SYMMIO Stakeholders & Frens Letter — Q2 2024: Intent-based Summer is here
The second quarter of 2024 was filled with securing new partnerships, upgrading the SYMMIO infra, crossing new milestones, and much more. $5 Billion in traded volume has now passed through our frontend partners, Orbs launched their Perpetual Hub product, and key partner IntentX held their much-anticipated TGE.
Perpetual Hub — Orbs committed to playing a major role in the future of on-chain derivatives
Our key strategic partner, Orbs, launched their latest product, Perpetual Hub, a suite of tools for on-chain futures trading. Orbs shares our vision of bringing derivatives on-chain in a scalable and sustainable way. Perpetual Hub provides key services to make this a reality: Hedgers, Liquidators, and price oracles.
These 3 software services utilize Orbs’ layer 3 infrastructure, enabling the deepest liquidity on-chain and optimal capital efficiency.
Read more about Perpetual Hub here.
IntentX — ICO, ByBit listing, and V2 launch
It’s been an incredibly busy last few months for our leading frontend partner, IntentX. In April, we expanded the SYMMIO ecosystem to Mantle, the home base chain for IntentX. The Mantle launch offered IntentX traders a 50% fee rebate paid out in MNT. Additionally, IntentX partnered with Ethena’s Sats campaign, with users earning 20x sats on deposited $USDe.
ICO
At the end of May, the highly-anticipated $INTX ICO went live and was well received by the community. A hugely successful raise was conducted through MOBY, followed by token listings on ByBit, Gate.io, and Merchant Moe.
INTX Staking
xINTX is staked INTX and offers utility and rewards to holders. These include:
- Governance voting
- 85% of IntentX revenue goes to xINTX stakers
- Increased trader incentives
- 10% share of Serviced Frontend revenue
- Referral program rewards
Stake your INTX tokens and start earning today.
V2 Launch and what’s next
IntentX launched a brand refresh and full revamp of its app with improved performance and new features, including:
- Pro trading tools
- Funding rates overview
- In-depth account overview and analysis
There’s also an attractive Trade to Earn program with up to 200% fee rebates on every trade.
IntentX continues to scale and innovate. Additional solvers are being onboarded with platform functionality being improved. Other releases in the works included a customizable NFT collection, trading competitions, account abstraction, and much more.
Thena ALPHA V0.X major update
Thena launched a major update with the release of V0.X, marking the end of ALPHA’s beta phase. This release included a reworked interface and a list of features added to the platform.
These included:
- Stop loss and take profit tool
- Estimated liquidation prices
- Advanced account analytics
- Custom layouts
- And much more
In addition, users can earn a share of $1000 daily based on their trading volume through the Trade2Earn program.
Major Milestone and Metrics: $5 Billion in total traded volume
Total trading volume across all SYMMIO frontends has just crossed the $5,000,000,000 mark.
June 2024 also saw the highest trading volume in SYMMIO history and platform revenue has surpassed $1m.
Development Updates — V0.83, Instant Trading testnet, Instant Closing live
Instant Trading
Instant trading has been internally tested and is being prepared to go to alpha testing.
This is a major system upgrade as it reduces trade execution and price lock times to under 1000ms. Prices can be locked in in 600–800ms, a 50–100x improvement on the 20–60 seconds that were previously required.
This greatly improves the trading experience for users who will now receive trade confirmations in less than 1 second, a massive step towards mimicking the trading experience of a centralized exchange.
Instant Closing has recently been battle-tested by the Based.Markets community and is currently live on some frontends. This is a massive UX upgrade, as users can close trades instantly with 1 click.
Try it out now on Based, Core, and IntentX.
V0.83
V0.83 has gone to audit through a Sherlock Contest. This infrastructure update introduces a host of new features and upgrades.
Read the full development report:
$SYMM Preparations
Scoping and design of the SYMM token implementations have begun. Further info on the TGE and the features of the token will be released in a future update. Be sure to sign up at symm.io to stay up to date with everything around the TGE.
In his recent SYMMgularity article, Lafa explores SYMMIO’s market strategy, the pieces that are being put in place to achieve our vision, and the SYMMIO blackhole effect.
Solvers have the tools to create their own products, competing on all parameters and operating their own risk engines, continually optimizing. As more solvers enter the system, more frontends are attracted and thus more users. SYMMIO becomes continually more attractive for solvers, and as more join the more modular the SYMMIO ecosystem becomes, eventually arriving at a point of acceleration that cannot be matched by its monolithic counterparts: The SYMMgularity.
SYMMIO deep-dive by Revelo Intel
Revelo Intel published a comprehensive thread and report on SYMMIO, breaking down its components and explaining how our intent-based and bilateral agreement system works.
New Partnerships
Pear Protocol
Pear was revealed as the next partner building on SYMMIO. They are bringing a unique use case to on-chain derivatives in the form of pairs trading.
Users can long one asset and short another in one click via Pear’s intuitive interface. For the first time, these often complex strategies are now available to all traders, enabling them to offset risk and trade market narratives. With SYMM solvers currently providing 260 markets, that translates to over 60,000 possible pair trades.
Join their Discord to follow the latest news and keep an eye out for the official launch.
BMX Freestyle
Our newest Frontend partner, offering over 250 markets on Base chain. BMX is currently running a $100k Onchain Summer trading competition with a share of $10k up for grabs every week. Rewards are distributed to the top 100 volume traders based on their share of volume.
Other notables include BeFi, a perps DEX focused on the BTC ecosystem, enabling users to trade BRC-20 tokens with leverage, on-chain. We also announced a partnership with Skate Chain. Skate enables chain abstraction, allowing apps to run on hundreds, or even thousands, of chains with one state.
SYMMIO Community Contest
The first community contest was a roaring success, with over 500 submissions vying for a share of $10,000 in prizes.
We received an overwhelming amount of high-quality submissions and choosing the winners was a near-impossible task.
Here’s a selection of some of the top creators:
Some incredible artwork from @mrdejie and @cryptolegend696, a figurine from @br__vs, and an info-packed thread by @SelinaGmez05.
Intent-based Summer is here
Intent-based Summer is in full swing with incentives all across the SYMMIO ecosystem, including reduced fees, instant trading, airdrops, and more.
There are also rumblings of a $SYMM airdrop for those who interact with SYMMIO in any form 👀
Recent AMAs
We’ve had several engaging conversations with some partners and industry experts, diving into the SYMMIO tech, discussing the future of on-chain derivatives, and much more.
Monad Mondays
Lafa joined the Monad team for their regular Monad Mondays AMA to discuss all things SYMMIO.
Blockworks Roundtable
Lafa, Huf (Pear Protocol), and Matt (Entropy) joined a Blockworks Roundtable to discuss the evolution of on-chain trading, the continued development of infrastructure and trading tools, and the shift from centralized exchanges to on-chain platforms.
AMA with Pear and Arbitrum
Lafa and Huf sit down with the Arbitrum team and explore what Pear and SYMMIO have been building and what it means for on-chain derivatives trading.
Markets and Listings
SYMMIO solvers continue to add new and exotic markets, all tradable with leverage via our frontend partners.
Trade over 260 markets with leverage via our frontend partners.
IntentX | Thena | Based Markets | Core Markets | BMX Freestyle | BeFi
Join the SYMMIO community to stay up to date with the latest developments.
