbiosis Finance was born in this market context, and its unique design enables it to capture wealth opportunities in emerging ecosystems.

Focus on cross-chain liquidity aggregation

Symbiosis Finance is a cross-chain AMM DEX that aims to bring together liquidity from different networks. Whether it is Layer 1 or Layer 2, EVM-compatible chain or non-EVM chain, Symbiosis can realize the free exchange of cross-chain assets. Users can freely exchange any two assets between multiple ecosystems such as Ethereum, BSC, Polygon, Avalanche, etc. through a single interface, providing great convenience for users.

The working principle of Symbiosis Finance can be summarized into three parts: DEX transaction aggregator on the starting chain, decentralized cross-chain bridge, and DEX transaction aggregator on the target chain. When a user initiates a cross-chain transaction, Symbiosis Finance will find the best transaction path on the starting chain and execute the transaction, then transfer the assets to the target chain through its decentralized cross-chain bridge, and finally complete the asset exchange on the target chain. This design not only simplifies the process of cross-chain transactions, but also provides users with the best exchange price and the lowest transaction cost.

Through this three-step procedure, users can instantly exchange assets from Ethereum to other chains at the most ideal price with just one transaction, greatly simplifying the overall operation process. In addition, Symbiosis Finance has also built a bridge network supervised and confirmed by a large number of relay nodes, ensuring the decentralization, non-custody and security of cross-chain transactions.

Key breakthrough in multi-chain liquidity

Symbiosis Finance, as a decentralized multi-chain liquidity protocol, has significant advantages over competitors such as Multichain and THORChain. Symbiosis allows users to trade any asset between different blockchains while remaining the sole owner of the funds. Its unique interoperability and fully decentralized nature allow Symbiosis to provide users with the best trading experience and prices.

The core parts of the Symbiosis protocol include the front-end, the cross-chain liquidity engine, and the relay network. The front-end is a web interface or mobile application that helps users obtain asset information, build the best transaction path, and sign transactions. The cross-chain liquidity engine runs on each blockchain supported by Symbiosis and is responsible for managing the aggregated cross-chain liquidity pool and off-chain routing mechanism. The relay network is a decentralized P2P node network. The relay listens to the events issued by the cross-chain liquidity engine on each network supported by Symbiosis, reaches a consensus, and sends the transaction to the corresponding blockchain.

Symbiosis's relay network not only enables decentralized cross-chain transactions, but also has a built-in crypto-economic incentive mechanism. Anyone can join the relay network as a relayer by staking SIS tokens and participate in the consensus and transaction signing process. In addition, Symbiosis uses multi-party secure computing (MPC) and threshold signature protocols in the cross-chain process to ensure the security and reliability of transactions.

Symbiosis is unique in cross-chain transactions in that it supports a wide range of blockchain networks and token pairs, currently supporting more than 30 blockchains and more than 430 unique exchange pairs. Compared with other cross-chain bridges, Symbiosis has obvious advantages in the flexibility and breadth of supporting cross-chain transactions, especially in supporting cross-chain transactions of non-EVM chains and Bitcoin.

Cross-chain growth hits new high

The Symbiosis team introduced several new features, including a native Bitcoin bridge, veSIS extensions, and DAO voting. The native Bitcoin bridge has been launched on the testnet, enabling native Bitcoin exchanges between EVM-compatible blockchains. The SIS staking feature on Linea Network has also been launched, where users can obtain veSIS by staking SIS tokens and enjoy staking rewards and cross-chain fee reductions. In addition, ZKsync's ZK tokens have also been listed on Symbiosis, allowing users to perform cross-chain exchanges across more than 30 blockchain networks.

Symbiosis also plans to add more blockchain networks to its WebApp and expand the pairing availability on existing blockchains. In the future, Symbiosis will continue to promote the development of cross-chain liquidity protocols and strive to provide users with more convenient and efficient cross-chain asset exchange services.

Based on the new network and features, Symbiosis has achieved several important milestones in the past two weeks, including transaction volume exceeding $2 billion, cross-chain growth of 517.8%, and 437 unique exchange routes. In terms of cross-chain growth in particular, Symbiosis's TVL (total locked value) has reached more than $11 million, and the usage rate of some networks has increased by more than 600%.

In addition, Symbiosis is launching a series of new campaigns where users can earn token rewards when using the WebApp. For example, in the Mantle MNT incentive program, users can earn MNT tokens by exchanging Mantle across chains. In addition, the ARB incentive campaign is also about to start, and users can earn ARB tokens every time they exchange funds for Arbitrum. Symbiosis has also launched Trailblazers Journey in partnership with Taiko, which provides special XP points for the most active users.

summary

As a key project in the DeFi field, Symbiosis Finance has demonstrated strong market potential and development prospects through its cross-chain liquidity aggregation function and expanding ecosystem. With the launch of new features and the addition of more blockchain networks, Symbiosis will continue to lead the development of cross-chain technology and provide users with better services and experience.

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