Symmetric

Symmetric is an Automated Market Maker (AMM) and a Decentralized Exchange (DEX), running on the Celo and Gnosis networks.Symmetric’s roadmap includes further development of use-cases (such as a launchpad, crypto index funds, crypto ETFs & ESG funds) and support for more networks in the future.

Symmetric is noncustodial, which means that users remain in control and are responsible for the crypto assets they stake, add or swap. Symmetric provides the infrastructure for staking, liquidity mining and token swaps but does not control or take possession of any crypto assets or tokens transacted by users (they remain locked in smart contracts).

We strongly recommend and encourage that all users complete thorough research and due diligence before adding any liquidity or executing any token swaps.

Initially Symmetric will only support MetaMask and Wallet Connect compatible wallets, but will be adding support for many more in the future.

‘SYMM’ is the ticker or symbol, for the Symmetric governance token. The token’s utility is to entitle token holders to participate in the governance of Symmetric and its ecosystem.

SYMM coins are issued as a reward to liquidity providers (in addition to their share of any applicable fees) & stakeholders adding value to the Symmetric ecosystem.

It is important to note that the Symmetric governance token is not a cryptocurrency and as such has no monetary value, it only represents voting rights for governance of the Symmetric pools, decentralised exchange (DEX) and ecosystem.

Symmetric’s team believes in the principles of a fair launch, which does not reward groups with large pre-mined token holdings prior to the product or service launch. Typically in an ICO, IDO or other type of token event, there is a large pre-mined allocation of coins to founders giving a quick secured reward. A fair launch has a smaller or no pre-mine and value flows out to beneficiaries after the launch of a project.

Symmetric’s governance token, or ‘SYMMs’ can be acquired through token swaps, completing pre-specified tasks on GitHub, liquidity mining and other value-adding activities.

Liquidity providers earn SYMM coins by staking coins or adding liquidity to pools or creating their own pools of whitelisted tokens.

Community members earn SYMM coins by actively working on the Symmetric product such as development work, bug bounties, events, marketing and community building.

The operations team earns SYMM tokens by actively supporting the Symmetric ecosystem; including ongoing development work, management and day to day operations.

Some SYMM coins are also converted each week into other coins that are held in the Symmetric risk fund as ‘collateralized protection’ for liquidity providers.

Our belief is that DeFi protocols, facilitating decentralised financial services should also be governed in a decentralised way by stakeholders to ensure interests remain aligned and that incentives and rewards flow back to value creators. To ensure this happens, Symmetric will be governed as a Decentralised Autonomous Organisation (DAO) where the voting power for important & consequential decisions, rests with the DAO members.

Liquidity providers who lose money due to an event such as a malicious attack, compromised or crashed asset, can put in a claim to the Symmetric risk fund.

This fund will grow over time with monthly token allocations and diversify concentrated asset positions by converting some SYMM coins each week into other crypto assets to be held by this fund as ‘collateralized protection’. This diversification will only begin once the pools have enough liquidity to withstand market impact costs. The risk fund helps reduce risk for liquidity providers, something we feel is necessary in todays DeFi market.

The fund will also be governed by the DAO and will continue to look for more capital efficient ways to boost protection for Symmetric users.