🧐Project Research | Cross-chain Aggregation Symbiosis Announces the Latest Bitcoin Cross-chain Bridge - Turning the Impossible into Possible
The development of the cryptocurrency industry has seen numerous excellent front-end applications and countless infrastructure public chains. However, due to each public chain's desire to develop its own economy, cross-chain demand has become an urgent market need. The ultimate goal of cross-chain applications is to enable users to transfer assets and liquidity between chains in the simplest, fastest, and most efficient way, giving rise to cross-chain aggregation.
Currently, there are over 30 cross-chain aggregation applications on the market, with Stargate and Across being representative. However, today we will introduce the king of cross-chain aggregation technology - Symbiosis.
1️⃣ What is Symbiosis?
Symbiosis is an innovative cross-chain engine and cross-chain liquidity aggregation protocol that integrates liquidity from different blockchain networks, including L1s (such as Ethereum, Polkadot, etc.) and L2s (such as Optimism, Arbitrum, etc.), as well as EVM and non-EVM networks. It provides a seamless cross-chain trading experience, allowing users to exchange any tokens between different blockchains without worrying about insufficient liquidity.
The core technologies and functions of Symbiosis mainly include:
Cross-chain transactions: Users can convert tokens from one chain to another through Symbiosis' service chain (S-chain), simplifying the operation process and significantly reducing transaction costs and time.
Liquidity provision: Symbiosis encourages users to provide liquidity to maintain its liquidity pool, allowing users to receive corresponding rewards and creating additional sources of income for participants.
Decentralized governance: The introduction of Symbiosis DAO allows holders to participate in the protocol's governance, determining the future development direction and reward distribution mechanism.
2️⃣ Symbiosis's Role in the DeFi Ecosystem
Symbiosis is not just a trading platform; it is shaping the future of the entire cross-chain DeFi ecosystem. Through its API, developers can quickly integrate Symbiosis' functionality, allowing users to perform cross-chain operations within applications, greatly promoting the cross-chain interoperability of DeFi applications.
User experience: For ordinary users, Symbiosis provides an extremely simplified cross-chain experience, allowing users to trade without deep understanding of blockchain technology, especially friendly to newcomers.
Ecosystem integration: Through cooperation with other projects within the ecosystem, such as the collaboration between Sei Network and OKX Web3, Symbiosis has not only expanded its user base but also brought more liquidity and activity to the entire DeFi ecosystem.
3️⃣ Funding Situation
October 21, 2021: Raised $2 million, led by http://Blockchain.com Ventures, with participation from Wave Financial, BTC Inc, KuCoin Labs, Injective Labs, DAO Maker, Primitive Ventures, Kairon Labs, http://Gate.io, and Richard Dai.
February 18, 2022: Received strategic investment from Binance Labs.
4️⃣ Symbiosis Project Data
Supports liquidity exchange on 35 blockchains and is integrated into all major aggregators such as http://Li.fi, Socket, Rubic, DODO, etc.
Accumulated trading volume has reached $2.62 billion, with over 2.41 million transactions.
Records nearly 400,000 Symbiosis addresses.
Token $SIS is listed on all major exchanges such as Bybit, OKX, Huobi, Gate, etc.
Token $SIS is available on 5 chains (Ethereum, BNB, zkSync, Linea, Scroll), supported by Mantle, GMX, AAVE, Taiko, zkSync, and TON.
5️⃣ Token Details
Governance token: $SIS
Total supply: 100 million Circulating supply: 65 million Circulating market value: $13 million
6️⃣ Token Empowerment:
Governance voting: SIS holders can participate in the decision-making process, especially regarding Symbiosis DAO, through voting.
Protocol security: SIS is used for relayer rewards to ensure the stable operation of the relayer network.
Protocol incentives: Earn SIS rewards by participating in Symbiosis activities.
7️⃣ Symbiosis's Bitcoin Cross-chain Bridge
Symbiosis's Bitcoin Cross-chain Bridge is a tool designed to connect Bitcoin with other blockchain networks. It allows users to transfer Bitcoin from the native network to other supported blockchains, such as Ethereum, zkSync Era, etc.
The launch of this service is considered a milestone as it increases the liquidity and availability of Bitcoin in the decentralized finance (DeFi) and cross-chain ecosystem.
Technical implementation: Symbiosis utilizes multi-party computation (MPC) and threshold signature scheme (TSS) to manage the locking and unlocking of transactions and assets through its Relayers network. When users want to bridge Bitcoin, they first send Bitcoin to a specified address, which is identified by Symbiosis' BTC Forwarder. Then, an equivalent amount of syBTC (Symbiosis' wrapped version of Bitcoin) is minted on the target chain (such as zkSync Era). Subsequently, users can exchange syBTC for other desired tokens through the protocol.
User experience: Users only need to input the amount of Bitcoin they want to bridge, select the target network and token on Symbiosis' platform, and follow the system's instructions to send Bitcoin to the specified address. Throughout the process, Symbiosis handles all cross-chain operations, ensuring that users receive the corresponding tokens or assets on the target network.
Importance of the ecosystem: This bridging service is not just a technological breakthrough but also an extension of the ecosystem. It enables Bitcoin to participate in a wider range of DeFi applications, including liquidity provision and cross-chain transactions, enhancing the interoperability and user experience of the entire blockchain ecosystem.
Community response: According to discussions on X, Symbiosis's Bitcoin Cross-chain Bridge has garnered widespread attention and support from the community. Users and partners celebrate the launch of this new service, considering it a significant development that can drive the application of Bitcoin in the cross-chain field.
In summary, Symbiosis's Bitcoin Cross-chain Bridge is not just a technical tool but also a bridge for the ecosystem, connecting Bitcoin with the broader blockchain world, greatly enhancing the usability and liquidity of Bitcoin.
8️⃣ Relative Competitive Advantages
Bitcoin bridging technology: While most projects in the cross-chain aggregation sector have matured and offer multi-chain exchange and liquidity aggregation, they mainly support EVM chains. Symbiosis has released Bitcoin bridging technology, providing convenience for users to directly perform cross-chain transactions with their BTC assets, significantly reducing transaction costs and time. This is particularly important for the DeFi ecosystem as it lowers the barriers to using Bitcoin for asset management and trading, promoting a wider application of Bitcoin in DeFi.
Wide support for public chains: The leading project in the same sector, Stargate, currently supports only 16 public chains, while the second-ranked Across supports only 3 public chains. In contrast, Symbiosis supports 35 public chains, including EVM and non-EVM.
Wide support for tokens: Symbiosis supports the exchange of almost any issued token in the market and the transfer of liquidity.
Undervalued token market value: Compared to the leading projects in the same sector, Stargate's STG has a total market value of $352 million, and Across's token $ACX has a total market value of $258 million, while Symbiosis's token $SIS currently has a total market value of only $20 million, indicating significant growth potential in the same sector.
Continuous growth in TVL: Although Symbiosis's current TVL is only $11 million, ranking seventh in the same sector, its TVL has been continuously growing. Since May, in just 4 months, the TVL has doubled, indicating the potential to enter the top five in the near future.
9️⃣ Conclusion
As a technological leader in the cross-chain aggregation sector, Symbiosis is continuously introducing more blockchain networks and liquidity sources, reshaping the asset exchange in the blockchain ecosystem with its unique technical architecture and innovative solutions, bringing more opportunities and possibilities to Web3.
In particular, the launch of the Bitcoin cross-chain bridge may bring significant growth and attention to the project, and is expected to become a benchmark for cross-chain transactions, providing new development ideas and technological innovations for the entire industry.
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