New Cross-Chain Choice for BTC: Innovative Implementation by Symbiosis

Symbiosis provides a creative solution for BTC cross-chain. Although there are already wrapped forms of BTC in the market, such as WBTC and tBTC, it still poses a challenge for ordinary users to directly exchange these wrapped versions for native BTC. At the same time, directly exchanging native BTC for other on-chain assets is also not an easy task. In the past, Thorchain was one of the main options, while the emergence of Symbiosis offers users new possibilities. Let's take a deeper look at its operating mechanism:

1. BTC Monitor

When a user initiates a cross-chain transaction, the BTC monitoring component in the Symbiosis system begins to take action. It acts as a "watcher," closely monitoring the Bitcoin network, waiting for the user to transfer BTC to the specified address. Once it detects that the user has successfully sent BTC, it immediately feeds back to the system, paving the way for subsequent operations.

2. Relay Network

Next, the relay network intervenes in the process. This network acts as a "coordinator," responsible for transmitting information between different blockchains and maintaining the synchronization of all operations. It ensures that the BTC to be cross-chain is properly locked, while notifying the target chain that the BTC is ready for the next step.

3. Generation of syBTC

During the cross-chain process, Symbiosis does not directly change the operation of the Bitcoin network. The native BTC is not directly transferred to another chain, but is locked in a "vault" managed by a relay network within the Bitcoin network. Meanwhile, the system mints a wrapped asset called syBTC on the target chain.

4. Acquisition of Target Assets

Finally, on the target chain, syBTC is exchanged for the target asset required by the user. It is important to note that the currently supported trading volume is still relatively limited.

Overall, the implementation method of Symbiosis may seem complex, but it actually follows a relatively simple logic: lock the original assets and then issue corresponding tokens on the target chain. This method has a higher degree of decentralization and focuses on a very specific area. The goal of Symbiosis is to continuously expand the supported blockchains and asset types, providing a more convenient way for BTC liquidity in the multi-chain ecosystem.

In terms of financing, the project has attracted the attention of some well-known institutions, raising an investment of 2 million dollars. The philosophy of Symbiosis is "to activate more BTC", which is highly aligned with the current development trends in the blockchain industry, demonstrating a promising outlook.