What is Symbiosis Finance (SIS)? The Firth Project On Bybit Launchpad

Bybit Launchpad has announced the launch of Symbiosis Finance (SIS)The exchange will follow the Launchpad subscription format to issue SIS, the time to record user BitDAO (BIT) balances for 5 days in Spot Account and ByFi Account from 12:00AM UTC on Nov. 27, 2021 to 11:59PM UTC on Dec. 1, 2021.

If you don’t have a Bybit account, sign up here to join the event.

What is Symbiosis Finance (SIS)?

Symbiosis Finance is a decentralized multi-chain liquidity protocol that aggregates exchange liquidity across all Ethereum virtual machine (EVM) and non-EVM compatible blockchains. It allows users to swap tokens between all the chains, while remaining the sole owners of the funds and maintaining low slippage.

Token

  • Name: SIS
  • Total Supply: 100,000,000 SIS
  • Total Allocated: 500,000 SIS (0.5% of the total supply)
  • Cap Per User: 500 SIS
  • Price: 1 SIS = $1 (exchange rate between BIT and SIS will be confirmed when the subscription period starts)
  • Format: Multiple subscriptions supported
  • Committed Token: BIT only

 Tokenomics

There’s a maximum supply of 100 million SIS ERC20 tokens, which will be distributed according to the chart shown above. Of this total supply, 15 million SIS tokens will be awarded to node runners, while 10 million SIS tokens will be allocated for liquidity farming. Because of its DAO structure, SIS token holders are able to vote for future Symbiosis governance proposals to decide how to best grow the platform.

Backer

How does it work?

Over this 5-day period, the daily average amount of BIT in your Spot Account and ByFi Account will be recorded through hourly snapshots. Your BIT balance snapshot of the current day will be updated at 3:00 AM UTC on the next day.

Subscription Period:  3:30AM UTC on Dec. 2, 2021 to 10:59AM UTC on Dec. 2, 2021

You must click on the “Commit Now” button to commit a certain amount of BIT towards the new project during this subscription period. The max. amount of BIT you can commit depends on the daily average BIT balance in your Spot Account and ByFi Account over the 5-day snapshot period.

Please note that the amount of BIT you’ve committed will be locked and cannot be accessed for transfers, withdrawals or trading until after the final SIS distribution.

Distribution Period: 11:00AM UTC on Dec. 2, 2021 to 11:59AM UTC on Dec. 2, 2021

Your final SIS allocation amount = (the amount of BIT you’ve committed / total amount of BIT committed by all participants) * total amount of SIS allocated for the project.

Based on your final SIS allocation result, the corresponding BIT equivalent will be deducted from your committed amount, while your SIS allocation and the remaining BIT will be credited back to your Spot Account.

Listing: The new spot pair, SIS/USDT, will be live for trades at 12:00PM UTC on Dec. 2, 2021.

If you don’t have a Bybit account, sign up here.

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