2 - 4 minute read
Symbiosis, the cross-chain automated market maker, has integrated the layer-2 scaling protocol zkSync to enhance speed and reduce fees of token swaps on its platform. Nick Avramov, co-founder of Symbiosis, noted that the integration of zkSync will allow one-click swaps from blockchains including Ethereum, Polygon, BNB, Telos, and others into zkSync and back, hence eliminating the need for users to switch between multiple wallets and interfaces. Additionally, it improves the variety of token swaps, supporting any-to-any native swaps to and from zkSync, while also making liquidity transition to and from zkSync secure, fast, and cheap. Since its launch in March 2022, Symbiosis has facilitated ‘any-to-any’ native asset swaps on its platform across Ethereum Virtual Machine and non-EVM networks, processing over $100 million in total transaction volume in stablecoins, serving over 12,000 unique wallet addresses, and averaging 3,000 daily transactions.
Avramov highlights the significance of layer-2 scaling protocols to various DeFi platforms and services since they lower entry barriers both in terms of the price per swap and user experience of value-added services built on top. According to Avramov, zk rollups are crucial for cross-chain players and interoperability layers and could outcompete optimistic rollup solutions like Arbitrum and Optimism. He further noted that ZK represents an inevitable and natural evolution among scaling solutions. Ethereum-scaling ZK rollups continue to dominate headlines in 2023, and Swiss-based nonprofit ZeroSync Association is developing zero-knowledge proof tools that will allow Bitcoin (BTC) users to expedite the process of verifying individual blocks and eventually the entire blockchain.
Symbiosis provides single-sided stablecoin pools that deliver zero impermanent loss to liquid providers. Its DEX also supports any-to-any native asset swaps on its platform across Ethereum Virtual Machine and non-EVM networks. The integration of zkSync reduces the need for users to switch between different wallets and interfaces, making liquidity transactions secure, fast, and cheap, hence lowering entry barriers in terms of the price per swap and user experience of value-added services built on top.
This integration is a significant milestone in the progress of the DeFi ecosystem, as traditional finance continues to delve into the world of decentralization. For traders, the integration of zkSync presents opportunities to access liquidity across various blockchains, enhancing trade execution and improving trading experiences. In conclusion, Symbiosis’s integration of zkSync is a much-needed solution in the world of DeFi, and traders should make the most of this new development.