Key highlights:
- Symbiosis Finance has integrated support for Arbitrum, a leading Ethereum scalability solution
- Symbiosis Finance is a multi-chain liquidity protocol that’s launching their mainnet soon
- The project will also be launching SIS farming on Arbitrum
Symbiosis unveils Arbitrum integration as their mainnet launch approaches
Multi-chain liquidity protocol Symbiosis has been expanded to the Arbitrum platform, giving Ethereum users a low-cost alternative for performing trades in a decentralized manner.
The Symbiosis team describes their platform as a “unified transport layer for cross-chain communication”. Symbiosis scans multiple blockchains to find the best rates for token swaps while providing a simple user experience that’s similar to Uniswap. One of the features Symbiosis is working on is eliminating the need for users to hold the native assets of each blockchain they’re accessing through the Symbiosis platform. This “gasless” feature will allow users to pay the gas fees with the asset they are swapping.
The protocol provides a non-custodial service, where users remain in control of their private keys at all times. In addition to Arbitrum, Symbiosis supports the Ethereum, Binance Smart Chain, Polygon, Avalanche, Huobi Eco Chain and OEC blockchain platforms. Currently, Symbiosis is available on testnet, although we can expect the project to launch their mainnet soon.
Symbiosis has held token sales on the Bybit and Gate.io cryptocurrency exchanges, and also successfully conducted an IDO on DAO Maker.
Arbitrum is one of the leading layer 2 solutions that’s addressing the scalability limitations of the Ethereum blockchain. By using optimistic rollups, Arbitrum can support the same types of decentralized applications as Ethereum while offering significantly faster and cheaper transactions. On Arbitrum, multiple transactions are batched into one Ethereum transaction. Arbitrum derives its security from the Ethereum blockchain, and data about the transactions conducted on Arbitrum is stored on Ethereum. Arbitrum is being quickly adopted by leading Ethereum-based projects, including the likes of Uniswap, Aave and 1inch.
Layer 2 solutions like Arbitrum are more important than ever as the transaction fees on Ethereum are creating a significant barrier to entry. Some users have abandoned the Ethereum blockchain altogether because interacting with DApps on the platform is too expensive from a transaction fee standpoint.
In addition to providing a more cost-efficient alternative, the Symbiosis integration with Arbitrum will ultimately result in a bigger selection of options for token swaps. Liquidity providers on Arbitrum can now earn SIS by providing liquidity to the WETH/SIS trading pair on Sushiswap, and Symbiosis is also planning to launch a yield farming program on Arbitrum.