July 20, 2022 – Paris, France
DeFi protocol Symmetry has released the first on-chain asset management infrastructure on Solana dubbed Symmetry Engine, which was announced on Twitter on Tuesday.
Symmetry Engine is a collection of SDKs that enables developers to build on-chain asset management applications and gain access to zero price impact and zero slippage liquidity.
The protocol has been launching products on Solana since 2021 and has surpassed $500 million in volume on its DEX built with Prism Aggregator.
In traditional finance, the creation and maintenance of indices and actively managed funds has always been limited due to their capital-intensive nature and the complexity of moving large amounts of money to maintain the risk/reward balance.
The public was restricted by the rules and methods of the central parties that manage the funds. Symmetry, with its trustworthy and permissionless nature, is at the forefront of revolutionizing this.
Symmetry can be used by anyone to create a fund in less than five minutes. When setting up an index or an actively managed fund, the protocol automatically creates a token specifically for that fund representing its underlying assets whose price is determined by the weighted price movements of its asset composition.
Therefore, the owners of the fund token effectively hold the value of the assets included in its composition, which allows them to easily diversify their portfolio with just one token. Symmetry Engine automatically takes care of rebalancing, rebalancing and re-filtering (if automated) the fund in the chain.
Funds can also act as concentrated liquidity pools, perform market making on DEXs and earn liquidity provider fees for fund token holders. This opens up a multitude of opportunities for traders as liquidity can be offered with no slippage and no price impact and at a price determined by an on-chain oracle.
With the first release, Symmetry Engine includes the following functionality.
- Fund SDK Creation, administration, automation and tracking of indices and actively managed funds.
- Liquidity SDK Access to the liquidity of the funds.
Documentation for Symmetry Engine can be found here.
Contact
S. Martin, Media Relations at Symmetry
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