Symbiosis Research
The metaverse narrative is taking over the crypto markets at the moment, as I’m sure you’ll know if you’re actively involved
Although I believe there is a lot of upside to the metaverse and specifically the gaming projects contained within that heading still to come (although it is likely to take many twists and turns along the way)
The crypto sector with arguably the largest potential impact on transforming real world finance and existing infrastructure in my opinion, is still DeFi
Thanks to the furious pace of progress over the past 2 years there are increasingly few remaining gaps that separate DeFi and TradFi (Traditional Finance)
DeFi 2.0 can be defined as “DAOs working with DAOs”
Within this framework, there needs to be one stop solutions to swap tokens across multiple chains with low slippage
Symbiosis aims to create a blockchain metaverse by offering a bridge to every major blockchain ecosystem
Problems with existing bridges and solutions
There is currently no market leader and each chain builds its own custom bridge which has a learning curve for users to adjust to
This results in liquidity getting distributed over all the existing bridges
Thus, bridges become inefficient
What is Symbiosis ($SIS)?
Symbiosis is a decentralized multi-chain liquidity protocol
Symbiosis lets users seamlessly swap any tokens across all EVM compatible blockchains: ETH, BSC, Polygon, AVAX, HECO as well as WASM solutions (Solana, Terra) are planned to be supported
It aims to serve as a unified transport layer for cross-chain communication bringing in the best rates across multiple chains, ease of use (intuitive UI/UX) and safety (non-custodial solutions)
The user remains sole owner of the funds throughout the process
Features of Symbiosis Fi
- Fully decentralized based on scalable pegging mechanism: no authority can freeze the protocol or censor users from accessing the protocol
- Interoperable: it connects to every chain with enough market attention to warrant it
- Non-Custodial: Users always maintain control of their funds
- Easy to use, limitless cross-chain liquidity: the protocol will target as many token pairs as possible across all chains, while still providing the best prices for swaps between any arbitrary token pair
Tokenomics
As with most staking/liquidity providing service the token allocations and vesting periods are pre-defined and relatively easy to understand
$SIS is deployed on Ethereum and used for:
- Staking to run a node in the relayers’ network
- Governing the Symbiosis DAO and DAO Treasury
Seed Round
Fundraised: $2,000,000, price $0.20, vesting is 10% at the TGE, 4 months cliff, then 3.333% on a monthly basis
Private Round
Fundraised: $3,000,000, price $0.50, vesting is 10% at the TGE, 4 months cliff, then 5.294% on a monthly basis
Strategic Round
Fundraised: $3,525,000, price $0.75, vesting is 10% at the TGE, 4 months cliff, then 5.294% on a monthly basis
SHO
Fundraised: $435,000 + $5,000 Community Round, price $0.80, vesting is 25% at the TGE, 4 months cliff, then 25% on a quarterly basis
ByBit Round
Fundraised: $650,000, price $1, 100% at the TGE (no vesting)
Public Sale
Fundraised: $100,000, price is $0.75, 100% at the TGE (no vesting)
$SIS uses wrapped tokens, you can read about it in detail along with the minting and burning processes here.
The token economy is circulated and maintained by balancing the staking rewards, LP rewards and maintaining the security of the relayers network
Team
Core members of the team have experience in crypto as well as IT companies.
The education aspect as well as the relations with TradFi institutions should be greatly enhanced by this
I like that they have a specific relations and marketing division within the company from an early stage as fast expansion and onboarding is crucial for a project like this to gain market share and confidence
The Road Ahead
Symbiosis Fi is scheduled to launch the farming contracts, crosschain Dex mainnet and get security audits in Q4 2021
This will shape the future of the project massively
These outcomes will directly affect new networks onboarding and Solana+Polkadot parachain mainnets
There is definitely a fresh take that Symbiosis Fi provides to the DeFi market but the major obstacle they might face is gaining market share quickly and taking some share from other major players in the space
How to Buy the Token
Disclosure: I invested in their Strategic Round
The token is already live on:
Gate (https://gate.io/trade/SIS_USDT)
Bybit (https://www.bybit.com/trade/spot/SIS/USDT)
Learn More about Symbiosis
Website: https://symbiosis.finance/
Twitter: https://twitter.com/symbiosis_fi
Telegram: https://t.me/symbiosis_finance
CoinMarketCap: https://coinmarketcap.com/currencies/symbiosis-finance/
Public Testnet: https://testnet.symbiosis.finance
Documentation: https://docs.symbiosis.finance/
Conclusion
Having used various bridges I’m aware that none of them is perfect and there is a hole in the market for a solution that fills in the gaps from the current solutions
In my own personal journey into DeFi I went from someone who just used Ethereum, then added Binance Smart Chain and now I’m using so many chains and protocols I don’t think I could even list them all if I tried
Just today I wanted to swap one of my tokens from ERC20 to BEP20 so I could stake them
- Checked Anyswap, nothing
- Into the Telegram, find a link, spend some time trying to verify it’s an official link
- Go to the Bridge, have to send a test transaction because I’ve never used it before and need to make sure it works
- Transactions fail to authorize numerous times before finally going through
- And on and on it went…
In the end, an hour of my peak working time gone
I don’t and will never let anyone else manage my own funds so I have no choice but to do this if I want to optimize my positions
I do and will always seek peak efficiency for this type of “grunt” work
For me, Symbiosis is a long term bet on the team delivering a “one stop shop” for someone like me to swap my assets across chains in a simple, secure and efficient manner
At a current market cap (at time of writing) of $23m, they have less than 10% of the market cap of who I would consider their biggest competitor; Anyswap, who currently sits at $274m, so there is enough upside potential if you believe they can capture a meaningful amount of market share
As they are already live and the vesting schedule is relatively simple, it should be easy enough to plan buys if you’re looking to accumulate a position (although as always, that is an individual choice to make!)
