Project Spotlight: Symmetric (SYMM) - Multi-chain DEX with unique liquidity options
Visit Ubeswap to checkout the new SYMM-CELO pool! Note the ‘Project Spotlight’ is an Ubeswap community initiative and the Symmetric team is primarily responsible for the information contained in this article. The information in this post is for educational purposes only and should not be taken as financial advice.
Symmetric is a Decentralized Exchange and Automated Market Maker on both Celo and Gnosis chains, offering custom index-like pools. Symmetric has built-in options for swapping, providing liquidity, and earning swap fees and rewards. Unique to Symmetric on Celo are the ability to hold multiple assets (up to 8) in pools at custom weights. This allows users to mitigate Impermanent Loss and balance initial pool investment while still earning significant swap fees and rewards for the liquidity they provide.
Q&A w/ Symmetric:
What’s the goal of this project?
Symmetric wants to make next-gen Defi available to all, with customized options for providing liquidity at almost no cost to our users and the lowest gas fees around for trading. We hope to demystify profitability & sustainability in defi/refi for users and protocols by making it easy invest in well-structured, index-like pools, launch & support tokens in a way that sustains their price action and respective protocols, as well as hand lp controls over to directly to the user or protocol that wants to create their own.
Why did you decide to build on Celo?
While admittedly a bit on the nose, one of the meanings behind the name Symmetric is symmetry across access to financial services and the ability to build wealth. We felt that Celo in both name and mission, overall purpose, mobile-first initiatives, & DeFi4All campaign matched many of our own goals when it comes to DeFi, ReFi, and the current evolution of the financial landscape.
How is the protocol designed?
Symmetric was originally based on Balancer v1. We are currently building on top of Balancer v2, while adding additional user friendly options like low fees, farming and staking, and analytics.
What inspired your team to work on this project?
We believe that Decentralized Finance is still a mostly untapped market that can provide tremendous benefit to the world of finance. Gas fees and lack of access to PC’s has made this new and exciting financial tool
How can the community help or join?
Symmetric periodically puts up community bounties to accomplish dev and marketing work. Symmetric is also on its way to full decentralization via SymmetricDAO.
Roadmap
- Q2 2022: Full-launch of Symmetric version 2 — with better routing, more assets per pool, smart pools, improved user interface and experience
- Q3 2022: Development of Liquidity Bootstrapping Pools (LBPs) for enabling new token launches
- Q4 2022: Multi-chain expansion, support and enhance cross-chain functionality
Team
- Darren Oliveiro-Priestnall, TheNewAutonomy — Founder, Software development & entrepreneurship
- Harsimran Singh, OcCoDefi — Founder, Software development & entrepreneurship
- Uzair Qidwai, UziQidwai — Founder, Finance, Strategy, Entrepreneurship
Introducing $SYMM — the governance token for the Symmetric DAO
The token economy is designed to reward value creators in the ecosystem. Symmetric achieves this using the governance token ($SYMM). The tokens are minted and distributed based on a predetermined, declining quantity-schedule over 104 weeks (2 years) to key participants of the economy. The full tokenomics are described here.
These SYMM coins are then used to participate in governance proposals, by voting through the Symmetric DAO. These proposals will shape the future of the DEX, its various functions (e.g., community or risk fund) and ecosystem.
Token Allocation
- Token Symbol: SYMM
- Contract Address (Celo): 0x8427bD503dd3169cCC9aFF7326c15258Bc305478
- Contract Address (Gnosis): 0xC45b3C1c24d5F54E7a2cF288ac668c74Dd507a84
- Audit
Disclaimer
DeFi comes with inherent risks and 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.
