One of the big headaches in crypto is having to move money across chains. Your favorite lending app is on one chain and your favorite staking option is on another. We all have to deal with this from time to time. Thankfully, there are some protocols like Symbiosis Finance that are making this easier for us. And today, they are adding a new chain. They are adding support for Polygon’s zkEVM chain.
Symbiosis targets DeFi users with simple one-click swaps between many chains. Let’s look at why this is a win/win/win for everyone. Symbiosis Finance, Polygon, and us users all benefit from this news.
What is zkEVM?
First, let’s get into what zkEVM is. As most of you know by now, EVM is the Ethereum Virtual Machine. This is where the compatibility between Ethereum, Polygon, BNB Smart Chain, Avalanche C-Chain, and more come in. All the compatible chains are EVM including Polygon’s main PoS chain.
Now the zk part stands for Zero-Knowledge. This is a special type of encryption that maintains privacy. It’s a way of showing that you know some information without revealing what that information is. It’s great for security and privacy. So Polygon’s zkEVM is their version of EVM with zero-knowledge proofs as better security attached. It’s a Layer 2 solution for Ethereum. And it gets even better.
Transactions aren’t just more secure, they are faster too. Polygon’s zkEVM is a rollup that bundles transactions together to make them faster and cheaper. It’s a pretty sweet deal.
These advantages plus Polygon’s liquidity in both its main PoS chain and zkEVM are clear reasons why this deal is a big benefit for Symbiosis Finance and for us as users.
So What’s In It for Polygon?
Symbiosis is all about cross-chain liquidity. They support 13 chains already. It’s adding chains all the time. They just added Arbitrum Nova a couple of weeks ago. Polygon’s PoS chain is already on Symbiosis. But Polygon wants zkEVM to be both the top zk solution and the top Ethereum Layer 2 solution overall. So Symbiosis support for zkEVM makes it easier to go from other chains like:
- BNB Smart Chain
- and more directly to Polygon’s zkEVM.
The easier access Polygon zkEVM has to other chains, the more assets will move there. It’s as simple as that.
The addition of Polygon’s zkEVM adds one more powerful liquid chain for Symbiosis Finance, whose goal is to be the easiest, fastest, and most liquid cross-chain protocol.
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