After Successful IDO on DAO Maker, Symbiosis Finance to Launch IDO on ByBit & Gate.io

Symbiosis Finance, a decentralized multi-chain liquidity enabler, is having an Initial DEX Offering (IDO) on two popular cryptocurrency exchanges Bybit and Gate.io, after successful IDO on DAO Maker.

IDO is the latest decentralized and permissionless crowdfunding method where the project launches its token via decentralized liquidity exchanges, which depends on liquidity pools where traders can swap tokens. This new way of fundraising is generally considered a fair way to launch a new token as it avoids pre-mines and gives preference to its community members.

In this process, the native utility token SIS will be distributed among the users.

Symbiosis, which intends to become a bridge to every crypto ecosystem by providing liquidity to every major blockchain, has adapted the popular decentralized autonomous organization (DAO) framework, which is governed by its users through the SIS token.

Besides governing the Symbiosis DAO and DAO Treasury, the Ethereum-based SIS tokens are also staked to run a node in the relayers network.

To achieve consensus and then sign transactions on the network, each node of the network stakes SIS tokens in the auction contracts, much like proof-of-stake networks such as Solana and Cardano. These node operators are then awarded SIS staking reward.

Anyone can become a relayer on Symbiosis, and all the community-driven nodes have bonded tokens at stake to process swaps.

The Symbiosis Finance IDO will take place on ByBit at 12:00 PM UTC on December 2nd. The new spot pair, SIS/USDT, will be live for trades at the same time on Bybit if liquidity conditions are met. The same day, Gate.io will also be listing SIS at 2:00 PM UTC.

Next-generation Liquidity Protocol

Symbiosis is a relatively new project in the cryptocurrency space that aggregates liquidity across all EVM-compatible blockchains, enabling its users to swap between any chain with low slippage. It constantly monitors the best exchange rates for trading pairs.

As the total crypto market grows past $3 trillion in 2021, several Ethereum competitors have emerged and started chipping away at its market share with prominent layer 2 solutions, including Solana, Avalanche, Polygon, and Binance Smart Chain (BSC).

With crypto becoming multi-chain, it is not easy or even cheap to move your funds across these chains and take advantage of the billion-dollar decentralized finance (DeFi) sector.

Here, Symbiosis aims to remove this friction by aggregating decentralized exchange liquidity across all EVM compatible and non-EVM blockchains.

Amidst the ongoing bull market, with valuations going skywards, liquidity is of utmost importance. Symbiosis Finance allows its users to swap tokens with a single click, simplifying the time-consuming process of finding a suitable cross-chain bridge.

To eliminate the need for users to hold different native assets to pay for gas fees, Symbiosis has adopted a similar architecture as Ethereum Gas Station Network. It allows users to pay gas fees with the same token used for the swap. It reduces liquidity fragmentation and the experience of moving liquidity more cost-effective and less troublesome.

The project basically aims to provide a one-stop solution for any-to-any token swaps for high liquidity with low slippage. It is done without seeking another automated market maker (AMM). Being a decentralization bridge solution also means users don’t have to rely on third parties.

Symbiosis ensures premium security for the trustless non-custodial system with the Threshold Signature Scheme and Multi-Party Signature models.

Heavy Backing & Expansion

A couple of months back, the stablecoin-based cross-chain bridge raised $2 million in its funding round led by Blockchain.com ventures with participation from Wave Financial, KuCoin Labs, BTC Inc, Injective Labs, DAO Maker, Primitive Ventures, Kairon Labs, Gate.io, and Richard Dai.

Already Dragonfly Capital, the Spartan Group, Bixin Ventures, Amber, Algorand, Sybil, Wintermute, Solidity Ventures, Kinetic, republic, Wave Financial, Delta Blockchain Fund, and others are backing this decentralized solution to the bridge market with the future of DeFi increasingly appearing to be multi-chain instead of just one winner taking it all.

Recently, venture capital firm WWVentures partnered with Symbiosis for its plans for large-scale interoperability.

“The last few months have led the blockchain community to believe in a multi-chain paradigm. The idea’s novelty hasn’t prevented innovative bridges to launch, yet these first-movers all present their respective flaws. Symbiosis cleverly took the best aspects of each to build a protocol with considerable long-term potential,” said Adam Haklili, WWVentures founding partner.

Besides accumulating over 2000 in under 20 days, WWVentures believes the project will attract even more attention as Symbiosis integrates with crypto wallets, exchange platforms, and DApps leading up to Q2 2022.

With the need to transfer assets between blockchain networks going higher, Symbiosis has been covering more and more chains. Last month, Avalanche, whose DeFi ecosystem has grown 43x in the last three months, joined the Symbiosis ecosystem.

After the successful integration with Polygon, BSC, Heco, and Avalanche, Symbiosis is aiming to incorporate even more before its mainnet launch in January 2022. And the more chains it connects with, the more robust Symbioisis’s multi-chain liquidity ecosystem becomes.

“We’re going to cover every layer 2, and even some layer 1s like Solana – we just built a proof-of-concept for the Solana hackathon,” said Symbiosis Chief Marketing Officer Nick Avramov at the time.

Ahead of its mainnet launch early next year, which will be available both on desktop and mobile, Symbiosis is now expanding its team and hiring for several roles, including Solidity Senior Engineer, SMM Manager, Frontend Developer, and Senior Golang Engineer.

Late in October, the team had also launched its testnet, which means users can start testing its token swap platform. You only have to connect to the MetaMask wallet and select Rinkeby Testnet from the available networks within the wallet app. After selecting the asset you want to swap and the amount, confirm the transaction inside the MetaMask wallet and have the swap transaction mined — all in about a minute.

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