Symbiosis Finance (SIS)

Cross-Chain Token Swaps and Liquidity

Symbiosis Finance connects over 45 blockchain networks including Bitcoin, Solana, and Tron, allowing users to swap and bridge tokens instantly with one click in a single transaction. It aggregates liquidity across multiple chains, solving liquidity fragmentation and enabling seamless asset transfers without needing multiple wallets or bridges.

Staking and Governance

Users can stake SIS tokens to support network validators, earn rewards, and participate in the Symbiosis DAO governance. Staking also offers benefits like reduced fees and boosted APR for liquidity providers. The SIS token is used for governance, protocol security, and incentivizing liquidity provision.

Cross-Chain DeFi Integration

Symbiosis enables cross-chain zaps that let users move liquidity across blockchains to third-party DeFi protocols easily. It uses capital-efficient multi-coin pools to minimize volatility loss and provide high APY on assets.

Non-Custodial and Decentralized Design

The platform is fully decentralized and non-custodial, meaning users retain full control of their funds at all times. No central party, including the Symbiosis team, can access user assets.

Additional Features

Symbiosis supports permissionless restaking through Symbiotic, allowing users to use staked assets as collateral for further financial opportunities. It also offers a smooth user experience with low fees and no KYC requirements.

Advantages

• Symbiosis Finance enables seamless cross-chain swaps across 45+ networks, including Ethereum and non-EVM chains, allowing users to move assets quickly without managing multiple wallets or bridges.
• It offers a non-custodial platform where users retain full control and ownership of their funds at all times.
• The platform supports no-KYC, fast, private, and non-custodial swaps with low fees and optimized pricing, making it easy to use for both beginners and advanced users.
• Staking SIS tokens allows users to earn rewards and participate in governance through the Symbiosis DAO.
• The protocol aggregates liquidity from multiple decentralized exchanges to provide the best prices for token swaps.
• Symbiosis Finance has a user-friendly interface and supports a wide range of token pairs across many blockchains.
• The relayer network is decentralized and secured by staking SIS tokens, enhancing network reliability.
• It combines swap and bridge functions in one platform, reducing complexity and transaction steps.
• The platform is praised for its reasonable fees, good user experience, and wide chain support.

Disadvantages

• Some users find the user experience overwhelming due to the complexity of cross-chain operations.
• Currently, the platform is still expanding, with some features like testnet availability indicating ongoing development.
• While swaps are no-KYC, withdrawing to fiat currency often requires KYC on other platforms.
• The price of SIS token has shown volatility and underperformance compared to some other cryptocurrencies recently.

Founders of Symbiosis Finance

The founders of Symbiosis Finance are Nick Avramov and Will K. Nick Avramov also serves as the Chief Marketing & Communications Officer, and Will K is a co-founder involved in the project since its start in 2021. They created Symbiosis Finance to enable decentralized multi-chain liquidity and seamless token swaps across different blockchains.

Key Investors

Symbiosis Finance has attracted a variety of institutional investors including Blockchain.com, Wave Financial, BTC Inc, KuCoin Labs, Injective Protocol, DAO Maker, Binance Labs, Shima Capital, Walsh Wealth Ventures, DRAGONFLY, Binance, and YZi Labs (Binance Labs). Evolve Capital and several others have also joined as investors.

Funding Rounds

The project has raised approximately $10 million over 3 funding rounds from 14 investors. The latest funding round details are undisclosed but took place in early 2022.

Partnerships and Support

Symbiosis Finance is supported by well-known crypto platforms and networks such as Bybit, Avalanche Network, and Polygon, which also contribute to its growth and liquidity ecosystem.

Halal Status of Symbiosis Finance

• Halal or Not: No clear information is available to confirm that Symbiosis Finance is halal.
• Reason: There is no specific mention of Shariah compliance or Islamic finance certification for Symbiosis Finance. While blockchain technology can support halal practices through transparency, Symbiosis Finance itself is described as a decentralized multi-chain liquidity protocol without explicit Shariah screening or halal certification.