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Token Teleport with Symbiosis
Symbiosis introduces BaaS: Bridging as a Service or Token Teleport. This novel method combines two established strategies for cross-network token movement: token bridging and cross-chain token exchanges.
When a token has been bridged across multiple blockchains, the Symbiosis protocol enables direct transfers between any two of these networks without going to the original blockchain first. The Symbiosis protocol utilizes its infrastructure, including the core smart contracts and the relayers network, to keep the fees associated with this type of cross-chain operation low.
- XDAO token over Ethereum, the BNB chain, and Polygon,
- SIS token over Ethereum, zkSync Era, Linea, Arbitrum, Scroll, and the BNB chain,
Requirements to operate:
- You have enough native assets to pay transaction fees on the source network.
To teleport a token:
- 2.Connect your wallet.
- 3.In the Transfer from field, select the network and the source token: the token that you have and that you would like to teleport (in our example, this's SIS on the BNB chain):
- 4.Enter an amount (200 SIS tokens in our example)
- 5.In the Transfer to field, select the network where you want to get tokens (zkSync Era in our example):Wait a bit to get teleport details. If you get any messages or errors on this step and are not sure how to handle them, please see Common Issues and Solutions
- 6.Once Symbiosis WebApp has found the best rates for the selected token pair, please check the details carefully before teleporting your tokens. Let's review the details of our example together:— The number of tokens displayed as 'to receive' already includes the liquidity provider fees and cross-chain fees for the operation. Please note that the actual amount of received tokens may differ slightly from this displayed number, but it will remain within the range set by the slippage tolerance value. For instance, if 1000 tokens are displayed as 'to receive' and the slippage tolerance value is set at 1%, then the actual amount of received tokens could range between 990 and 1000 tokens. To change settings for Slippage tolerance, press the cogwheel icon— Route is a sequence of intermediate swaps leading to the best price for token teleport. If you are interested to see what happens under the hood, please refer to Symbiosis Token Teleport — Cross-chain fee is the estimated transaction fee on the destination networks. The sum will be deducted from the transfer amount to cover expenses for processing the transaction on the destination network. — Price impact is the difference between the market price and the estimated price due to the size of the trade. If you see that the price impact is high, you can try to reduce the token amount for a one-time cross-chain swap.
- 7.!! Recipient's address !! By default, the recipient's address is the same as the sender's address. If you want to send to another address, slide the switcher Receive assets to another wallet (1), and enter a valid address on the destination blockchain (2):Please use self-custodial wallets only! Do not send funds to addresses provided by exchanges or third-party services.
- 8.If you see the Switch network to <Network name> button, switch to the network by pressing the button and confirming the action in your connected wallet:
- 9.If you see the Approve <Token name> button, approve the token use by pressing the button and confirming the transaction in your wallet:
- 10.Press the Swap button:
- 11.Check and confirm the transaction in your connected wallet (we use Metamask in this example):
- 12.Wait a bit the operation to be completed.
- 13.Shortly, you will get a confirmation.