Recap of Exclusive AMA: Symbiosis x StealthEX
We conducted StealthEX & Symbiosis AMA and here is a recap. Our guest was Nick Avramov, Co-founder of Symbiosis Finance.
AMA Questions from Twitter
Q1: I read that Symbiosis has the ultimate goal to bridge all networks together. However How does Symbiosis solve the problem of the uneven exchange direction between networks and, accordingly, a balance increase of one asset on one network and a decrease on the other?
Nick Avramov: For that, we do auto rebalancing of the pools + invite arbitrageours so jump in and swap in a vice versa direction with premium. So effectively when the pools are rebalanced, one can swap say USDT from chain A to chain B with a premium, earning 5–10% on average. No magic behind that, it’s a constant product AMM model. Quite common in the DEX space, but we were the first to apply that to cross-chain.
Q2: As a multi-chain AMM DEX, what important role will Symbiosis play in capturing the liquidity of Each ecosystem and what good progress in product and cooperation you’ve made now so far? How many Blockchain have you integrated in your platform?
Nick Avramov: Well we’re live on 27 networks, mostly Ethereum L2s, but also Tron and we plan to add different BTC L2. We do different campaign with supported networks, for instance, just today we announced incentivization campaign with Mantle 🙂
You can check one on our Twitter.
Q3: Accurate price oracles are essential for AMMs, but even more so in a cross-chain environment. How does Symbiosis handle potential discrepancies in real-time pricing between chains, and what are the risks involved?
Nick Avramov: First of we do not use oracles what so ever as they indeed present a huge problem — instead, we intermediate all the swaps through pool either via gas token (eg Ether) or stablecoin (USDT, USDC), so we pick up the liquidity already existing on-chain on different DEXes. Besides, ofc we have slippage tolerance parameter specified by the user, that directly reflects those associated risks.
Q4: Centralized exchanges are increasingly offering cross-chain swaps with easy-to-use interfaces. How does Symbiosis address the challenge from CEXes, considering they often have larger user bases and can sidestep some decentralization concerns?
Nick Avramov: That’s quite simple — it’s just not your keys not your assets problem. if one would like to enjoy full self custody and while that still perform swaps between chains — better use symbiosis and the like solutions.
We see the volume of decentralized platforms growing over time, so at some point with some automations built on top we probably see that DEXes will cut the market share of CEXes — mostly a matter of time.
Q5: A seamless user experience is crucial for adoption. Could Symbiosis outline the design principles behind its interface and provide a preview (if possible)? How is the platform designed to be welcoming to both beginner and experienced DeFi users?
Nick Avramov: It’s quite simple as 1–2–3–4:
- Connect wallet to app symbiosis finance.
- Choose your fav pairs.
- Sing transaction.
- Good to go received any desired token pair 🙂
Currently we mostly target crypto-native users, so having a wallet/basic knowledge of Trust Wallet/MetaMask etc are required.
But we’re thinking over acount abstraction tools so that crypto newbies can also jump in.
Q6: How does Symbiosis enable users to participate in farming and staking activities to earn rewards, reduce cross-chain fees, and increase APR for providing liquidity, and what are the risks and rewards associated with these activities?
Nick Avramov: At the moment we do not have a farming program per se, but we do different collabs with supported networks, so instance, with Mantle we have 95,000 MNT (around $92k) reward program for swaps. Meaning that in case you’re swapping to Mantle you gonna get a sort of a cashback.
We did that with Arbitrum and some other networks in the past, will ensure to have more campaigns in the future 🙂
Q7: Which blockchain networks originally deployed the SIS token, and how can it be bridged to other networks?
Nick Avramov: Well we now have SIS deployed on ETH, BNB, Arbitrum, Scroll, Linea. At the moment we do not plan any additional networks for SIS, but we’re thankful for StealthEX for adding SIS for exchange 🙂
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Q8: All the goals of the Symbiosis project are absolutely great, But One of the main factors users are looking for in the crypto project is the use cases of the token? So what are the Use cases of your token in the Symbiosis platform?
Nick Avramov: It’s mostly governance token used for managing protocol. Time to time we have incentivization programs for veSIS holders, maybe we’ll announce soon profit distribution among them 🙂 but it’s to be announced.
Q9: In what ways does Symbiosis support the growth and adoption of its native governance token $SIS, including listings on major exchanges like HTX and integrations with platforms like Changelly, and what upcoming developments and incentives can $SIS holders look forward to?
Nick Avramov: Well we’re working on more listings ofc, but now it’s quite obvious we need only tier 1 exchanges. For more use cases I cannot honestly disclose yet, but we plan several ones and testing them out now. To be announced 🙂
Q10: As Symbiosis continues to evolve and expand its ecosystem, what are the company’s future plans and upcoming developments in terms of product offerings, partnerships, and further advancements in cross-chain liquidity management?
Nick Avramov: The main goal for us in this quarter is to release native Bitcoin support and then we will add all BTC L2 networks. Some already live 🙂
Live Questions
Q1: Many DEX projects rely on unsustainable incentives or token emissions to attract users. How does Symbiosis core business model and revenue streams ensure continued growth and development without relying solely on inflationary tokenomics?
Nick Avramov: You’re right, Symbiosis operates on a fundamentally different paradigm! our core business model is about sustainability and long-term viability over short-sighted token emissions or unsustainable incentives.
We recognize the importance of diligently assessing all activities and assets within our ecosystem to ensure stability and growth. One of the main things we do is maintaining a robust foundation for sustained development and tokenomics growth.
Yeah, I think we should trust each other, ’cause there is no other way to build a solid community and a particular DeFi subsphere, but checking the numbers and prospect is equally important!
Q2: Symbiosis introduces innovative cross-chain features like “Token Teleporting.” How does this impact the tokenomics of SIS and other integrated assets? Are there potential implications for long-term price stability and network effects?
Nick Avramov: Symbiosis aims meticulously at getting at the forefront of innovations. The Teleport updates enhances the interoperability of assets we work with but also influence the $SIS tokenomics. while the specific conditions may vary, our team remains vigilant in assessing and adapting to these dynamics.
One of our main priorities is to grow from beneath: when the system is strong and the tech updates are coming consistently, proving that the company itself knows what it does, its token may be expected to outlive even the most significant turbulencies in the market.
Q3: Are you planning to promote your project in countries/regions where English is not good? Do you have a local community for them to better understand your project? This looks like an amazing project!
Nick Avramov: We have a pretty lively linktree with a lot of community chats available for a range of countries — and yeah, we’re trying to maintain the chat in the native language in each case 🐙
We have a lot of them devoted to a range of Asian communities and European ones. The diapason varies slightly from the chats we have on Telegram and on Discord, but anyway please rest assured everyone’s welcome at Symbiosis and we’ll do our best to find the words and ways to communicate with you!
StealthEX: Thank you everyone for being here, and we hope that you enjoyed the AMA!
You can swap Symbiosis (SIS) token on StealthEX exchange platform.
How to Buy Symbiosis (SIS) Crypto?
Just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example, ETH to SIS coin.
- Press the “Start exchange” button.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your crypto coins!
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