Meeting the two major demands of "cross-chain + exchange," can Symbiosis seize the opportunity in the multi-chain era?

Organizer: Azuma

With the collective explosion of public chains like Solana, Avalanche, and Fantom, the wealth effect of emerging ecosystems is on the rise. To capture these brand new wealth opportunities, the demand for cross-chain asset movement among users is increasing. While general cross-chain bridge services can meet the needs of users to move certain assets to other ecosystems, they do not go further to satisfy the advanced demand for users to freely exchange tokens while cross-chain.

In this community super topic, we have invited Nick Avramov, the CMO and co-founder of Symbiosis. As a brand new cross-chain protocol, Symbiosis focuses on the concept of "cross-chain + exchange," allowing users to freely exchange any two assets across Ethereum, BSC, Polygon, Avalanche, and even more ecosystems with a simple transaction.

Q1: Can you briefly introduce Symbiosis to everyone?

A1: Symbiosis is a multi-chain liquidity protocol that provides liquidity services across all networks through a single interface, allowing users to exchange any two tokens between different networks (regardless of whether they support EVM) with one click. Symbiosis is characterized by decentralization, security, and simplicity of operation. We will provide liquidity services for all mainstream blockchain ecosystems, thus building a blockchain metaverse. From the perspective of cross-chain communication, Symbiosis serves as a unified transport layer.

Q2: What industry problems has Symbiosis identified and solved?

A2: The main members of our team have known each other for over five years and have participated in various projects together. During that time, we accumulated some experience and realized that certain issues had not attracted much attention. This is the original intention behind proposing Symbiosis—eliminating the fragmentation of liquidity between different decentralized projects. This market is growing and will continue to grow, and its growth also contributes to the growth of other areas in the cryptocurrency world. We recognized this and began our research, ultimately giving birth to the Symbiosis solution.

Q3: Can you explain the principles and features of Symbiosis?

A3: Symbiosis has the following features:

• Simple operation; we have a user interface similar to Uniswap. No need for additional wallets, no long transaction processes, and no extra exchange operations.

• Fully decentralized. No centralized power can stop the operation of Symbiosis or censor user access.

• Interoperable. Symbiosis will provide liquidity services for all mainstream blockchain ecosystems, and our ultimate goal is to connect all networks.

• Non-custodial. No one (including the Symbiosis team) can access user funds.

• Infinite cross-chain liquidity. Symbiosis supports free trading between all tokens on different chains while providing the best prices for exchanges between any tokens.

Our team has extensive experience in building cryptocurrency services.

Q4: Can you tell us which investment institutions participated in the early investment of Symbiosis?

A4: Our early investors include Blockchain.com, Spartan, Avalanche (Avatar), DAO Maker, KuCoin, and others. You can check the complete list of investment institutions on our official website at any time.

Q5: Can you introduce yourself and other core team members of Symbiosis?

A5: Will Kamalov is our CEO. Will was a managing partner at the IT consulting firm SDT.group, where he started his blockchain career. Additionally, Will has participated in government-level DLT projects as an independent consultant.

Alex Lushnikov is our Chief Technology Officer (CTO). Alex is a software architect with over five years of experience in Crypto development and consulting. He previously served as the head of the development department at SDT.group.

I am Nick Avramov, the Chief Marketing Officer and co-founder of Symbiosis. I became a blockchain believer early on and led the marketing team for the instant trading platform ChangeNOW.io. Additionally, I have provided consulting services for the German compliant cryptocurrency custody institution Trustody.io and participated in the early marketing of the Swiss crypto bank Aximetria.com.

Q6: Are there any future plans you can share with us?

A6: We plan to integrate all Layer 2 networks and other non-EVM networks, such as Solana, Algorand, and Terra. We hope to embrace DeFi as much as possible and provide users with high-quality, easy-to-use services.

We hope that when we launch the mainnet, users will be able to exchange any two tokens between different networks (without any restrictions) and freely move liquidity across different chains, all with just one click in MetaMask.

We aim to provide a secure platform to ensure the safety of users' funds.

Q7: Are there other projects doing similar things? What are the advantages of Symbiosis compared to these projects?

A7: Yes, are you familiar with Thorchain? Next, I will explain the differences between the two projects.

First, Symbiosis uses a classic AMM exchange pool model, which does not require pairing each token with our native token (in the case of ThorChain, it is paired with RUNE). Therefore, we can provide better capital efficiency for users and liquidity providers, reducing slippage and impermanent loss.

While ThorChain claims that the CLP solution has higher capital efficiency than the XYK+bep30 solution, this has not been proven. We have seen how Bancor Network lost the market to Uniswap due to trading experience issues—Bancor Network was the first AMM on Ethereum, and they also paired their native token BNT similarly to ThorChain.

We have only two liquidity pools for each blockchain pair, while ThorChain has x+y pools (where x is the number of assets on one chain, and y is the number of assets on another chain).

Symbiosis's exchange pool has a unique feature: one of the assets in the pool is a wrapped version of the original token. Therefore, in addition to the usual scenario of purchasing assets on the open market, arbitrageurs should also execute bridging scenarios (token A <-> sToken A). The significance of this operation is to transfer the original token into or out of the Symbiosis protocol and execute management. The stablecoin pool has certain special characteristics, allowing it to work across multiple networks simultaneously.

Q8: As a decentralized protocol, is there any risk for users when transferring assets through Symbiosis? How can we avoid these risks?

A8: There is no risk in using the Symbiosis protocol; all AMM logic operates based on audited smart contracts, and transactions undergo predictable conversion rate calculations before execution. Symbiosis's smart contracts are transparent and have been audited for security by several independent experts. The relay network does not directly access users' funds when executing transfers; it only forwards messages between blockchains. In the case of a relay timeout, users can always execute a refund operation (restoring the state).

The only potential issue that could arise in a cross-chain AMM DEX scenario is if a transaction is forced to cancel due to price fluctuations of the target chain's assets. In this case, the user's funds will be "stuck" in the target chain in the form of stablecoins and will need to be manually exchanged for the desired assets. Adjusting the slippage tolerance parameter is a potential measure to address this issue.