Is symbiosis.finance the decentralized crypto exchange aggregator you have been looking for?
Why would we ever need symbiosis.finance ?
Indeed a good question !
To understand this we have to understand how the crypto universe works. In fact the place that we refer to as crypto universe is a result of the implementation of some path breaking ideas.
These implementations have been developed by teams working independently of each other.
They have been working to solve sometimes same and at times different problems by way of implementation different blockchains and cryptographic techniques.
This means the end result is a lot of useful solutions and crypto assets being created.
A good thing one must say to see so many brilliant minds working for the betterment of humanity and mankind!
The disconnect in the crypto space
However the disconnect is that these project utilize different blockchains.
As a result if an end user holds assets on one blockchain he she is at a loss to use it on another blockchain.
A physical world example
If a person goes on a holiday to another country his native currency would not work there. So if you are living in London going to U.S.A for a holiday you would need to convert your British pounds to U.S Dollars.
For this you need an exchange.
The same holds true for crypto. There are times when you need to transfer funds from one blockchain to another. So you would need a middleman to do this for you.
So you could use a centralized exchange to do this.
However there are some basic disadvantages in this system.
These are ...
- you have to open an account
- Reveal your identity by way of email and sometimes your address.
- Prove your identity by way of a KYC process
- Not all exchanges deal with all blochchains and cryptos thus you have to switch back and forth between different exchanges. This whole process can be lengthy and pretty time consuming.
If we intent to use a decentralized exchange then one may note that not all exchanges deal with every possible pair.
So what is the alternative ?
Enter symbiosis.finance !
The one stop defi solution to exchange crypto across various cryptos.
symbiosis.finance is a decentralized crypto exchange aggregator.
This means you do not have to look for exchanges which let you trade the crypto pairs.
Infact it does the hard work for you.
you simply have to open https://symbiosis.finance/ in your browser and select the crypto assets that you have and the crypto that you want.
True to its name symbiosis it would do the needful.
According to merriam webster dictionary:
symbiosis is the living together in more or less intimate association or close union of two dissimilar organisms.
So this is exactly what https://symbiosis.finance/ does.
Move liquidity across Any Chain
Symbiosis aggregates decentralized exchange liquidity across any EVM and non-EVM networks. Swap any token and transfer liquidity. Yes, any
It sure would help navigation through the crypto space and moving assets across blockchains a lot easier then it is with one centralized exchange.
Symbiosis finance intends to address two challenges areas that of liquidity fragmentation across different blockchain networks and poor user experience with Defi & web3 economies
It would provide liquidity across various networks accessible from a single interface.
symbiosis finance beyond the swap
My initial understanding was that it would help one only in doing a swap across blockchains. However upon examining the interface I see that it can also help in providing and managing liquidity.
Here is a video which shows How to add liquidity with Symbiosis Finance
Currently at the time of this post the project is in mainnet beta.
Standard disclaimer: The purpose of this post is for education purpose only. DYOR please do your own research and do due diligence before making an investment or using any services mentioned in this post.
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