Symbiosis Launches TON Bridge V1 To Enhance TON’s DeFi Integration
In Brief
Symbiosis launched TON Bridge v1 to improve DeFi integration for TON by facilitating transactions across over 30 different blockchains.
Cross-chain engine and liquidity protocol Symbiosis announced the launch of TON Bridge v1. This update aims to improve decentralized finance (DeFi) integration for The Open Network (TON) by facilitating asset management and transactions across over 30 different blockchains.
Users can now execute smooth swaps between TON and various networks through the Symbiosis finance application. Notably, the protocol employs proxy smart contracts to ensure secure transactions, with audits conducted by cybersecurity firm Zokyo.
To swap or bridge tokens on TON using Symbiosis, users should access the Symbiosis application. They can select TON as either the “Transfer From” or “Transfer To” blockchain network, choose the desired assets for the swap, specify the amount to be exchanged, connect their wallet, review and confirm the exchange rates and terms, and then proceed to execute the transaction.
Currently, the TON swaps conducted through Symbiosis incur a fee from the TON Official Bridge, specifically a 5 TON fee, due to processing through this platform in the current version.
In the coming months, Symbiosis aims to enhance exchange transactions to and from the TON, focusing on improving speed and reducing costs. Additionally, its team plans to introduce more flexible exchange rates and expand the variety of routes and trading pairs available through the TON cross-chain protocol. Symbiosis also intends to integrate TON into its cryptocurrency solutions for developers and users, encompassing bots in the messaging application Telegram and mini-applications.
Symbiosis Partners With Cronos To Expand Its Ecosystem
Symbiosis operates as a decentralized exchange (DEX) that aggregates liquidity across various blockchains, regardless of whether they employ Ethereum Virtual Machine (EVM) technology. This platform facilitates seamless token trading and asset transfers between different blockchains.
Recently, Symbiosis has forged a partnership with Cronos to enable seamless swaps and bridges to Cronos without requiring users to sign up or undergo know-your-customer (KYC) procedures, further expanding its ecosystem.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
