What is Symbiosis Finance (SIS)?
Symbiosis Finance is a multi-chain decentralized exchange (DEX) and interchain communication protocol. The platform is an automatic market maker (AMM) running on smart contracts. Symbiosis Finance aggregates exchange liquidity across all EVM-based and some non-EVM networks. Symbiosis Finance Token (SIS) is the native token of the project. It powers the platform, ensuring its sustainability. You can view the SIS price on the live price chart above.
Symbiosis Finance tends to solve a twofold problem: the liquidity fragmentation across different blockchain networks, and poor user experience for DeFi and Web3 services. The platform aims to make it easy to find a suitable cross-chain bridge to enable users to get the tokens they need. Symbiosis Finance is designed to meet the following requirements:
- Simple user experience. Users can swap any token cross-chain in just one click. Also, there are no additional wallets or even a long waiting time to make a swap.
- Interchain communication. It allows users to enjoy DeFi and Web3 services such as providing lending and farming protocols or buying NFT on other blockchain networks.
- Interoperable. Symbiosis Finance connects every blockchain network that gets enough market attention.
- Non-custodial. Users have total control of their funds, with no one else having access.
- Limitless cross-chain liquidity. The platform aims to support as many token pairs as possible across all blockchain networks.
Besides, Symbiosis Finance operates with three main features to meet the above requirements:
- Front end – a web interface or mobile application that collects information regarding the asset on the supported blockchain. It also builds optimal routes for swaps and helps users perform transactions.
- Cross-chain liquidity engine – a set of smart contracts launched on all supported blockchain networks.
- Relayers network – a peer-to-peer (P2P) node network of decentralized custodians that reaches the consensus on each event, sign, and send transactions.
Use Cases of Symbiosis Finance Tokens (SIS)
The SIS token is used for staking to run a node in the relayers’ network. Stakers earn rewards for participating in consensus and processing swaps. Additionally, SIS token holders can take part in the governance of the Symbiosis DAO.
Symbiosis Finance crypto is available for purchase on public exchanges. You can track the SIS price on the live chart above to make a good purchase decision. Just remember that Symbiosis Finance price could be volatile as it is a crypto asset.
Who Founded Symbiosis Finance?
Nick Avramov and Will K co-founded Symbiosis Finance in 2021. Other team members include Alexey Lushnikov (Chief Technology Officer) and Alexander Nikolaev (Chief Product Officer).
Tokenomics of SIS
Symbiosis coin has a maximum supply of 100 million SIS. The fixed supply ensures that no more tokens are minted, which may cause inflation. Therefore, the maximum supply is a deflationary mechanism, which protects the SIS price. The token distribution is designed to ensure the growth and sustainability of the ecosystem.