Cross-Chain Protocol Symbiosis Unveils Comprehensive Upgrades to SIS Token Utility

In a strategic move aimed at fortifying the Symbiosis ecosystem, the innovative cross-chain liquidity aggregation protocol, Symbiosis, has announced an ambitious expansion of benefits for both SIS and veSIS holders. The protocol, renowned for its pioneering role in bridging liquidity across different blockchain networks, is set to implement a series of game-changing enhancements to its existing utility structure.

The eagerly anticipated rollout is characterized by a meticulously crafted 4-stage plan, each phase tailored to elevate the utility and rewards for token holders. This bold initiative is expected to not only invigorate the SIS token’s significance but also solidify Symbiosis’ position as a frontrunner in the evolving DeFi landscape.

A revised $SIS token utility and implementation planhttps://t.co/YUaIejh7Va

— Symbiosis (@symbiosis_fi) August 9, 2023

Exclusive Liquidity Pool Rewards for veSIS Holders

At the forefront of the upgrade is the decision to bestow exclusive liquidity pool rewards upon veSIS holders. Going forward, these invaluable participants will enjoy enhanced incentives for providing liquidity in the form of stablecoins or ETH across various blockchain networks within the Symbiosis ecosystem. Dubbed “Boosted APR,” this innovative mechanism will grant veSIS holders commissions from trades executed within the pool.

In addition, veSIS holders will receive a supplementary allocation of SIS tokens, thereby augmenting their earnings and creating a self-reinforcing cycle of liquidity expansion and stability. The implementation of this phase is slated for August 2023, promising an imminent wave of benefits for veSIS holders and a surge in participation within Symbiosis liquidity pools.

Gas Fee Refunds for veSIS Holders

Recognizing the persistent concern about gas fees within the blockchain realm, Symbiosis has introduced a novel solution tailored to veSIS holders. In a move that underlines the platform’s commitment to user-centric design, the protocol will begin refunding gas fees exclusively for veSIS holders.

The quantum of gas fee refunds will be directly proportional to the volume of veSIS held by users, thereby alleviating transaction costs and encouraging heightened involvement in the Symbiosis ecosystem. Set to commence in September 2023, this initiative is poised to significantly improve the overall experience of participants.

A Vision of Long-Term Devotion

Details regarding the upcoming phases 3 and 4 of the enhancement plan, encompassing partner incentivization and the L2 Verified Pass, are anticipated to be unveiled in a separate announcement by Symbiosis later this year. These phases are projected to further amplify the benefits and utility of the SIS token, solidifying its role in shaping the future of cross-chain liquidity.

As Symbiosis embarks on this transformative journey to augment SIS utility, the protocol remains unwaveringly committed to its overarching vision of seamless cross-chain liquidity aggregation. By continually pushing the boundaries of innovation, Symbiosis is not only enhancing the value proposition for token holders but also catalyzing the evolution of decentralized finance.