jakiro
Author: Chen Mo Source: X, @cmdefi
Symbiasis is a very concise way to implement the cross-chain BTC. Currently, there are many packaged BTC, such as WBTC and tBTC. However, it is not convenient for ordinary people to directly replace WBTC with BTC. At the same time, swap native BTC directly into otherThe chain assets are also difficult. Most of them were previously through Thorchain. Symbiasis is another option in the future. Let’s take a look at the implementation process:
1.BTC Forwarder
When the user initiates a cross-chain transaction, the BTC Forwarder component in the Symbiasis system begins to work.Its role is similar to a “monitor”, responsible for monitoring the Bitcoin network and waiting for the transaction initiated by the user to transfer the Bitcoin to the specified address.When it detects that the user’s BTC has been sent successfully, it will be fed back to the system for the next step.
2.Relayers
Next, the Relayers network began to step in, and its role was similar to a “coordinator”, responsible for passing information between different chains and keeping all operations in sync.Its function is to ensure that these cross-chain BTCs are locked, and at the same time, it will notify the target chain BTC that has arrived and can proceed to the next step.
3.syBTC
During the cross-chain process, Symbiasis cannot change the nature of the Bitcoin network, and native BTC is not sent directly to another chain.It will be locked in a “safe” in the Bitcoin network, which is managed by the Relayers network.Then cast an encapsulated asset syBTC on the target chain.
4. Obtain the target token
In the end, syBTC will be swaped into the target asset (but the amount of support is still very small at present)
Overall, its implementation method looks complex, but it is actually relatively simple, which is based on lock-> issuance, such logic, but its locking method is relatively decentralized and the track is very vertical. The goal is to support it more and more.The more chains and assets there are, it provides a more convenient way to multi-chain liquidation of BTC. In terms of financing, it has received US$2 million investment from Binance Labs, DWF and other institutions. Based on the narrative of “making more BTC active”, it is stillVery in line with the tone of the times.
