Symmetric launches STAKE incentives on xDai

3 min readNov 12, 2021

This fall, the xDai ecosystem launched an incentive program to support Decentralized Finance (DeFi) platforms and reward DeFi users on the network. As a partner of the ecosystem, Symmetric is excited to join this initiative to help promote DeFi on xDaichain.

Starting at 444 pm (GMT) on November 11th, Symmetric incentivized various $SYMM and $STAKE pools with additional rewards for its liquidity providers (LPs) for a period of 24 weeks. During that time, rewards will be distributed weekly.

Original proposal from xDai can be found here;

Snapshot

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snapshot.org

Incentivized Pools

*The table above represents the proposed schedule for STAKE rewards on Symmetric Pools for 6 consecutive, 4 week periods — for a total of 24 weeks (168 days)*

Reward Frequency and method of delivery

Airdrop Rewards directly to the connected wallet on a weekly basis within 24–48 hours after each period concludes. This will coincide with Symmetric’s current reward schedule which runs on a weekly basis.

Conclusion

We invite all xDai DeFi users to learn more about Symmetric,finance and explore our unique multi-asset pools to take advantage of these new generous incentives.

About Symmetric

Symmetric is a decentralized exchange (DEX) and automated market maker (AMM) that runs on the Celo and xDai networks and helps to eliminate barriers of entry to DeFi for all. In traditional finance, centralized exchanges — those that involve third parties in asset transactions — use an order book to match buyers and sellers. In DeFi, DEXes and AMMs allow for trades to be executed in a permissionless and transparent way.

About xDAI

The xDai chain is a stable payments EVM (Ethereum Virtual Machine) blockchain designed for fast and inexpensive transactions. The chain uses a unique dual-token model; xDai is a stable token used for transactions, payments, and fees, and STAKE is a governance token used to support the underlying POSDAO Proof-of-Stake consensus.

Symmetric DAO

Community-run and owned, anyone can create and raise a proposal for token holders to vote on. The Symmetric DAO is hosted on the DAOhaus platform.

Additional information about the DAO and governance: https://medium.com/@Symmetric.Finance/symmetric-governance-bf02b1e003b5

How to Get Involved

In addition to providing liquidity, community members looking for alternate ways to participate can get involved during the early stages of the project by completing predefined deliverables and getting compensated with bounties, in the form of Symmetric governance tokens.

Community is invited to contribute through the project backlog: https://github.com/orgs/centfinance/teams

Disclaimer: Symmetric advises all users and stakeholders to do their own research before participating in any swaps or pools. We strongly suggest that users only add or swap liquidity, that they can afford to lose. The views expressed in this post are not financial advice.