What is Symbiosis (SIS)? Learn about Multichain Liquidation Aggregated AMM DEX

Symbiosis is an AMM DEX that allows users to trade assets across multiple different blockchains thanks to the Multichain liquidity pool, best meeting the needs of users to swap tokens. Let's explore the basic information about the Symbiosis project through the article below!

What is Symbiosis (SIS)? Explore the Multichain liquidity pool AMM DEX

What is Symbiosis?

Symbiosis is an AMM DEX that allows users to swap or transfer tokens between multiple different blockchains thanks to the Multichain liquidity pool. Currently, Symbiosis supports 28 different blockchains, including both EVM and non-EVM, to best serve the token swap needs of users.

What is Symbiosis?

Symbiosis Technology

Symbiosis Core Smart Contracts

Symbiosis has 2 important components, the first being Symbiosis core smart contracts. These smart contracts are deployed and adjusted by the Symbiosis administrators to serve activities such as cross-chain swaps, interchain communication, token bridging, and more. Symbiosis has 3 sets of smart contracts shown in the diagram below.

Three types of smart contracts on Symbiosis

All the smart contracts deployed in the diagram, except for MulticallRouter and Octopool, inherit functions from Symbiosis V1 without modification. Each contract will operate with different functions including:

- The MetaRouterGateway contract secures user's ERC-20 token interactions across chains.

- The MetaRouter contract manages calls to other Symbiosis contracts across multiple blockchains in a cross-chain activity.

- The Portal contract locks and unlocks user's stablecoins in cross-chain activities.

- The BridgeV2 contract is a proxy contract between the Symbiosis Relayers Network and the Synthesis/Portal contract.

- The Synthesis contract on the S-chain mints and burns sTokens in cross-chain activities. The Synthesis contract on the BNB chain mints and burns sSIS tokens when bridging the SIS token.

- Symbiosis Octopool is a Symbiosis AMM with multiple tokens. There are two Symbiosis Octopools on Boba BNB: one with sStable tokens and one with sWETH tokens.

- The MulticallRouter contract manages calls to Symbiosis contracts on Boba BNB (S-chain) in a cross-chain activity when the S-chain is not the source chain or the destination chain of the cross-chain activity.

- Symbiosis owns a Uniswap-like DEX with the SIS/BNB pair on the BNB Chain, allowing users to trade the SIS token on the BNB Chain.

Symbiosis Relayers Network

The Symbiosis Relayers Network is a P2P network that enables reliable and secure data transmission for cross-chain activities within the Symbiosis network. This is the off-chain component of Symbiosis to facilitate interactions between different blockchain networks.

The Symbiosis Relayers Network operates as follows:

- The Symbiosis Relayers Network consists of multiple nodes, also called relayers, and the information of each node will be registered in the Symbiosis Staking contract. Each relayer receives a reward for participating in the network's activities if certain conditions are met. The purpose of the Symbiosis Relayers Network is to transmit information quickly, accurately, and securely about cross-chain activities between the blockchains supported by the Symbiosis protocol.

- The on-chain configuration contract contains important information for the cooperation of the relayers. For example, the number of nodes in the MPC group, the actual address of the Staking contract, etc. Each relayer checks the contract to update when an epoch changes.

- The Staking contract contains information about the relayers (wallet address, status, stake, reward amount, etc.), epoch, MPC address, etc. The Staking contract is essential for the operation of the Relayers Network.

- The BridgeV2 contract connects the off-chain and on-chain parts, which are the Relayers Network and the Symbiosis contracts. A version of the BridgeV2 contract is deployed on each supported blockchain.

- The Microservice Advisor estimates the gas prices on the blockchains supported by Symbiosis.

- The Microservice Broadcaster sends the transactions with the data sent by the relayers to the blockchain.

- The WebApp for Node Runners is a web application provided by Symbiosis to help node operators interact with the Staking contract. Additionally, the WebApp allows users to register as relayers and manage their staking funds and rewards.

Diagram of the Symbiosis Relayers Network operation

Symbiosis Features

Swap

This feature allows users to swap tokens within a single chain or between two different chains with low slippage. Currently, Symbiosis supports over 28 different blockchains, including both EVM (Ethereum, BNB Chain, Arbitrum, etc.) and non-EVM (Bitcoin, Ton, Tron, etc.).

Symbiosis Swap feature interface

Pools

This feature allows users to provide liquidity to various Multichain pools on Symbiosis. Users can provide liquidity with USDC on multiple chains such as Ethereum, Polygon, Sei, and more.

Symbiosis Pools feature interface

Zap

This feature allows users to move their liquidity positions from Symbiosis to other DeFi protocols. Currently, Symbiosis supports users in transferring their liquidity positions to platforms including Aave, GMX, Beefy, Lido, and more.

Zap feature interface

Farming

This feature allows users to provide liquidity to the Symbiosis Octopool for cross-chain activities. Users can receive rewards in the form of the SIS token from the platform.

Symbiosis Farm feature interface

veSIS

Users who stake SIS will receive veSIS to be used for governance voting in the Symbiosis DAO. Users can choose a staking period from 1 week to 4 years and the amount of SIS depending on their choice. The more tokens and the longer the time, the greater the voting rights in the DAO.

veSIS staking interface

Bridge

This feature allows users to bridge supported assets to chains like Boba BNB, Telos, and Bahamut.

Bridge feature interface

Explorer

This feature allows users to check transactions made through Symbiosis such as swaps, bridges, liquidity provision, etc. Users only need to copy the wallet address or transaction ID to check the transactions they have made.

Symbiosis Explorer feature interface

Basic information about the SIS token

SIS token allocation and distribution schedule

• Seed Round: 10%
  
  
• Private Round: 6%
  
  
• Strategic Round: 4.7%
  
  
• Public Round: 1.3%
  
  
• Liquidity Farming: 10%
  
  
• Node Runners Reward: 15%
  
  
• Protocol Liquidity: 10%
  
  
• Relayers Auction: 5%
  
  
• Advisory: 5%
  
  
• Founders Team: 18%
  
  
• Treasury Reserve: 15%

SIS token allocation

SIS token distribution schedule

What is the SIS token used for?

SIS is the native token of Symbiosis and is used in the following cases:

- Users can stake SIS tokens to become a node in the relayer network.

- Users can use SIS tokens to provide liquidity and receive SIS tokens as rewards.

- SIS token holders can participate in governance voting in the Symbiosis DAO.

SIS token storage wallets

Users can store SIS in wallets like MetaMask, Rabby Wallet, OKX Wallet, Bitget Wallet, etc. For convenient trading, users can store them on the wallets of the exchanges that list this token.

Development team

Notable members of the Symbiosis development team include:

- Will K.: Co-Founder and CEO of Symbiosis.

- Aleksei Lushnikov: Co-Founder and CTO of Symbiosis.

- Nick A.: CMO of Symbiosis.

Roadmap

Currently, Symbiosis has not announced the latest information about its future development roadmap. Coin68 will update as soon as there is new information from the project.

Investors and partners

Symbiosis has successfully raised $12.24 million across multiple funding rounds with participation from investors such as Binance Labs, KuCoin Labs, Injective Labs, DAO Maker, and others.

In addition, Symbiosis is collaborating with various DeFi projects like OpenOcean, Socket, Puffer Finance, and more.

Symbiosis' investors and partners

Conclusion

Through this article, you should now have a basic understanding of Symbiosis, a multi-chain AMM DEX project that aims to meet the trading needs of DeFi users.

Note: Coin68 is not responsible for any of your investment decisions. Wishing you success and a lot of profits from this promising market!