Symmetry Building DeFi on Solana

The Major things symmetry trying to build on Solana are

1. Index protocol
2. portfolio manager
3. DEX ( Decentralized exchange)

Index protocol : How do crypto indices work

Each crypto index is made up of a selection of cryptocurrencies, grouped together and weighted by market capitalisation (market cap). The market cap of a cryptocurrency is calculated by multiplying the number of units of a specific coin by its current market value against the US dollar. When a cryptocurrency goes up in value, its market cap will increase and therefore the value of the crypto index will rise, and conversely when cryptocurrency prices fall against the US dollar, the value of the crypto index will fall.

There are several benefits to crypto basket trading, rather than multiple individual cryptocurrencies. Firstly, it can be a more cost-effective way of trading on the cryptocurrencies, as it allows you to take a view on the sector as a whole without having to open a position on each individual coin. Trading on a crypto index can also help to spread some of your risk, as you aren’t being exposed to a single coin.

Why Symmetry and DeFI:

The creation and management of an index has always been limited due to its capital intensive nature as well as the complexity of moving large amounts of money to maintain risk and reward ratios. While coming to centralized Indices the people are always restricted due to legal restrictions. However DeFi can completely make Index protocol revolutionarized with the nature of open source ,trustless and secure nature. Being DeFi there are no regulations and limitations for creating and using indices. Symmetry being built on solana it has less gas fee and fast transaction speed . Using symmetry you can create and buy custom indices — baskets of tokens with different weights. With Symmetry, you can create your own index, or purchase one created by someone else. When creating an index, you can select all assets that you want to be included in the index, as well as their corresponding weights, and rebalancing method. Type of rebalancing you choose is important and will affect overall performance of the index, because of this, we created Index Simulator

Index Simulator:

Using symmetry you can create and compare how well your created custom index will perform , Symmetry has developed a tool to track how your custom index performs based on the collections of previous historic data. This helps the users to check different weight ratios and rebalancing their own index before deploying. Thanks to symmetry made our life easy

Portfolio Manager :

Well , Every trader or Holder always worries about their investment. Most of them have always been watching the charts and graphs the whole day even while sleeping . Everyone wanted to track whether their investment was going in the right direction or not. Generally CEX has a very limited amount of coins/tokens listed in them , So the tokens which are not in the cex will be difficult to monitor and direct them.

Using symmetry you can keep track of all your Decentralized wallet holdings on solana blockchain. It also shows the Top gainers and Top losers of the day. You can track your investments on graphs of varying duration between 24h, 1w, 1m etc. You can also check what the percentage of allocation given to each coin out of all . Symmetry also has dark mode which is the favorite theme of many users.

At present portfolio manager is in beta mode, they are frequently releasing the codes to get access to it on their official channel keep an eye on them

Telegram : https://t.me/symmetry_fi

Twitter : https://twitter.com/symmetry_fi

discord : https://discord.com/invite/u7E7EtrZUS

Dex (Decentralized exchange) :

As all of us know the DEX has high importance in crypto ,because all the new and emerging tokens will not be listed on Centralized exchanges due to their limitations and Regulations. So most of the newly created projects will be only available on DEX to trade. Symmetry has dex where we can trade the tokens using buy/sell . At present symmetry is using serum DEX to place the instantaneous market orders based on market id . For a smooth and clean trading all you need is head on to symmetry, choose the pair you need to swap and you are done. Symmetry has been integrating tokens into their Dex based on community suggestions and requirements. It also has a feature that shows a pop-up when you are trying to swap coins/tokens which has less volume in the market as a result users can be cautious before they trade that particular pair. At present you can trade below bunch of tokens.

Tokens available to swap

Swap interface

You can see the warning pop-up for high price change expected coins

Why Solana?

Until 2021 , Majority of the DeFi products were being built on Ethereum Blockchain, However there is a huge gas fee involved in each and every transaction you make on ethereum due to proof of work. So, Many users are feeling the gas fee is high and they were looking for some similar blockchain to use DeFi products which cost less gas fee. In the same way ,as developers considering the aspects of users(customers) they started to build the DeFi products on solana which runs on proof of history consensus. As compared to Ethereum ,Solana has much higher transaction rate and very less gas fee . So interests in people and developers are slowly shifting on to solana.

Solana ecosystem

Symmetry $SMF :

SMF will be a governance token used to govern the Symmetry Protocol. It will also be used to incentivize protocol usage, bring in more liquidity & grow the ecosystem. The SMF token will be heavily integrated in the protocol and is going to be the backbone of the platform. Symmetry has officially announced that they might have a surprise airdrop for the early adopters . Keep an eye on their Twitter and Telegram. I know many of you are waiting for $SMF just keep an eye on their socials to get to know.

Notables :

Notable Events

*Symmetry has announced successful closing our first batch of fundraising with prominent backers, led by

AlamedaResearch , Coin98VC, gbvofficial, rarestonecap,ROKCapital,solana,solanians,SolanaNews,solana_daily,SolanaInsiders,Solana_Mates,solanablog, Sola_System

• Symmetry released its swap function 3 weeks back and rolled out beta portfolio manager on 11th August by giving access code to most active users on their socials , which resulted in a total of 1.5k plus users as of now. Index protocol is still about to launch
• Symmetry has surpassed $140k trading volume by august 12th.
• Symmetry have partnered with solanium on august 16th , Symmetry users can swap all solanium launchpad projects on symmetry

Official Links:

website : https://symmetry.fi/

Telegram: https://t.me/symmetry_fi

Twitter: https://twitter.com/symmetry_fi

discord: https://discord.com/invite/u7E7EtrZUS