A brief introduction to a new decentralised finance (DeFi) platform called Symmetric
This article was originally published in Blockchain Industry Review - a Crypto Curry Club Magazine published monthly and available in soft copy and the printed version.
What is Symmetric?
Symmetric is a decentralised exchange (or DEX) also known as, an Automated Market Maker (AMM) in Decentralised Finance (DeFi).
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. Symmetric is an AMM that enables decentralised exchange of digital assets through the use of liquidity pools on the Celo and xDAI network (Symmetric is also planning launches on other networks).
The Problem(s) with DeFi
DeFi has grown rapidly over the past couple of years, but DeFi platforms, exchanges and applications (dApps) are designed for advanced users and pose the following challenges:
Highly volatile and rising transaction costs (gas prices)
Introduce new and poorly understood sources of risk (magnified by unclear regulatory guidance)
Threat of ‘rug pulls’ (an increasingly frequent type of exit scam) by anonymous teams & malicious attacks by hackers
Assume users have an in-depth understanding of crypto & knowledge of DeFi
Are usually self serving platforms, rather than benefit all stakeholders
All of these problems collectively create high barriers to entry, making DeFi simply inaccessible for most people. This means that users that stand to benefit the most are unable to do so, which further perpetuates the problems DeFi and crypto were created to tackle.
Symmetric is built to drive mass adoption of DeFi. With a focus on simplicity, it is designed with newcomers in mind, and removes barriers to entry through:
Predictable, stable & low transaction costs (gas prices), by leveraging blockchain networks such as xDai & Celo
Reducing uncertainty with its unique ‘risk fund’
Being a transparent & community run project — with a known & experienced team from the blockchain sector
Focus on education, providing relevant & actionable information to users and seamless connectivity
Designed to benefit all stakeholders through the risk fund, the DAO & upcoming launch pad
Symmetric makes DeFi accessible to everyone, regardless of the size of their portfolio, technical knowledge or risk appetite.
In its current state DeFi is both expensive and exclusionary, our mission at Symmetric is to eliminate barriers of entry to DeFi and make it accessible to those who stand to gain the most. We believe financial services are a fundamental right and should be accessible to everyone.
We believe DeFi services should reflect our values through transparent, permission-less & decentralised systems. We’re working to realise this vision — A new world of finance, of the people, by the people!
Unique Selling Points (or key differentiators)
Compared to alternate DeFi platforms Symmetric is different, because it:
Has the ability to hold up to 8 tokens in a pool
Allows anyone to create a pool, provide liquidity and earn fees
Provides added protection, with a separate risk fund
Has self-rebalancing and smart pools which unlock additional utility (e.g., new launches, index funds, ESG or thematic investing)
Supports multiple networks (live on Celo & xDai — coming to others!)
Has a separate token allocation to grow & engage community
Is a decentralised autonomous organisation (DAO) governed by stakeholders
Founding Team & Operations
The founding team consists of industry veterans from the blockchain space with diverse backgrounds and skill sets (entrepreneurs, developers and business professionals). The founders have previously built and launched a test network for a layer 1 blockchain and a DeFi focused mobile wallet.
The founding team will run operations and provide strategic support to the DAO at launch and thereafter, until the token distribution is complete, and the community is large enough to independently support the development, management and growth of the project.
Additional information about the founding team:
In addition to earning fees, liquidity providers on Symmetric will also be issued additional rewards, in the form of Symmetric governance tokens. Tokens can be used by token holders to vote on proposals to further development of the platform.
Further details on Symmetric’s Tokenomics:
Community-run and owned, anyone can create and raise a proposal for token holders to vote on. The Symmetric DAO is hosted on the DAOhaus platform.
Additional information about the DAO and governance:
How to Get Involved
In addition to providing liquidity, community members looking for alternate ways to participate can get involved during the early stages of the project by completing predefined deliverables and getting compensated with bounties, in the form of Symmetric governance tokens.
Community is invited to contribute through the project backlog: https://github.com/orgs/centfinance/teams
Token event information can be found here: https://medium.com/@Symmetric.Finance/symmetric-token-event-c7d170fdc6e0
Disclaimer: Symmetric advises all users and stakeholders to do their own research before participating in any swaps or pools. We strongly suggest that 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
Explore live pools on xDai :https://xdai-pools.symmetric.exchange/#/explore
Live DEX for swaps on xDai :https://xdai.symmetric.exchange/#/swap
To join the community and qualify for airdrops you can follow us here:
Discord — https://discord.gg/GcVWwWUfaD
Twitter — https://twitter.com/0xSymmetric
Telegram — https://t.me/SymmetricFinanceAnnouncements
Website — https://symmetric.finance/