In getting ahead of the whole blockchain community Symbiosis Finance With Symbiosis already running on three major blockchain networks, the integration of Avalanche and Polygon will further expand the ecosystem.
Avalanche Asia Star Fund (AVATAR), a venture capital and startup incubator. focusing on blockchain startups Be one of Symbiosis’s investors and support Symbiosis to develop on the Avalanche network.
Integration details
Once activated All users have to do is go to testnet and select any coin in the supported network. Users then need to select a token on the Avalanche C-chain and trade it in. Testnet-0 will host the first official launch, featuring a featured cross-chain swap and liquidity supply module.
And to ensure that there is no inconvenience during the testnet phase, developers monitor the system 24/7 after launch. To help assess the stability and speed of Symbiosis networks, it is important to ensure a smooth user experience as user traffic increases rapidly.
How does Testnet work?
User must first connect Symbiosis testnet to MetaMask wallet and select “Rinkeby Testnet” from all networks. And the next step is to select the asset you want to trade and specify the amount, then click “swap” and confirm the transaction in the metamask wallet, it may take some time to process and confirm the transaction.
when the transaction is confirmed You will find assets in your wallet. And the transaction activity can be monitored on the blockchain explorer.
Symbiosis’s integration with the Avalanche network provides a more convenient option to trade assets across the network to users on both sides. and to understand all potential We will delve into how these two protocols work.
Symbiosis Finance: Move Liquidity across Chains
mission of Symbiosis Finance is to help move liquidity across all chains by helping to consolidate liquidity in a decentralized platform. All EVM-compatible blockchains to allow liquidity to be transferred on any chain without facing increased slippage.
While implementing the protocol, Symbiosis optimizes security, incentives, and decentralization which are three key areas. The protocol will secure the system. non-custodial By leveraging Threshold Signature Scheme and Multi-Party Computation and for participation incentives The community-driven nodes of the relayers network are staked tokens for swap, and ultimately, true decentralization is achieved by allowing everyone to be in control to help secure and create meta impact. The future of blockchain
In addition to AVATAR, Symbiosis Finance has received investments from Spartan Group, Dragonfly Capital, Wave Financial, Republic, Kenetic, Bixin Ventures, Amber, Sybil, Algorand, KuCoin, and many more.
The value of the services Symbiosis provides is one of the reasons many investors want to support it. By helping to find the best rates from multiple networks by regularly checking exchange rates. Moreover, the number of crypto pairs monitored is over several thousand.
Symbiosis helps to find the most efficient trading method by designing for a user friendly, easy to understand, hassle free, no need to know any special software to use it, including no need to back up key files and create a wallet. new browser What is particularly interesting about the protocol is that There is no need to hold the coins of different platforms to pay gas fees, providing cross-chain gasless transactions can help solve this problem.
As a fully decentralized system There will be no central authority that can halt the protocol or limit user access. Being unsupervised means no one has access to user funds. and finally Targeting as many token pairs as possible can cross all networks while maintaining the best price for each pair. This makes cross-chain liquidity practically limitless.
Avalanche: Fast, Low Cost, and Eco-Friendly
Avalanche’s integration is particularly important as the fastest smart contract platform in the blockchain industry. It works with the least amount of time, while validators provide the highest level of activity security with a non-destructive protocol. proof-of-stake
As a smart contract platform, Avalanche’s possibilities are limitless. It has helped create a fast, low-cost dApps-compatible Solidity that can instantly verify transactions and process thousands of transactions in one second. And for any project, Avalanche’s presence means the power to adapt blockchain to perfectly fit the application needs.
potential for customization It enables virtual machines to be built and shaped for blockchain operations. Avalanche enables scalability for millions of auditors with minimal hardware. Users can stake or lock on AVAX to help process transactions and maintain them. security for the platform and helps to guarantee safety that is 51% higher than the standard level
Deploying smart contracts on Avalanche is possible for as little as a tenth of the amount spent on Ethereum. front-running And other side-effects, the flexible and configurable VM is another USP, and the EVM can run fully on Avalanche. Avalanche is also used in many areas.
In the DeFi space, it has proven to be cost effective in AMM asset issuance, borrowing and lending and DEX. It also proves to be useful in institutions. organization and government and in the field of digital collectibles as well
Integration with Polygon
The Polygon protocol provides developers with a framework to build and connect Ethereum-compatible blockchain networks, and multi-chain systems provide the best combination of Ethereum and blockchain. Blockchain technology suffers from operational bottlenecks such as high gas fees, slowness, etc. While Polygon pairs with key networks such as Polkadot, Cosmos, and Avalanche, it comes with three additional benefits. Plus, Polygon is fully equipped to optimize Ethereum’s network, so it’s pretty secure. effective and more open
With Polygon, you can deploy a pre-set blockchain network with one click. It also offers an expanded set of modules for developing custom network and critical interoperability protocols. This allows Ethereum to exchange messages on-demand with other blockchain networks. Polygon also offers an alternative solution. “Security as a service” while hosting adapter modules proved useful in enabling interoperability for existing blockchain networks.
The Polygon score is high in terms of both user and developer experience, and its UX is comparable to Web2 in that transactions are instant. The developer experience is comparable to that of Ethereum without the need for protocol level knowledge. No token deposits, fees or authorizations are required.
summarize
The collaboration between Avalanche, Polygon and Symbiosis will be more beneficial in the future. Collaboration is the future of blockchain, and the Avalanche Bridge will make it easy to transfer Avalanche and Ethereum assets between blockchains. Symbiosis combines all the networks that have captured the attention of the market. And all network connections lead to the strongest and most efficient system.
After launching on testnet, Polygon developers will perform 24/7 system monitoring to make sure the system is stable and fast enough even as the number of users increases.