Today we’re announcing cross-chain zaps integration into the Symbiosis protocol.
We strive at working out two advancements:
The LP token acquisition automation on the destination chain (due to cross-chain functionality);
1-click cross-chain experience while providing liquidity into DeFi protocols.
The highest security standards are met with audit performed by Zokyo (kudos to the team).
Let’s see how it all works.
What is a Zap?
One can think of a Zap as a shortcut. Imagine being able to get into the pool regardless of the assets you have at your hands, gas tokens, and so on. So to reiterate, it’s a liquidity provision shortcut.
The sweet thing about it is that Symbiosis Zap is essentially cross-chain, so compared to all other existing solutions you can add liquidity in any token.
The bottom line is: using Zap we can add liquidity to the DeFi protocol with literally any token. For example, we want to add USDC liquidity to the Ethereum/BNB pool, but we only have ETH on hand. In this case, we will swap ETH->on-chain swap->USDC->cross-chain swap->get LP USDC/BUSD and all done in one transaction.
Getting LP tokens with cross-chain zaps
Although we’ve composed a detailed user guide on cross-chain zaps, let’s discuss its raison d’etre.
Assume that you’re a big fun of what Boba Network does and you want to enjoy a delicious 27% APR (at the time of writing) on stables in Boba/BNB pool in the Symbiosis protocol. In that case, you will need to go through a quite lengthy process as you need:
USDC Boba
BUSD BEP20
Gas tokens for both
The process is described here. But if you’re lazy enough like we are (which is great because it is the laziness that typically pushes innovation), then you better use Symbiosis Zaps.
With cross-chain zaps, instead you can choose a token on the source network and turn it into a LP token on the destination network. And that’s it!
Buckle Up! Cross-Chain DeFi Liquidity is Coming
Further on, we’re planning to integrate several DeFi-native protocols so that Symbiosis can be used as a unified cross-chain communication layer. On top of that, pretty much the same workflow will be available to third parties via Symbiosis SDK.
Watch this space for more! 👾
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