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What Is Symmetry (SMF)?
Symmetry Finance is a decentralized index protocol built on the Solana blockchain. The project allows users to invest several tokens simultaneously with the Index token, as well as create their own Index with a weight between tokens.
Why Solana? As we know, a significant percentage of DeFi app developers choose the Ethereum blockchain. The Symmetry team took a different path and opted for an alternative chain — Solana. The Solana ecosystem has shown rapid growth lately, and more projects want to test its architecture. This decentralized option offers benefits like lower fees and faster transaction times. Furthermore, Symmetry Finance allows users to diversify their portfolios and maximize passive income easily. By creating their project on Solana, the Symmetry team attracts attention from the smaller community and claims to be supported by the Solana Foundation itself.
The project development Roadmap dates back to Q2 2021, and the list of partners includes Alameda Research, Coin98 Ventures, GBV Capital, Rarestone Capital, and ROK Capital.
Who Are the Founders of Symmetry?
A group of anonymous developers launched Symmetry Finance. As of June 2021, Symmetry hasn't announced any names, but they clarified that their project team has more than five members. Additionally, they claim all participants have an academic background in computer science.
What Makes Symmetry (SMF) Unique?
Symmetry makes it easy to create and invest in crypto indices. The creators describe their project as innovative and state the following benefits:
- Users can easily manage portfolios and maximize passive income;
- Users can invest in several tokens in the same sector;
- Create and buy your own indices (baskets of tokens with different weights);
- Reduces risk and increases stability in unstable conditions.
A built-in analytics tool, Index Simulator, has been added to the Symmetry Finance functionality, which creates a way users can simulate and test the performance of new index tokens based on the collected historical data.
The community has played a key role in the growth of the Symmetry protocol. As we have already defined, indeсes on the platform can be created by anyone, so Symmetry aims to incentivize users to create the most efficient ones. The incentives for users are commission rewards generated from using the created indices. The leaderboard of index creators is published on the platform, and the top-performing indexes are displayed on the main dashboard.
Read about Solana (SOL).
Have a look at the top Solana ecosystem tokens by market capitalization.
What is Web 3.0? You can learn here.
Find out more about Decentralized Finance (DeFi) with CMC Alexandria.
What Are Decentralized Applications (DApps)? See the answer by the link.
How Many Symmetry (SMF) Coins Are There in Circulation?
SMF is the native governance and utility token of Symmetry Finance, which is designed to govern the protocol, pay deployment & purchase fees, and strengthen the ecosystem in general. Token holders have an option to vote (or propose) on Index token changes, plus SMF encourages users to provide liquidity to the protocol. The rest of the capabilities and functions of the SMF token will be added (and announced) when the Mainnet launches.
At the beginning of June 2021, there is still no confirmed information on the maximum supply of SMF tokens, their distribution, or confirmed sale dates. However, according to the developers' predictions (the roadmap on the company's official website), the open sale of tokens and the Mainnet launch is scheduled for Q2-Q3 2021.
How Is the Symmetry Secured?
Symmetry Finance is a Solana-based decentralized index protocol, which means that the role of the protector is performed by Solana and its consensus mechanisms — proof-of-history (PoH) and proof-of-stake (PoS). PoH is responsible for a huge proportion of transaction processing and ensures the reliability of the blockchain. And PoS, in turn, is used as a monitoring tool for PoH processes.
Where Can You Buy Symmetry (SMF)?
As of June 2021, there is no published data on the upcoming ICO. But stay informed with the CoinMarketCap crypto calendar. You can learn how to buy Bitcoin and other cryptocurrencies with our comprehensive guide as well.
Click here and increase your knowledge of crypto with the CMC blog.