š§Project Researchļ½Cross-chain aggregation Symbiosis's latest Bitcoin cross-chain bridge - making the impossible possible
Since the development of the crypto industry, countless excellent front-end applications have emerged, and there are countless public chains of infrastructure.
However, since each public chain is king and wants to develop its own Hanoi economy, the demand for cross-chain has become a rigid market demand at present;
The ultimate goal of cross-chain applications is to enable users to transfer assets and liquidity between chains in the simplest, fastest and most efficient way, and cross-chain aggregation is born naturally;
There are more than 30 cross-chain aggregation applications on the market, represented by Stargate and Across, but today we are going to introduce the king of cross-chain aggregation technology - Symbiosis;
1ļøā£What is Symbiosis?
Symbiosis is an innovative cross-chain engine and cross-chain liquidity aggregation protocol that integrates the liquidity of different blockchain networks, including L1s (such as Ethereum, Polkadot, etc.) and L2s (such as Optimism, Arbitrum, etc.).
As well as EVM and non-EVM networks, it provides a seamless cross-chain transaction experience. Its technical architecture allows users to exchange any tokens between different blockchains without worrying about insufficient liquidity.
Symbiosis's core technologies and functions mainly include three aspects:
1. Cross-chain transactions: Users can convert tokens from one chain to another, all through Symbiosisās service chain (S-chain), which not only simplifies the operation process, but also significantly reduces transaction fees and time
2. Liquidity provision: Symbiosis maintains its liquidity pool by encouraging users to provide liquidity, and users can receive corresponding rewards, which not only supports the smoothness of transactions, but also creates an additional source of income for participants.
3. Decentralized governance: The introduction of Symbiosis DAO allows holders to participate in the governance of the protocol and determine the future development direction and reward distribution mechanism.
2ļøā£Symbiosisās role in the DEFI ecosystem
Symbiosis is more than just a trading platform. It is shaping the future of the entire cross-chain DeFi ecosystem. Through its API, developers can quickly integrate Symbiosis's functions, allowing users to perform cross-chain operations within the application, which greatly promotes the cross-chain interoperability of DeFi applications.
- User experience: Symbiosis provides an extremely simplified cross-chain experience for ordinary users. Users can trade without having to have an in-depth understanding of blockchain technology, which is especially friendly to newcomers.
- Ecosystem integration: By collaborating with other projects within the ecosystem, such as the Sei Network and OKX Web3, Symbiosis not only expands its user base, but also brings more liquidity and activity to the entire DeFi ecosystem.
3ļøā£ Financing situation
October 21, 2021: Raised $2 million, led by Blockchain.com Ventures, with participation from Wave Financial, BTC Inc, KuCoin Labs, Injective Labs, DAO Maker, Primitive Ventures, Kairon Labs, Gate.io and Richard Dai
February 18, 2022: Received strategic investment from Binance Labs
4ļøā£Symbiosis project data
1. Support liquidity exchange on 35 blockchains and integrate into all large aggregators such as http://Li.fi, Socket, Rubic, DODO, etc.
2. The cumulative transaction volume has reached 2.62 billion US dollars, and the cumulative transaction volume has exceeded 2.41 million
3. Symbiosis records nearly 400,000 addresses
4. The token $SIS has been listed on all popular exchanges, such as Bybit, OKX, Huobi, Gate, etc.
5. The token $SIS is available on 5 chains (Ethereum, BNB, zkSync, Linea, Scroll), and is funded by Mantle, GMX, AAVE, Taiko, zkSync, and TON
5ļøā£Token Details
Governance Token: $SIS
Total amount: 100 million Circulation amount: 65 million Circulation market value: 13 million US dollars
6ļøā£Token empowerment:
Governance voting: SIS holders can participate in the decision-making process by voting, especially regarding the Symbiosis DAO
Protocol security: SIS is used for relayer rewards to ensure the stable operation of the relayer network
Protocol Incentives: Earn SIS rewards by participating in Symbiosis activities
7ļøā£Symbiosisās Bitcoin cross-chain bridge
The Symbiosis Bitcoin Cross-Chain Bridge is a tool designed to connect Bitcoin with other blockchain networks.
It allows users to transfer Bitcoin from the native network to other supported blockchains such as Ethereum, zkSync Era, etc.
The launch of the service is seen as a milestone as it increases Bitcoinās liquidity and usability in the decentralized finance (DeFi) and cross-chain ecosystems.
Technical implementation: Symbiosis uses multi-party computation (MPC) and threshold signature scheme (TSS) to manage the locking and unlocking of transactions and assets through its Relayers network. Specifically, when a user wants to bridge Bitcoin, he first sends Bitcoin to a designated address, which is identified by Symbiosis's BTC Forwarder, and then mints an equivalent amount of syBTC (Symbiosis's Bitcoin packaging version) on the target chain (such as zkSync Era). Subsequently, users can exchange syBTC for other desired tokens through the protocol.
User experience: Users only need to enter the amount of Bitcoin they want to bridge on the Symbiosis platform, select the target network and token, and then follow the system instructions to send Bitcoin to the specified address. Throughout the process, Symbiosis will handle all cross-chain operations to ensure that users receive the corresponding tokens or assets on the target network.
Importance of the ecosystem: This bridge service is not only a technological breakthrough, but also an expansion of the ecosystem. It enables Bitcoin to participate in a wider range of DeFi applications, including liquidity provision, cross-chain transactions, etc., thereby enhancing the interoperability and user experience of the entire blockchain ecosystem.
Community response: According to discussions on X, Symbiosisā Bitcoin cross-chain bridge has received widespread attention and support from the community. Users and partners celebrated the launch of this new service, believing it to be an important development that will promote the use of Bitcoin in the cross-chain field.
Overall, Symbiosisā Bitcoin cross-chain bridge is not just a technical tool, but also an ecosystem bridge that connects Bitcoin and the wider blockchain world, greatly enhancing the usability and liquidity of Bitcoin.
8ļøā£ Advantages over competitors
1. Bitcoin bridging technology: At present, the cross-chain aggregation sector has become mature. Most projects have the functions of multi-chain exchange and liquidity aggregation, but they basically support EVM chains. Symbiosis has released Bitcoin bridging technology, which not only provides users with the convenience of direct cross-chain transactions of BTC assets, but also greatly reduces transaction costs and time. This is especially important for the DeFi ecosystem because it reduces the threshold for using Bitcoin for asset management and transactions, and promotes the wider application of Bitcoin in DeFi.
2. Wide support for public chains: Stargate, the leading project in the same track, currently only supports 16 public chains, Across only supports 3 public chains, while Symbiosis supports 35 public chains including EVM and non-EVM
3. Wide range of supported tokens: Symbiosis can exchange almost any issued token on the market and transfer liquidity
4. Token market value is underestimated: Compared with the leading projects in the same track, Stargate's STG has a total market value of 352 million, Across's token $ACX has a total market value of 258 million, and Symbiosis's token $SIS currently has a total market value of only 20 million. There is huge potential for future growth in the same track.
5. TVL continues to grow: Although Symbiosis's current TVL is only 11 million, ranking only seventh in the same sector, its TVL is continuing to grow. Since May, TVL has doubled in just 4 months. It is not far from being among the top five in the future.
9ļøā£ Conclusion
As a technology leader in the cross-chain aggregation track, Symbiosis is constantly introducing more blockchain networks and more sources of liquidity. Using its unique technical architecture and innovative solutions, it is constantly reshaping the way assets are exchanged in the blockchain ecosystem, bringing more opportunities and possibilities to Web3.
In particular, the launch of the Bitcoin cross-chain bridge may bring significant growth and attention to the project,
It is expected to become a benchmark for cross-chain transactions in the future, providing new development ideas and technological innovations for the entire industry.
