The purpose of this post is to inform the reader about the planned launch and distribution of the Symmetric governance token (Ticker: SYMM). In it, we explain what the token represents, utility it provides and how it can be acquired. We also explain how the community can participate in the governance of the project and earn reward tokens by completing tasks for the Symmetric DAO.
What is Symmetric?
Symmetric is an AMM that enables decentralised exchange of digital assets through the use of liquidity pools on the Celo & xDAI network (coming soon to others). In traditional finance, centralised exchanges use an order book to match buyers and sellers. In contrast, DeFi’s Automated Market Makers (AMMs) allow for trades to be executed in an entirely decentralised, transparent and permission-less way.
What is the SYMM token?
The Symmetric decentralised exchange (DEX) is to be governed as a decentralised autonomous organisation (DAO). To vote on DAO proposals, participants will be required to be in possession of SYMM tokens.
Therefore, the SYMM coin is a governance token whose only utility is to help shape the future of the Symmetric DEX and ecosystem — through participation in decision making. SYMM coin is not a cryptocurrency and as such, does not represent monetary value.
Note: We do not endorse use of the SYMM token, as an instrument for speculation. Please, always do your own research.
The Symmetric DAO is now live on DAOhaus and can be joined using the link below.
What is the token event?
The Symmetric token event refers to the planned launch and distribution of the Symmetric Governance token or SYMM coin.
We believe in the principles of a fair launch which does not reward groups, with large pre-mined tokens prior to product launch. Typically, in token generation events there is a large pre-mined allocation of coins to founders. A fair launch has a small or no pre-mine and value flows to beneficiaries, only after the project is launched.
DeFi products require liquidity at launch and there are costs associated with launching a product or service and so the Symmetric founders opted to follow the general principles of a fair launch, with a small private sale. This was primarily for seeding liquidity pools at launch, an external security audit and operating costs.
In total, the private sale raised almost $155,000 for roughly 31,400 tokens, with a total supply of 100,000 SYMM tokens at launch — as shown below. Total supply distributed over 24 months is capped at 500,000 tokens. The max supply was intentionally kept low, to reflect the market-cap of the networks being supported.
Token vesting schedule
Private sale participants have a vesting period that allow only 20% of coins to be sold on day one, with 20% maturing each month, thereafter. The operations team and founders’ allocation of SYMM tokens for ‘month 0', also vests at 20% per month. This should in theory, avoid a large sell-off all at once.
Token emission schedule
Alternate link to token emission schedule (by month):
Symmetric token emission schedule
Sheet1 SYMM coin Month count,Monthly mine,Total mined,Private sale per month,Private sale total,Private sale % (of…
The overall percentage of allocation changes as more SYMM tokens are mined and added to the total supply. Once the 24-month mining period concludes the final allocation of overall tokens will change and reflect the percentages shown in the graphic below.
*The Symmetric DAO retains the right to modify these allocations to reflect current & changing market conditions, by raising proposals in the DAO.
These will be issued to Liquidity Providers (LPs) on the Symmetric DEX, based on the schedule shown. From time to time, there may be extra reward tokens issued for certain pools and token pairs, which will be announced in advance. The token rewards program will go live on July 15th 2021, for Symmetric Pools only (*excludes SYMM coin pools on Uniswap or other DEXes).
How can you get involved?
Users can provide liquidity to earn reward tokens and can also earn reward tokens by completing work for the DAO, which is posted on GitHub. Community members voting on proposals and participating in the governance process may also be rewarded through the community fund for new project related initiatives.
For the latest open issues — users and community members are encouraged to join our GitHub, Discord & Telegram channels.
Is there a community airdrop?
The community airdrop will occur one month after launch, and is divided into two categories:
Category 1 is active and early community members contributing to the project. Using a banding system, a portion of newly minted coins will be distributed to active members, to encourage participation. Symmetric invites everyone who is an active part of the community to provide their Ethereum address, through the official Symmetric Discord.
For all passive members of the community that would like to get more involved in software development, administrative or marketing activities, please connect with the team through one of the channels below.
Category 2 is new members who join through social media and community channels and are less active or passive followers of the project. The individual allocations for category 2 are lower than 1 to keep stakeholder interests aligned and recognise the longer-term contributors to the project, while still providing some benefits to category 2. Additional details on allocations for this category will be announced on official Symmetric social media, please follow Symmetric using the links below.
Disclaimer: Symmetric advises all users and stakeholders to do their own research before participating in any swaps or pools. We strongly suggest users only add or swap liquidity, that they can afford to lose. The views expressed in this post are not financial advice.
All code is open source and available for inspection: https://github.com/centfinance
External security audit report by Quillhash: https://drive.google.com/file/d/1mA1bRUc0u8rkZSyazgGKvbFYufpVNkqJ/view?usp=sharing
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