The decentralized finances (DeFi) liquidity protocol, Symbiosis, has recently added support for Linea, a zkEVM scaling solution for cross-chain swaps. Developed by ConsenSys, the recent integration of zkEVM solutions marks another addition to the already growing popularity of layer-2 solutions based on zero-knowledge (zk) proofs. Symbiosis highlighted that Linea is a developer-ready rollup. Not only does it suggest that it is Ethereum-compatible, but also highlights the reuse of a great percentage of existing infrastructure for the creation of multi-asset solutions. Linea consists of more than 100 protocols, developer tools, and decentralized applications, which make it a helpful scaling tool for developers on the Ethereum chain.
Big news!
From now on we support @LineaBuild ✨
You can enjoy any to any token swaps across different blockchain networks and #Linea, a groundbreaking #zkEVM rollup by @Consensys pic.twitter.com/PT9OMrhhX5
— Symbiosis (@symbiosis_fi) July 20, 2023
Symbiosis made a name for itself in March 2022 when the firm introduced its stablecoin liquidity solution. Since then, the cross-chain liquidity provider has integrated a series of other layer-2 scaling solutions within its operations. Back in April this year, Symbiosis took a step ahead with the integration of zkSync.
The integration enabled the protocol to provide single-click swaps from a series of blockchains including Ethereum, Polygon, Avalanche, BNB Chain, and countless more. At the same time, Symbiosis has integrated several popular scaling solutions that include Polygon’s zkEVM, Optimism, and Arbitrum.
Developments like this usually tend to shoot the price of the native token upwards, but that is not really the case in this solution. At the time of writing, the native token of Symbiosis, SIS, has declined by almost 2.72% within the previous 24 hours. Therefore, the decline has pushed the trading price down to $0.1811, and its total market cap currently stands at the $7 million mark. The next couple of days are crucial for the bleeding token.
Linea Perfectly Aligns with the Strategy of Symbiosis
The co-founder of Symbiosis, Nick Avramov, highlighted that Linea perfectly aligns with the strategy of the protocol to support increasingly popular L2s. Similarly, the decision of its integration was based on overwhelming community feedback and requests from partners such as OpenOcean, DEX, OKX, and more.
Furthermore, Avramov stated that zk-rollups are the true L2 solution and can play a significant role in resolving potential dilemmas in cross-chains. Symbiosis mentioned that the integration of zk-rollups enabled it to scale and increase its transaction throughput by 300% month on month, with cross-chain trading volume accelerating past $500 million. With the integration of Linea, the protocol believes that cross-chain swaps might cross the $1 billion mark within the upcoming few months.
