Symbiosis Governance Votes on Cronos zkEVM Integration to Boost Cross-Chain DeFi
Proposal [SIP-33] aims to integrate Cronos zkEVM with Symbiosis protocol, enhancing scalability and cross-chain functionality
Key Takeaways
Symbiosis DAO's latest proposal would integrate Cronos zkEVM into the Symbiosis platform.
Integration promises to unlock new DeFi opportunities with high throughput, low fees, and seamless cross-chain transactions.
Voting is open to $veSIS holders from November 13 to November 15, 2024.
Symbiosis DAO has launched a governance proposal, [SIP-33], inviting $veSIS token holders to vote on integrating Cronos zkEVM—a layer 2 blockchain leveraging ZKsync technology—into the Symbiosis protocol. The proposed integration aims to unlock decentralized finance (DeFi) potential by enabling high-speed, low-fee transactions across Symbiosis and Cronos’ new high-performance environment.
Overview of Proposal
Symbiosis has introduced a new governance proposal, SIP-33, aimed at integrating Cronos zkEVM with the Symbiosis protocol. This proposal, open for voting by $veSIS holders, would enable support for Cronos zkEVM, a high-performance, Layer 2 blockchain powered by ZKsync technology and part of the Cronos ecosystem. If approved, the integration will bring enhanced scalability, low transaction fees, and expanded functionality for Symbiosis users within the decentralized finance (DeFi) and gaming sectors.
Key Proposal Elements
Scalability for Mass Adoption: Cronos zkEVM leverages zero-knowledge (ZK) technology to offer high throughput and minimal fees, making it a robust choice for applications that require scalability, such as DeFi and gaming.
Developer-Friendly Environment: Built-in account abstraction within Cronos zkEVM supports flexible, user-centric application development. This integration would make Symbiosis more attractive to developers by simplifying the process of building innovative payment solutions and smart contracts.
Seamless Integration: As Cronos zkEVM is EVM-compatible, its integration into Symbiosis promises a smooth transition, allowing users to benefit from cross-chain liquidity pooling and efficient asset transfers immediately after deployment.
Proposal Objectives
The integration proposal includes several technical and operational steps to enhance Symbiosis functionality:
Support for Cronos zkEVM: Symbiosis aims to enable trading of Cronos zkEVM-based assets, including USDC, through its automated market maker (AMM) DEX on the host chain.
Deployment of Contracts: Symbiosis contracts will be deployed and optimized for the Cronos zkEVM environment.
On-Chain Routing: The proposal includes implementing on-chain routing for transactions on existing decentralized exchanges (DEXs) within Cronos zkEVM.
Activation of Symbiosis Relayer Network: Symbiosis plans to activate its relayer network for Cronos zkEVM, ensuring seamless cross-chain operations.
Voting Information
The proposal is open to voting by Symbiosis DAO members through a single-choice voting system. Voting began on November 13, 2024, and will conclude on November 15, 2024. Members can cast their votes via Snapshot, with the goal of approving the integration to support expanded use cases for Symbiosis in DeFi and gaming on Cronos zkEVM.
About Symbiosis
Symbiosis is a decentralized exchange protocol designed to facilitate cross-chain asset transfers and liquidity pooling across different blockchain networks. Whether or not a blockchain is EVM-compatible, Symbiosis allows users to trade tokens seamlessly across multiple networks in a single click, without concerns about bridging or token availability on a specific chain. Symbiosis offers competitive exchange rates and low transaction costs, making cross-chain operations simple and accessible.
Sources: Symbiosis Official X Post, Symbiosis Governance Proposal