Get to Know: Symbiosis Finance
This week we caught up with Symbiosis Finance, a decentralized multi-chain liquidity enabler that aggregates liquidity across all EVM-compatible blockchains, allowing users to swap between any chain with low slippage. We talked about what they’re working on, how the partnership with Boba Network is going so far, and what the future holds. Symbiosis integrated with Boba in April 2022.
Boba: Can you give us a brief overview of what Symbiosis does?
Symbiosis: Of course! Symbiosis is a decentralized multi-chain liquidity protocol that enables users to perform any crypto token swaps across multiple blockchains with a single click. At present, the protocol supports 5 networks including Boba, BNB Chain (formerly BSC), Ethereum, Polygon, and Avalanche, with more networks to be expanded in the upcoming future. Our main goals are solving the twin problems of interoperability and providing a user-friendly experience.
That aligned nicely with what you’re doing at Boba, which is why we were excited to partner with you.
Boba: You launched early in April — how’s it going so far?
Symbiosis: Actually we launched a bit earlier — the exact date would be March 9th. And so far so good! We have over 12 million locked in our stable pools, which you can check out here. We also launched cross chain farming not so long ago! The last pool we launched was on Boba, which we are extremely happy about. It gives users the opportunity to provide liquidity to pools without permanent loss.
Overall, our main goals are to boost TVL and increase the number of transactions on our app and on our partners’ platforms and wallets through b2b integration.
In the future we plan on adding more pools, more networks — we are working on adding Terra right now, and different partners like wallets, aggregators, L3 solutions that would work above Symbiosis such as Rubic Finance.
Boba: When you launched, it was with Ethereum+BSC to Boba swaps, with Avalanche and Polygon coming soon. How’s the progress towards those two, and any alpha on what’s next after that?
Symbiosis: Actually, we’ve decided to turn things around a bit. Despite the fact that we can add more EVM and L2 solutions we’ve decided to stop on the best one — Boba network, the decision we are very happy about.
Next we want to add more non-EVM networks like Terra, and create a Terra + Boba pool that may be interesting for our users. Along with Terra there will be the Near network in May and after that we are planning on adding Avalanche and Polygon.
Boba: On Symbiosis you also offer LP and farming in addition to cross-chain swaps, and some of the APRs have been really eye-catching.
Symbiosis: Yeah, well, since we are still a novice project we are ready to provide APR to the community with the agreement of our partners of course. We think that it’s a good strategy to attract more users.
We have added APR for stable pools right now to avoid permanent loss, but in the future we are planning to add more unusual pools and non-stable pair pools.
Boba: Do you have a token? What can you do with it and where can you buy it?
Symbiosis: The SIS protocol needs a token to reward and secure the network of Symbiosis by the relayers network as it relays information over different blockchains. Each node that runs the Symbiosis protocol needs to be staked first to receive $SIS tokens in return and it helps govern the Symbiosis DAO and DAO treasury. The token is currently deployed on Ethereum and Arbitrum.
Boba: Could you please share your future plans about integrations and partnerships? What are you working on now? What will the next big announcements be?
Symbiosis: Currently we are working on launching our V2 protocol with implemented sidechain and cool features like unified AMA pools, smart order routing, optimized TSS library, and many more, and in the near future we will be adding Terra — first non-EVM blockchain. And of course we are always busy with new wallet partnerships.
Since we believe that multi-chain communications are on the forefront of the crypto markets, we strive to find the best projects and partners such as Boba.
Boba: Can you share important links for anybody looking for more information on Symbiosis?
Boba: It’s been great partnering with you so far and we can’t wait to see what’s next. Thanks for joining us today!
Symbiosis: Same here, thank you!
About Boba Network
Boba Network is an Ethereum Layer-2 scaling solution and hybrid compute platform offering lightning fast transactions and fees up to 60x less than Ethereum.
Boba’s Hybrid Compute brings the power of Web2 on-chain for the first time, allowing smart contracts to call any external Web2 API to execute complex algorithms such as machine learning classifiers, pull in real-world or enterprise data in a single atomic transaction, or sync with the latest state of a gaming engine. Leveraging off-chain compute and real-world data, developers and creators can offer an enriched experience unlike anything else on the market today.
Boba Network delivers a faster, cheaper, smarter experience for Ethereum’s next billion users.