This is the devolution of passive income in the Crypto Space.
Welcome to the evolution of passive income
Many tokens in the #DeFi space fulfill one purpose or another with quite a few simply being forks of another project. The reality is the actual useful tech is few and far between, and the projects that launch with a working product are just as rare. Symbiote is going to be that rare mix of the latter two.
The network is built around our token $SYM and a powerful frontrunning bot that will trade off the volume of other tokens. A Symbiote draws on the lifeforce of another being, both live in unison for the benefit of one another. With this in mind, our network will generate passive income on the volume of other tokens. While frontrunning bots are frowned upon, they have become more or less just a reality of trading on Uniswap.
How will this network generate passive income?
Every frontrunning bot we’ve studied has been either run by a single large whale or a small private group. While this is understandable, we thought why not bring this type of value to the masses. On the most profitable bots we’ve studied, they bring in excess profits of 150k USD per week. These bots are loaded with eth and run all day on advanced trade algorithms. Myself and our project’s COO have spent countless hours studying these frontrunning bots for months and months. Originally we had planned to run one just for us but I thought why not bring this to the masses.
While almost all passive income projects offer rewards in either their native token or a secondary token, that almost always results in the price of the token constantly having sell pressure. Through Symbiote Network, the payouts from the Symbiote bot will be paid in Ethereum.
How will the token come into play?
This is the beautiful thing about Symbiote Network. The price of the token can either pump like crazy or be a complete flop, the real value is tied to the Symbiote bot as the profits are totally paid out in eth.
Still, the token is crucial to the Symbiote Network. The only way to take place in the profits of the Symbiote bot are to either stake your $SYM tokens, or supply liquidity through LP tokens. The essential utility of the token is to take part in the passive income that will be paid out in eth through the Symbiote bot’s profits. We have more plans down the line for the $SYM token itself, but we are very comfortable with its current role in the Symbiote ecosystem.
As we draw closer to the presale, we will release more info and ways we plan to evolve this project along with strategic partnerships we plan to partake in to make this the most successful passive income project in all of defi.