Achievements and News - Symbiosis Q1 2024 Recap

Innovation and progress towards new heights - these past three months have been rich in lots of milestones for Symbiosis! With numerous campaigns and integrations, continuous growth and constant launches, our team and our community have a lot to be proud of. 

Starting this recap with the most important words - thank you. To the amazing family of the Symbiosis community for being the driving force for us to grow, progress and evolve. Only together we can build the best version of DeFi.

Four newly supported blockchain networks, $SIS listings, product features that have made Symbiosis swaps and bridges even better - we worked and played hard. And just like that, we’re about to enter the new quarter of 2024! 

Let’s review what happened to Symbiosis in Q1, and share some of the plans for the upcoming months.

New Perks in Symbiosis - What Are They?

Making DeFi more open is one of our primary goals. That’s why our team has been focused to provide Symbiosis users with several product advancements. The less obstacles our Symbiosis tribe experiences - the further we step and progress.

Fee Deduction Program 

In February this year we launched a new system of fee discounts and partner incentives. Our team expanded the variety of benefits and perks that are exclusively available for the $SIS tribe. 

The framework is as follows: the more veSIS tokens you obtain - the greater your discount for cross-chain swaps is. This is one of the many utilities that $SIS combines to unlock the full potential of the DeFi.

ICYMI: veSIS tokens are the vote escrow version of SIS token that the community acquires when staking it. This is just one of the utility cases that SIS holders are offered to. From boosted APR for providing liquidity to voting rights in Symbiosis DAO to shape the future of the ecosystem - these are just some of the utilities that Symbiosis governance token supports. 

If you want to learn more - this article would be your best source!

Lifting the Swap Amount Limits 

We farewelled another limit - the minimal sum of tokens for swaps at Symbiosis. From now on, you can exchange the assets that are less than the equivalent of 10 USD. Whether it’s 5 USDC on Blast or 0,0022 ETH - there’s nothing that stops you from the swaps anymore.

There are lots of updates we’re preparing for our loyal Symbiosis family, so make sure to check the Symbiosis Roadmap to get the grasp of what’s happening this year!

Bonus - Big News for $SIS Holders

According to the announcement, something big is coming exclusively for SIS holders. Follow our social media channels and make sure to check the Announcement channel in Telegram to learn about the upcoming news first. 

Hot Campaigns and Integrations - Everything You Need to Know

Fasten your seatbelts - our flight has been only scoring the news heights 🙂

Campaigns with Symbiosis

We kicked off this February by a lit campaign with TrustWallet! 

The pool prize of $50 000 was distributed in $USDC and $SIS tokens among participants that used TrustWallet and have explored cross-chain swaps via Symbiosis. The highest total amount was one of the criteria for the giveaway campaign, and we were so excited to onboard more enthusiasts to join our rapid DeFi journey!

Another astonishing campaign that was happening this March included one of our newest partners - Rootstock!

As a part of the Rootstock launch in Symbiosis WebApp, we collaborated with the Rootstock team to expand the DeFi ecosystem and incentivize community in a cross-chain campaign on Galxe with an amazing pool prize of the equivalent of $5000. Good news that the dashboard of the eligible winners was recently published in our Socials.

Not to forget a blazing campaign with Mode and Kim Protocol! It’s been a huge event to celebrate the launch of Mode at Symbiosis where users needed to perform on-chain and cross-chain swaps into Mode with literally any token. Campaigns with frens for frens 🙂

Right in time for the dope campaign with zkLink Nova and OKX. We have joined our cross-chain forces with zkLink and are taking part in the latest OKX Cryptopedia Campaign. Swap and deposit tokens on zkLink Nova via Symbiosis and secure your chances in the upcoming $ZKL airdrop. Start your journey here.

Oh, there also has been a lot of attention and love to Arbitrum this quarter - we gladly participated in the campaign of our partner OpenOcean. Symbiosis in a marvelous Arbitrum Airdrop Bonanza where participants swapped and bridged their assets via our WebApp.

Integrating with Symbiosis and Shaping Better DeFi

DODO x Symbiosis

The tentacles of our octopus are going further in Web3. In the beginning of 2024 we unveiled the highly anticipated integration of Symbiosis into DODO cross-chain aggregating system. Our routes are now available in the DODO Dapp for cross-chain swaps of the desired assets. Additional networks and tokens with better rates and pricing - say no more!

Symbiosis x ThorChain

We were just in time when Bitcoin was on its road to a new ATH. This January we made the BTC swaps available across 20+ blockchain networks via our great friends ThorChain. We kept building a sustainable and convenient path towards the 2-way BTC bridge.

The latter integration opened more opportunities for seamless BTC swaps not only for the community but also for the variety of our partners - including Rubic. After the collaboration with ThorChain, Rubic’s platform users could access BTC on 20 blockchain networks via Symbiosis. 

More Assets and Networks to Symbiosis

It’s always a great opportunity to enlarge the ecosystem of supported tokens and blockchains. This helps us build a better service and serve our Symbiosis fam with an even broader variety of assets for bridges and swaps. Category is “New Blockchain Hits at Symbiosis”

• Blast

  
  

What is this bright and enormous light that occurred lately? This is the one and only Blast L2 and its integration within Symbiosis. Such a great combination of native yields for both ETH and Stablecoins on Blast with the cross-chain possibilities of Symbiosis. 

Count the time for the highly anticipated airdrop on Blast network - make sure to bridge your funds to this emerging blockchain and follow the guidelines of the reward campaign.

• Merlin Chain

  
  

What happens when you combine the full potential of bridge and cross-chain swaps with the top Bitcoin L2 TVL? A magical collaboration between Symbiosis and Merlin Chain - a native Layer 2 solution to scale Bitcoin. In March we celebrated the grand launch of Merlin Chain bridge into Symbiosis protocol including, for example, the WBTC token integration into Symbiosis DEX. 

We definitely support Merlin's mission of a strategic expansion of the Bitcoin ecosystem. Working to expand the variety of on-chain routing via existing DEXes on Merlin Chain!

• Mode Network 

This quarter we proudly became one of the first third-party bridges within the Mode Network. So many things we want to tell you about this marvelous integration. On-chain routing, Symbiosis Contracts deployed on Mode, affordable and safe swaps - this is a small part of the opportunities that we opened together with Mode. 

Nothing else could describe it better than our Blog Article about the Mode bridge launch!

• zkLink Nova

We also joined the rapidly growing ecosystem of zkLink - a Layer 3 zkEVM Rollup network. This is an exceptional opportunity and milestone for Symbiosis. Our WebApp supports assets’ bridge and swaps on zkLink Nova via one transaction.

Seems like you’re just in time! 

• Rootstock

We’re expanding the utility of Bitcoin and its capabilities via Rootstock and now support cross-chain swaps on Rootstock, including the exchange of RBTC token - a Rootstock Smart Bitcoin, enabling more opportunities for transactions and liquidity on Rootstock. This strategic collaboration with Rootstock aims to make Bitcoin as native in the DeFi as possible by eliminating transaction confirmation time limitation.

• Native Bitcoin

  
  

Speaking of one and only Bitcoin - Q1 was definitely a period of expanding the availability of BTC. As a part of our continuous collaboration with ThorChain, we introduced the native Bitcoin swaps at Symbiosis WebApp. This was an extremely important milestone for us to cover the biggest scope of opportunities for the Bitcoin ecosystem. 

And let’s not forget about new wBTC pools at Symbiosis. In March we launched the new pools of a wrapped Bitcoin on selected networks to scale the swaps of wBTC without redirecting to ETH. Another perk is definitely the accessibility - we reduce fees for cross-chain exchanges with wBTC! 

• Bahamut

Last but definitely not least - Bahamut Chain! We finished an amazing February with a grand launch of Bahamut in our Symbiosis WebApp. Honored to support and integrate this amazing DLT platform for bridges and cross-chain swaps on Bahamut Sahara Mainnet. 

All available pairs and best rates for exchange - right in the house of Octopus 

Wow! The Symbiosis team has been pretty occupied to move further to the top of the DeFi industry. Let’s check what happened with our beloved SISter - the SIS token.

Supporting the Growth of Our $SIS-ter

As we step into the amazon season of spring and bull run, our governance token $SIS has packed great integrations and listings in the past three months. 

$SIS Deposits - HTX

Symbiosis’ native token $SIS on Arbitrum was integrated in one of the biggest crypto exchanges - HTX (previously Huobi). We’re fully into the cross-chain mode and together with the HTX team made $SIS deposits on Arbitrum available at the platform. Check it out at https://www.htx.com/trade/sis_usdt/. 

Exchange to $SIS at Changelly

Ecosystem is growing as Changelly - an instant cryptocurrency exchange - integrates $SIS for all users. This is another step to make SIS token more accessible on the biggest crypto and Web3 platforms. Explore $SIS at Changelly here.

Kudos to Changelly for strengthening the ecosystem and building DeFi with us! More to come in the next months, we’re cooking up more integrations for our Octopus tribe.

All Important Statistics and Growth Data

Part 1 - Symbiosis Performance

Everyone loves green numbers and new milestones, right? Therefore, in the first quarter of 2024 Symbiosis showed steady growth in the number of transactions and swaps that have been made via our WebApp.

$135,527,480

This is the amount of processed funds via swaps and bridges just within one month!

We finished Q1 with a sum of processed transactions reaching the equivalent of $325 million in processed on-chain and cross-chain transactions, resulting in 68% growth in comparison to Q4 2023. Symbiosis goes further and higher, and 2024 has just started!

Overall, Symbiosis helped to power over 300 thousand swaps in Q1 2024, where 78% of them were processed as cross-chain ones. It’s a significant metric for us, showing that we’re rocketing further to solve the dilemma of fast and secure exchanges. 

Source: Public Explorer and Symbiosis internal data

Part 2 - Networks Growth at Symbiosis

It’s about time we reveal the top performing blockchains at Symbiosis. The list consists of the networks and rollups which assets were the most actively used for swaps in the first quarter of this year.

The list includes Linea - a zkEVM rollup, zkSync Era and Scroll. Additionally, such blockchains as Metis, Binance Smart Chain and Arbitrum One have also entered our Top of most popular networks. With over 500+ pairs available via our routes, the coverage of supported assets is exceptional. What an amazing group of Layer 2 networks!

Stepping into Q2 - Conclusion

What a kick off for 2024, wow! Wrapping up this recap and report, there are only words of gratitude and motivation to move forward and further. These three months brought numerous exciting upgrades and launches for the whole ecosystem. 

We say thanks to all Symbiosis family members who scale and drive DeFi together with us. Big round of applause to the whole network of our supported networks and partners. Your trust is one of a kind of currency for each Symbiosis team member ❣️ 

In DeFi Speramus (in DeFi we trust)