SYMMIO raises more than 1 million USDC
Ahead of the anticipated Q1 launch from key industry players
We’re thrilled to announce that SYMMIO has closed a $1.1M OTC round, led by 0x_Messi, with participation from a veteran group of investors, and others that will be announced in the future.
In addition to our token swap with IntentX and potential other frontends, this marks a new era for SYMMIO with a great lineup going into 2024 as a platform, but also for our token holders.
Key participants (more to be announced soon):
- LordBogdanoff (Messi)
- MS2 Capital
- Gametheorizing (Selini Capital)
- Wangarian (tangent.xyz)
- GMoney
- IvanBrightly
- Pool2Paulie
- Squirrel
- https://www.primeventures.com/ & DoveyWan
- Blockchain Founders Fund
- Prismatic Capital
Key Highlights for SYMMIO:
- In-House Solver increases open-interest (OI) by 5m (by depositing $500k of raised funds)
- Key thought-leaders onboarded
- Major buy-in from veteran industry VCs for dealflow and connections
- SYMMIO runway now extended to 5 years (up from 4)
- MM/Solver integrations with vested partners
- New frontend integrations through connections
- Active talks with vested MMs for $SYMM market making
TL:DR Raise the caps!
A personal note from Lafa & team:
Today marks a significant milestone for SYMMIO, we’re immensely thankful to everyone involved and excited for the journey ahead.
Our initial fair launch has gotten us very far. Now with our tech out in the wild and getting high-level attention, we will create further alignment with high-level players and also shift our focus from initial development to expansion and business development. This will spread the word, further increase deal flow and give us a seat at the table with key players in the web3 space.
Negotiating with market makers and exchanges is challenging in a space where time is scarce and understanding intricate systems from a lengthy whitepaper is demanding, the industry norm is to allocate about 30% of total supply for such purposes.
Thanks to our network and our already far advanced product, SYMMIO will achieve this with only a 4.85% dilution of existing migrations (through 36920 new $DEUS being migrated, no new DEUS was minted for this deal, it was DEUS still in possession of the team on fantom and other chains). Furthermore, the team is committing 18% of their allocation to make this happen.
Stay tuned for more news and partner launches in the coming months, we thank you all for your support!
About SYMMIO
SYMMIO introduces the concept of symmetrical contracts, a new trading primitive for facilitating on-chain OTC derivatives trading. SYMMIO is built on intent-centric architecture. A requesting party (PartyA) and a responding party (PartyB) are matched and a trade is executed when both parties commit collateral, locking them into an isolated, symmetrical trade.
This isolation ensures that there is no system-wide risk as all losses are isolated to the trade in question. This also enables unprecedented capital efficiency. Unlike vAMMs that require idle, pooled liquidity, capital is only required to be committed when entering a trade.
SYMMIO is committed to maintaining censorship resistance of its intent-based technology, and thus, partners with 3rd-party frontends to facilitate end-user trading.
You can trade over 190 cryptocurrencies with leverage via any of the following frontends, with many more in the pipeline:
- ALPHA by Thena: https://alpha.thena.fi/trade/BTCUSDT
- IntentX: https://app.intentx.io/trade/BTCUSDT
- Based.Markets: https://trade.based.markets/trade/BTCUSDT
