Symbiosis Finance is a decentralized exchange (DEX) and liquidity protocol that enables users to easily swap crypto tokens across all major blockchains without incurring multiple gas fees. Deployed on Ethereum, SIS is the name and ticker symbol of Symbiosis Finance's native staking and governance token.
With Symbiosis Finance, users do not have to switch between virtual networks to swap crypto tokens. For instance, you can instantly swap an Ethereum-based token for Solana or Polygon without changing networks manually. To achieve this, Symbiosis Finance automatically routes your swaps through stablecoin liquidity pools, which also minimize volatility.
Symbiosis Finance is decentralized and non-custodial. It is audited by Zokyo and Omniscia. The protocol bridges as many token pairs as possible across all major blockchains. To top this off, Symbiosis Finance uses existing automated market maker (AMM) DEXs like Uniswap and PancakeSwap to find the best route for your swap. The Symbiosis Finance mainnet currently supports Ethereum, Polygon, and Avalanche.
App developers can access Symbiosis Finance's mobile SDK (software development kit), which allows users to create their own decentralized crypto exchanges and work with non-custodial wallets. The SDK is not limited to mobile applications; it also supports desktop and server app development.
SIS can be used for transactions within the Symbiosis Finance protocol, protocol governance, and to run a relayer's node. SIS token holders can also stake their tokens on the Symbiosis Finance platform to earn additional SIS tokens.
Symbiosis Finance also has sTokens to facilitate cross-chain swapping. These sTokens, such as sBUSD, follow the price of their underlying asset and are unrelated to SIS' price.
SIS price and tokenomics
SIS tokens have a total supply of 100 million. 22 percent of SIS tokens were distributed to their funding rounds: 10 percent to their seed round, 6 percent to their private round, 4.7 percent to their strategic round, 0.55 percent to their DaoMaker public round, 0.65 percent to public round Y, and 0.10 percent to public round Z.
Of the remaining supply, 10 percent was allocated to liquidity farming, 15 percent for rewarding node runners, 10 percent for protocol liquidity, and 5 percent for relayers auction. In addition, 18 percent were given to the founding team and 5 percent to project advisors. The remaining 15 percent was reserved for the treasury.
All SIS token allocations follow a release schedule of up to 61 months. The exception is the node runner rewards, which will be vested for 121 months. As the unlocked tokens enter circulation, the performance of SIS price charts will be impacted.
About the founders
The core team of Symbiosis Finance includes CEO Will Kamalov, CTO Alex Lushnikov, CMO Nick Avaramov, advisor Ross Jones, and marketing lead Diana Kovaleva.
Symbiosis Finance has raised $2 million. They are backed by prominent names like Polygon, Avalanche, Algorand, Spartan, Blockchain.com and Dragonfly Capital, among others. Symbiosis Finance also has partnerships with iMe, Chainstack, Unique Things and Hyper Pay, to name a few.
Symbiosis Finance highlights
Symbiosis Finance partners with Liquidifty
On June 21, 2022, Symbiosis Finance announced its partnership with Liquidifty, a leading cross-chain NFT launchpad and marketplace, to automate NFT purchases for Liquidifty users. Liquidifty boasts a simple interface that allows users to easily trade NFTs and set up an NFT store with marketing support from the team.
With Symbiosis Finance's solution, Liquidifty users no longer have to worry about different gas tokens or switching between bridges and DEXs. Instead, they will be able to buy NFTs with the cryptocurrencies they already own.
