Symmetric — an automated market maker (AMM) and decentralized exchange (DEX), operating on the Celo and xDai networks. These are two networks, known for high speeds and low costs!
Description of the Symmetric
This project is designed for mass adoption of decentralized finance with an emphasis on simplicity and is aimed at beginners. It removes barriers to entry, making DeFi accessible to everyone with low fees, excellent customer support and a unique risk fund that enhances security. Symmetric supports up to 8 tokens per pool. It also has customizable smart pools, shared public pools and private pools. This means that users can create index funds, launchpads, ESG-focused funds and discover more use cases.
Usage features:
| 1 | To participate, the first step - to connect your wallet to Symmetric. |
| 2 | Download and install the wallet on your smartphone or PC. |
| 3 | Click on the "Connect Wallet" icon in the top right corner to open a dialog where you can choose MetaMask or WalletConnect to connect your wallet. |
One of the goals of Symmetric — to make decentralized finance accessible, and this extends to the DAO. In this way, Symmetric DAO operates on the xDai network, which significantly reduces transaction fees to a few cents. This allows everyone to vote without worrying about the cost.
When you go to the deposit page and deposit an asset into the pool (for example, one stablecoin), it is distributed among each token in the pool. This is something you should keep in mind because if you deposit 1000 DAI into the wxDAI/wBTC/wETH pool (weighted at 33% each) you will get $333.33 in DAI, $333.33 in wBTC and 333 .33 dollars in WETH. These values are constantly changing as people trade and price the coins in the pool.
More about defi app
Symmetric maintains a whitelist of approved tokens as well as a blacklist of blocked tokens. Whitelisted tokens - tokens that the Symmetric team asked for scrutiny, and after this review, they were deemed suitable for inclusion in the default token list. This should not be taken as a recommendation as to which tokens to invest in, but it can be considered the first step in your own due diligence process. The audit of the smart contract is available at the link.