Symbiosis
Crypto Overview
Project Overview
Symbiosis is a cross-chain liquidity protocol that enables users to swap tokens across different blockchain networks in a decentralized manner. The protocol utilizes smart contracts to facilitate trustless token swaps between various blockchain networks including Ethereum, BNB Chain, Polygon, Avalanche, and others.
Intended Utility
The SIS token serves as the protocol's native utility and governance token. Its primary functions include: protocol governance voting rights, staking to secure the network, and fee sharing from cross-chain transactions. Token holders who stake SIS receive a portion of the protocol's transaction fees.
Actual Implementation & Usage
On-chain data shows active usage of the protocol for cross-chain swaps, with significant daily transaction volumes. The development team maintains regular updates to the protocol, with continuous improvements to security and efficiency. The project has established partnerships with various DeFi protocols and blockchain networks.
Token Distribution & Governance
Initial token distribution allocated 15% to the team with a 2-year vesting period, 25% to the treasury, 30% to liquidity mining and rewards, and 30% to early investors with varying vesting schedules. The vesting schedules and lock-up periods appear reasonable and designed to prevent dump scenarios.
Technical Implementation
The protocol operates through a network of smart contracts that handle token swaps across different blockchains. The technical architecture demonstrates legitimate utility without relying on interest-bearing mechanisms or gambling elements.
Crypto Impact
To assign a comfort level investing in Symbiosis from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Symbiosis.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
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Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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