Cross-chain liquidity mechanism Symbiosis stated that its SIS governance token would now be implemented on the Binance Smart Chain. (BNB).
Additionally, this change will enable BNB to support related token use cases. This implementation follows last month's unanimous approval of the Symbiosis SIP-2 proposal. The protocol, according to the proposal, will execute veSIS logic on BNB and move SIS coins from Ethereum to the BNB chain.
Users of the Binance Smart Chain will have more liquidity alternatives thanks to the implementation of the SIS governance token on the BNB chain. By doing this, users will be able to access a wider variety of DeFi protocols while still enjoying the advantages of the Symb ecosystem. Additionally, the integration of SIS logic on BNB will upgrade the token locking and voting privileges for SIS owners on the Binance Smart Chain.
This action of Symbiosis is a part of its plan to broaden its reach and offer its services to more people. Symb may benefit from the expanding ecosystem and user base of Binance Smart Chain, which has grown quickly over the past year, by integrating with it. Symbiosis will be able to provide users with its cross-chain liquidity solutions on Ethereum and the Binance Smart Chain thanks to this connection.
The potential of Symbiosis to offer liquidity solutions for several blockchain networks, such as Bitcoin, Ethereum, and Binance Smart Chain, is well known. The adoption of the SIS governance token on the BNB chain is a further step in the direction of the project's objective of developing a seamless cross-chain liquidity network. Symbiosis intends to address the issue of fragmented liquidity in the DeFi market by enabling token transfers between various blockchain networks.
A big step has been taken with the integration of the SIS governance token and the veSIS logic on the BNB chain. By doing this, Symbiosis will further solidify its position as the industry leader in cross-chain liquidity solutions while giving users of the Binance Smart Chain more options.