On July 4th, we hosted an excellent and very informative AMA with SafePal's new partner Symbiosis, talking about the token, the roadmap, and the newcomers' education. The AMA with Nick, Co-Founder of Symbiosis, was attended in large numbers by our community. In case you missed this AMA, you can find the full recap here.
?FIRST SEGMENT: Fireside Chat?
N: Nick
I: Ivy
I: Greetings @everyone!!? We are so glad to have Mr. Nick Avramov from team Symbiosis here with us for today's session??
@symbiosis_finance Welcome to the SafePal Community! ? ?
N: Heeey, thanks for having me here today!
Great honor to be speaking here ?
I: Welcome!!
@symbiosis_finance Before we start with the first part today — Please introduce yourself to us. How and when did you start? How did you get involved in crypto?
N: My name is Nick, I'm a co-founder of Symbiosis and I'm covering marketing and business operations.
I started my career in crypto back in 2016, I was working as a community manager on several projects, answering questions in Telegram, and so on.
At the same time I composed a master thesis on blockchain technology, it's a business application in logistics and supply chains.
And then I have been working on several projects and even a VC fund
And then in 2020 co-founded Symbiosis ?
I: Thanks for the introduction!
Let's get started with a few questions before jumping on to the Discord thread questions. ??
N: Absolutely!
I: Q1: Can you tell us more about Symbiosis? What were the initial thoughts behind this project?
N: For sure!
Symbiosis is a cross-chain engine and liquidity protocol. Our know-how: a one-click experience for to any token swaps regardless of the blockchain network. Like 1inch built on steroids :))
The idea behind Symbiosis is simple: we want to solve liquidity fragmentation problems and enhance user experience while working with web3/DeFi.
Our general messaging goes far beyond just swaps
https://medium.com/symbiosis-fi/seamless-cross-chain-interoperability-for-web3-using-symbiosis-b16ee81b54ae
And we aim at building an industry standard for inter-blockchain communication.
I: Q2: How do you suggest web3 educators bridge the gap in knowledge for newcomers?
N: Great question
I believe we need more offline community interactions, like seminars and so on, where experts show to regular people how they can solve their existing problems using web3 economy and its tools.
More engagement and more interactions
If just a regular barber living in Dhaka will know how to work with web3
I believe then we'll have real adoption.
I: Great! And I also see that some of the community members are curious about the $SIS
Q3: Can you introduce $SIS? And where do you see $SIS in 5 years?
N: For sure!
$SIS is our native token which is used for:
1. Security (https://docs.symbiosis.finance/sis-token/sis-token-or-symbiosis)
2. LP rewards in our pools
We're also considering more use cases for $SIS in the future
So I believe it can be used for payments and much more like BNB for instance ?
Also one more thing!
Glad to let you know that we recently listed $SFP on Symbiosis ✨
I: Thanks for the Information and it's exciting to know the good news!
And here comes the question that is related to the two projects,
Q4: What made you decide to cooperate with SafePal? And what should we expect in the future collaboration between SafePal and Symbiosis?
N: Aw, I wanted this question!
Honestly, we strive to partner with the best teams on the market, it's not just about a particular project/service, but the team behind. We believe that joining forces with the best can lay a good basement for the future development of both our partners and Symbiosis.
I personally love SafePal and use it for quite a while, and we had a talk about collaboration with Veronica I believe since 2019 when I’ve been working on other projects.
And now it’s a great honor for us at Symbiosis to be added to the SafePal DApp browser.
I'd be extremely happy when we seamlessly add a cross-chain functionality to SafePal directly, so that your users can make swaps in the app without switching between different interfaces, just in 1 click.
We're discussing that now, so let's wait and see ✨
I: Looking forward to hearing more good news soon!!
And here comes the final question~
Q5: Can you talk about your project development roadmap?
N: Of course!
So now we're working on 6 networks (Ethereum, Avalanche, Polygon, BNB, Boba, Milkomeda) and planning to add Near and Fantom in the coming month.
We're also deploying Symbiosis v2 with even more capital-efficient stablecoin pools (meaning low commissions) with a managing network.
Until the end of this year, I believe all big L2s will be also available for swaps and inter-blockchain message passing.
We're now integrated into Rubic, Via, ChainSwap and xDAO. Expect to see Symbiosis built-in every single DeFi protocol by the end of the year ?
I: Thank you so much!!
Next, let's process to community questions part. ?
?SECOND SEGMENT: Community AMA?
I: Kindly select 5 questions from the thread SafePal x Symbiosis and answer them!
N: Let's do this one 1
https://discord.com/channels/909067029791776819/993059252115603476/993495485329444944
Q1: Can you tell us the difference between Cross chain Swaps and Cross chain Zaps on Symbiosis platform?
A: so about cross-chain swaps and cross-chain zaps
Cross-chain swaps are essentially swaps done between different blockchain networks, eg Cake Bep20 to Uni ERC20
But zaps is something bigger. Imagine being able to provide liquidity to AAVE or Compound with tokens you actually have on your hands
Like say, the pool consists of Polygon/Avalanche, and you only have ETH. Instead of doing multiple steps/swaps to get Matic/AVAX and so on, you can provide liquidity just with ETH
With a single click, we do the rest under the hood
Also an example of Zaps — buying NFTs with any token you have in your hands regardless of the network those NFTs were minted
Hope I answered here ? let's move on
N: https://discord.com/channels/909067029791776819/993059252115603476/993495525229871184
Q2: What are the competitive advantages of Symbiosis? What advantages do you have over competitors? What would be your project secure most similar contender in the market today in terms of scalability, security, features, and adaptability? @symbiosis_finance
A: So we have capital-efficient stablecoin pools, meaning we can instantly add as many tokens as exists on all networks/DEXes. For liquidity providers, it means a lack of impermanent loss, for swappers — unlimited token pairs
Also were blockchain agnostic and this can add virtually any network, regardless of EVM or non-EVM compatible
Third, our visual style and branding are so damn good compared to any other cross-chain protocols (haha, I'm mostly joking! but our Mascot is truly great)
N: I love security questions a lot, so 3rd one is dis one
https://discord.com/channels/909067029791776819/993059252115603476/993497116964040764
Q3: Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is Symbiosis smart contract, and did you ever audit it via any external party?
A: We treat security very much and constantly conduct internal audits. Besides, our investors — Blockchain came among others — conducted their own audit.
On top of this, we underwent security audits by Omniscia, SlowMist, Zokyo
https://github.com/symbiosis-finance/audits
You can find it here ?
N: https://discord.com/channels/909067029791776819/993059252115603476/993497138493395023
Q4: I read that the Symbiosis minting process officially supports the Phantom Wallet. Is it only available in Phantom Wallet or can users use Other wallets such as TrustWallet or Metamask? ?
A: Here is the list of wallets that can be used with Symbiosis
And we're adding much much more ? glad that SafePal was added among the first ones!
N: 5th one is dis
https://discord.com/channels/909067029791776819/993059252115603476/993497897763078144
Q5: Why did Symbiosis Start with the "SYMBIOSIS UNIVERSITY", With this, What Changes Do You want to make within the Community?
A: So we make a lot of educational efforts because we believe that this is the key to bringing the next 100M people into the web3 space
Crypto literacy means a lot, and I believe we can do a lot of great things together with the SafePal team.
?Third SEGMENT: Quiz?
I: Thank you so much for answering so many questions!
Now it's time to start the final segment! ??
Symbiosis has prepared a quiz for the community here.
https://forms.gle/3PSajWTwweF3qt166
@symbiosis_finance Thank you for dedicating your time here today with us and also introducing the community and me about your project. It’s worth having you today! ❤️
N: Thank you very much for inviting!
Looking forward to building the future of web3 together with SafePal!
I: Cheers to SafePal x Symbiosis ? ?
Find out more about Symbiosis ??
Symbiosis Website: https://symbiosis.finance/
Symbiosis Telegram: https://t.me/symbiosis_finance
Symbiosis Twitter: https://twitter.com/symbiosis_fi
