Development Update 11/9/2023
As we advance through 2023 and gear up for the first quarter of 2024, the SYMM project has achieved numerous milestones, and many more are on the horizon. This article will provide a comprehensive overview of our technical milestones, the developments we’ve made so far, and what’s in store for the upcoming months.
Development Timeline
The timeline below shows how far we have come. From the initial ideation around intent-based derivatives back in early 2020 to the release of our first whitepaper a year later. This led to developing and testing our MVP product near the end of 2023 and brings us up to date with the public beta launch of ALPHA.
The Road Ahead
v0.8: Public Beta Launch of ALPHA
After 12 months of dedicated testing, SYMMIO v0.8 was launched via ALPHA by Thena. This is a public beta launch without whitelists and no limits on user deposits.
v0.81
October sees the Mainnet Public Launch with Funding, marking a significant development with the removal of all notional caps.
v0.9
Isolated Sub-accounts: Setting the stage for an oracle-less SYMM.
NFT Sub-accounts: Leveraging the isolation feature, sub-accounts can now be represented as NFTs.
Customizable Pair Trading: A new beta-aware pair trading system is introduced.
uPnL pre-settlement: Integrating uPnL settlement prior to closing, hedger-driven stop loss, and improved pair trading functionalities.
Advanced Funding Rate Mechanism:
Real-time Calculations: CVA and LF calculations are revamped to be based on real-time notional value.
Upcoming Highlights:
1. Whitepaper Development: Our system architects are deeply engaged in crafting the whitepaper, delving into concepts such as global close-out netting and an oracle-less SYMM expected in v1.0+.
2. Sherlock Audit 2: We’re proud to proclaim the successful completion of the second Sherlock audit, reinforcing trust in our system’s solidity and strength.
3. Frontend Progress: Major strides have been taken by our frontend specialists, working closely with our hedger and THENA, transmuting visionary concepts into practical results.
4. Cloverfield Frontend Codes: Anticipate the unveiling of the Cloverfield demo frontend source under BUSL Licensing soon.
6. Frontend Interest: Notably, ten frontends have joined our early adopter initiative. Besides getting a preview of our codes, each frontend is endowed with a BUSL license, facilitating diverse integrations across numerous chains, including BASE, BSC, opBNB, Mantle, Optimism, Arbitrum, Polygon, and Ethereum. We’re excited for more chains to join the fray.
Roadmap 2023 Q4- 2024 Q3:
Completed Tasks:
- Dual Sherlock audits for V0.8, plus an additional audit by Smart State.
- Release and regular updates of Hedger documentation.
- Extensive 6-month testing of v0.8 with Thena and Cloverfield.
- Achieving a 20m volume milestone during tests with Thena, Clover, and Based.
- Rasa Capital’s commendable commitment of 10–20M Open Interest.
October:
- Sherlock Insurance coverage.
- Immunefi bug bounty event.
- Transition to “SYMMIO MAINNET”, lifting all notional caps and adding funding.
Further Q4 updates:
- Rasa Capital’s partnership to introduce staking.
- The much-anticipated SYMM whitepaper release.
Q4 2023 — Q1 2024:
- Prospective token pre-sale via launchpads.
- Token launch aimed for late Q4 2023 or early Q1 2024.
Ongoing:
- Sustained collaborations with Market Makers for seamless onboarding.
Q1-Q3 2024:
- Launch of SYMM V1.0.
- A scheduled code4arena audit for SYMM v1.0.
- The potential launch of 10 early adopter frontends over 6 chains.
We’re not just charting a course; we’re building a legacy. The unwavering support of our partners has fueled our journey, and we’re looking forward to many more fruitful collaborations. The road ahead is brimming with opportunities, and we’re elated to have our community join us on this journey.
