- Symbiosis Finance is a multi-blockchain liquidity aggregator platform that is currently preparing to launch its mainnet.
- Symbiosis Finance has recently integrated with Arbitrum, a popular Ethereum L2 network with over $2 billion in TVL.
- Through Arbitrum Symbiosis users will be able to save money on fees while still working with Ethereum blockchain.
Symbiosis Finance is a fast-growing multi-DEX and multi-blockchain liquidity aggregator. As its name suggests, the goal of the Symbiosis ecosystem, is to offer liquidity to every major blockchain, ultimately creating a backbone for cross-chain communication. The Symbiosis team is currently preparing for a mainnet launch, while more than 90,000 users have already interacted with their testnet. According to the medium post the Symbiosis blockchain is currently being audited by one more company, while two external audits were already successfully completed. The mainnet launch can therefore be expected very soon. However, the Symbiosis team has many more interesting upgrades scheduled for 2022.
Symbiosis Finance Rolls Out on Arbitrum, SIS Farming Also Enabled
Symbiosis recently added support for Arbitrum network, a popular Ethereum Layer 2 solution. The integration will allow Symbiosis users to interact with the Ethereum blockchain in a significantly more cost-efficient way. While offering an alternative solution and addressing the Ethereum’s transaction fee crisis was the main motive for integration, the platform’s expansion to Arbitrum will also increase the number of token pairs available for swapping on Symbiosis. Arbitrum liquidity providers could also benefit from the integration. Should they decide to provide liquidity to the WETH/SIS trading pair on Sushiswap, they will be rewarded with SIS, the governance token of the Symbiosis ecosystem.
Arbitrum is one of the leading Layer 2 solutions that’s trying to solve Ethereum’s scalability issues by using optimistic rollups. Since Arbitrum derives its security from the Ethereum blockchain, its L2 solution is being quickly adopted by leading Ethereum-based projects, including Uniswap, Aave and 1inch. The Arbitrum ecosystem, which can be accessed through Arbitrum One Portal, offers the complete spectrum of blockchain services, including wallets, dApps, and NFT Marketplaces.
Symbiosis Strives to Offer Traders the Best Exchange Rate on Any Token Pair
Symbiosis token swap service aims to become the go-to platform for trading any token to any token, including token pairs that are not offered on any other available cryptocurrency exchange. The platform facilitates inter-blockchain transactions through a network of relayers and can guarantee the best available exchange rate as it monitors the prices of several thousand available cryptocurrencies in real-time. As a user places a swap order, the algorithm finds the most optimal trade among connected DEXs. The protocol currently provides its non-custodial service to Arbitrum, Ethereum, Binance Smart Chain, Polygon, Avalanche, Huobi Eco Chain and OEC blockchain platforms. While the process behind the trade is far from being simple, the Symbiosis user interface is much like Uniswap’s – almost foolproof. In addition, Symbiosis users do not need to hold the native assets of each blockchain they’re interacting with, as Symbiosis’ “gasless” feature allows gas fees to be paid with the asset they are swapping. All this benefits are attracting a lot of new users to Symbiosis, which will likely grow into one of the leading liquidity aggregators in the DeFi space. The fact that the project is backed by large players such as Dragonfly Capital, Spartan, Blockchain.com, BTC, Wave Financial, and more, could help the project grow even faster.
