Symbiosis BSC — a cross-chain engine and cross-chain communication protocol.
What is special about Symbiosis BSC?
Symbiosis BSC's vision is that users need an easy solution to move their liquidity across multiple chains.
The Symbiosis protocol meets the following requirements:
| 1. | Simple user interface, similar to Uniswap. |
| 2. | No additional wallets, long waits or extra steps to continue the exchange. |
| 3. | Providing liquidity to third-party DeFi protocols through Symbiosis. |
| 4. | Completely decentralized. |
| 5. | No central party can stop the protocol or censor users' access to it. |
Symbiosis BSC aims for the highest possible number of token pairs across all blockchains while providing the best prices for swaps between any arbitrary pair of tokens. With Symbiosis, users can provide liquidity to other DeFi protocols. Thus, Symbiosis acts as an interchain communication protocol here.
You can currently add tokens to the following lending and farming protocols:
- Aave, BENQI, C.R.E.A.M.
- Beefy.
sTokens (wrapped tokens) are used for technical purposes in the Symbiosis protocol. End users cannot trade or exchange sTokens (wrapped tokens). By design, the Symbiosis protocol ensures that each wrapped token and sToken is backed 1:1 by the underlying asset locked in the smart contract.
Using Zaps
Zaps are used to add liquidity to liquidity pools or DeFi protocols. A Zap can contain multiple network operations, packed into a single transaction. Zaps are processed by smart contracts that implement the functionality of the protocol.
Symbiosis owns liquidation pools with {stablecoin <> sToken} pairs to perform cross-chain exchanges. Symbiosis has implemented cross-chain Zaps to add liquidity to these liquidity pools from Symbiosis-backed blockchains. Zap does not participate in the withdrawal of liquidity. When withdrawing liquidity, the user receives liquidity in the types of tokens, contained in the liquidity pool. Withdrawal of liquidity always occurs within the network.