Description
Symbiosis Finance is a cross chain decentralized exchange that unifies liquidity from various blockchains, supporting both EVM and non-EVM technologies. It simplifies cross-chain token trades and asset transfers with a single-click operation, offering competitive rates and low transaction costs. Governed by a DAO utilizing the SIS token, it empowers holders with voting rights, security contributions, and participation incentives, encouraging active involvement and long-term commitment through token staking for governance and rewards. With $5 million raised over three funding rounds, backed by prominent investors like Delta Blockchain Fund and Binance Labs, Symbiosis Finance has established a solid foundation for growth and innovation in the decentralized exchange space.
Value Proposition
Symbiosis is a decentralized exchange that pools together liquidity from different blockchains, whether they use EVM technology or not. With Symbiosis, users can effortlessly trade any token and transfer their assets across blockchains. No need to worry about which network a token is on or how to move funds between different blockchains. All cross-chain operations are done in a single click (one transaction) at competitive exchange rates and transaction costs.
Governance
The Symbiosis protocol is governed by its Decentralized Autonomous Organization (DAO) through the SIS token, allowing token holders to trade, stake, and vote on protocol developments. Governance participation requires locking SIS tokens to obtain veSIS tokens, which grant voting power and rewards. Voting power and rewards increase with the length of token lock-up, enhancing incentives for long-term commitment. Proposals are made and voted on via the Snapshot dashboard, with one veSIS token equating to one vote.
Tokenomics
The SIS token is central to the Symbiosis protocol, fulfilling essential roles in governance, security, and incentivization. It allows holders to shape the protocol's future through the Symbiosis DAO, secure the network by staking tokens for relayer operations, and earn rewards for active participation. This multifunctional token not only fosters a dynamic ecosystem but also ensures the protocol's security and democratic governance, making it a cornerstone of the Symbiosis platform's success and growth.
Previous Funding
Symbiosis Finance has successfully raised $5 million across three funding rounds, with the most recent funding secured on February 19, 2022, from a Venture - Series Unknown round. The project is backed by 14 investors, including notable entities such as Delta Blockchain Fund and Binance Labs.
