An on-chain asset management protocol
There’s a lot of interesting things happening on Solana these days, and one application that caught my attention is Symmetry.fi. As easy as depositing into a basket and forgetting about your portfolio, Symmetry offers a different way to grow your assets with less hands on work, and possibly less risk. Enabling users to create, manage, and trade tokenized baskets of multiple cryptocurrencies, this protocol supports the creation and automation of mutable and immutable baskets and supports up to 15 assets per basket composition with various weights. Put your money where people are finding success, or take on the responsibility of building your own basket! Either way Symmetry offers a variety of options for investing your money, diversified. Sound fun to you?
From the Symmetry about page, “Symmetry Baskets are customizable and can be used for various purposes such as creating portfolios, indexes, ETFs, or copy-trading. The protocol is audited by Ottersec and the UI is open-sourced for developers to build their own asset management platforms and integrate with the Symmetry protocol.” This open and transparent approach is refreshing and reassuring. Offering developers the opportunity to build their own platforms that integrate with the Symmetry protocol reminds me of Shopify, creating space for an ecosystem or garden of independent platforms to grow up around the core application.
There are three kinds of baskets that can be created – mutable, immutable, and permissioned. Mutable baskets offer flexibility, where creators have authority to adjust the basket’s composition, modify token weights, rebalance assets, alter deposit fees, and update the basket’s description. The white paper suggests this kind of basket would be good for public portfolios showcasing investment strategies, influencers transparently sharing holdings and portfolios with their followers, copy-trading, and for portfolio managers utilizing tailored investment tactics. Immutable baskets do not allow the creator to alter any parameters or the composition of the basket. This can be good for bundles, indexes, and diversification tools. And finally, permissioned baskets combine the flexibility of mutable baskets with restricted access to depositing. It is suggested to work for treasury management, private portfolios, gated portfolios, and copy trading.
Some portfolios are single asset, like the extremely well performing Memeverse (LOL) basket, which is 99.93% Bonk, 0.07% USDC. As mentioned above, a basket can contain up to 15 (including USDC) tokens in its composition with various target weights. “After the initial deposit into the basket, the basket is assigned a nominal starting price of $100, which is used to track basket performance over time as composition tokens & their prices change. Therefore, a basket with a price $1,000 signifies a 10-fold increase in value from its inception.”
Symmetry has also launched a points system which will be open until May 31st when a snapshot will be taken for what we can only assume will be another airdrop or some kind. Given the fact that Symmetry has over 6M+ TVL at the time of writing, this may be an airdrop you should consider farming.
I’m still learning and figuring out if this is a worthwhile allocation of my money at this time, but it seems like something to look into. Hope you enjoyed this brief write-up about Symmetry!
Cheers,
Davie
Quoted writing comes from the Symmetry site and white paper.
©2024
