Community-run open finance network Telos Foundation has attracted new investors to the altcoin project in which it announced its partnership. Prices increased by around 3.5%.
Telos Foundation collaborates with this altcoin project
According to the official announcement, Telos has partnered with cross-chain market maker and decentralized exchange (DEX) Symbiosis. This collaboration will expand cross-chain liquidity and increase access for both communities. The statement includes the following about what cooperation with the altcoin will bring to Telos:
- Service bridge: Telos will use Symbiosis’ new “Bridge as a Service” feature. This also represents a first. Collaboration improves connectivity for projects.
- True decentralization: Our partnership recognizes the integrity of Symbiosis and its alignment with our values. It reflects our commitment to true decentralization.
- Advanced trading capabilities: Integration with Octopool allows swapping any altcoins to and from Telos from any Symbiosis-supported network.
The Telos Foundation has partnered with @symbiosis_fi, a pioneering cross-chain Automated Market Maker (AMM) Decentralized Exchange (DEX). This collaboration is set to expand cross-chain liquidity and increase access for both communities. 🎉
🔍 What's Symbiosis?
A cross-chain… pic.twitter.com/7ymUVqBOPQ
— The Telos Foundation (@HelloTelos) September 8, 2023
Symbiosis, a cross-chain DEX, transfers liquidity from various networks spanning L1s, L2s, EVM and non-EVM. With Symbiosis, you can swap tokens seamlessly between different networks. The most important feature of the project is the cross-chain transfers it provides.
Symbiosis (SIS) price reacted positively
SIS, which has a low market capitalization, gained around 3.5% after the Telos partnership. Altcoin price maintains the bulk of its gains at the time of writing. Meanwhile, it touched $0.136 at one point during the day.
cryptocoin.comAs we reported today, another altcoin project, Meson Network, announced its partnership with Amazon.
press releases
In the official announcement, Telos Foundation included statements from the founders of both altcoin projects. Symbiosis co-founder Nick Avramov said:
We promote Bridge as a service that we have tested extensively. Telos will be the first to use it. We hope it will be useful for projects that cannot create their own bridge. The Symbiosis team is excited and honored by this opportunity because we believe that under the current circumstances, projects should help each other.
Meanwhile, Telos DeFi President Nicky Chalabi stated that they are pleased to use the basic features of the altcoin project:
I am extremely happy to work with the Symbiosis team to ensure that our ecosystem and community have a reliable bridging solution. The Symbiosis team has an impeccable reputation in the field and is extremely focused on the work. We are already working with the Symbiosis team on innovative projects and various ecosystems, but we will further strengthen our relationship by adding Telos to Octopool so that existing token swaps for all Symbiosis-powered networks can be made to Telos and vice versa.
About Telos
Blockchain developer Telos Network has been in development for 5 years. The altcoin project is specifically designed to power the economies of the future and deliver scalable solutions with real-world benefits. Telos offers solutions specifically for developers.
