FAQs

What is Symmetric?

Symmetric is an Automated Market Maker (AMM) and a Decentralized Exchange (DEX), running on the Celo and Gnosis networks.
Symmetric’sincludes further development of use-cases (such as a launchpad, crypto index funds, crypto ETFs & ESG funds) and support for more networks in the future.

Does Symmetric take custody of my crypto? Where is it stored?

Symmetric is noncustodial, which means that users remain in control and are responsible for the crypto assets they stake, add or swap. Symmetric provides the infrastructure for staking, liquidity mining and token swaps but does not control or take possession of any crypto assets or tokens transacted by users (they remain locked in smart contracts). We strongly recommend and encourage that all users complete thorough research and due diligence before adding any liquidity or executing any token swaps.

Which wallets are compatible with Symmetric?

Initially Symmetric will only support MetaMask and Wallet Connect compatible wallets, but will be adding support for many more in the future.We recommend using MetaMask which was the primary wallet used for testing.
Download hereFor mobile, we recommend using Cent DeFi wallet which was the primary wallet used for testing. Download here

What is the SYMM token?

‘SYMM’ is the ticker or symbol, for the Symmetric governance token. The token’s utility is to entitle token holders to participate in the governance of Symmetric and its ecosystem.
SYMM coins are issued as a reward to liquidity providers (in addition to their share of any applicable fees) & stakeholders adding value to the Symmetric ecosystem.
It is important to note that the Symmetric governance token is not a cryptocurrency and as such has no monetary value, it only represents voting rights for governance of the Symmetric pools, decentralised exchange (DEX) and ecosystem.

How can users get the SYMM token?

Symmetric’s governance token, or ‘SYMMs’ can be acquired through token swaps, completing pre-specified tasks on GitHub, liquidity mining and other value-adding activities.Liquidity providers earn SYMM coins by staking coins or adding liquidity to pools or creating their own pools of whitelisted tokens.
Community members earn SYMM coins by actively working on the Symmetric product such as development work, bug bounties, events, marketing and community building.
The operations team earns SYMM tokens by actively supporting the Symmetric ecosystem; including ongoing development work, management and day to day operations.Some SYMM coins are also converted each week into other coins that are held in the Symmetric risk fund as ‘collateralized protection’ for liquidity providers.

Where can I learn more about the SYMM tokenomics?

Additional details on tokenomics, rewards and minting schedules can be found below.Symmetric Tokenomics

What is a DAO and why is Symmetric governed through one?

Our belief is that DeFi protocols, facilitating decentralised financial services should also be governed in a decentralised way by stakeholders to ensure interests remain aligned and that incentives and rewards flow back to value creators. To ensure this happens, Symmetric will be governed as a Decentralised Autonomous Organisation (DAO) where the voting power for important & consequential decisions, rests with the DAO members. Through this DAO, anyone can raise proposals which DAO members can then discuss and vote on.
Symmetric uses DAOhaus to administer the DAO which can be found belowDAOHaus

What is the Symmetric risk fund?

Liquidity providers who lose money due to an event such as a malicious attack, compromised or crashed asset, can put in a claim to the Symmetric risk fund.This fund will grow over time with monthly token allocations and diversify concentrated asset positions by converting some SYMM coins each week into other crypto assets to be held by this fund as ‘collateralized protection’. This diversification will only begin once the pools have enough liquidity to withstand market impact costs. The risk fund helps reduce risk for liquidity providers, something we feel is necessary in todays DeFi market.The fund will also be governed by the DAO and will continue to look for more capital efficient ways to boost protection for Symmetric users.

Where can I learn more?

The Symmetric blog hosted on Medium provides additional information about the project, along with the documentation (Docs) posted on the website. We recommend that all users and potential users read and familiarise themselves with the documents and the blog posts on project tokenomics, governance, team and plans for growth – to ensure there are no surprises and that expectations are managed appropriately.

The Symmetric blog can be found below.Medium Blog
‍Symmetric Docs can be accessed below.Documentation

What is liquidity mining and how does it work on Symmetric?

Liquidity mining combines two concepts in crypto & DeFi -‘liquidity’ and ‘mining’.Liquidity, refers to the availability of coins or tokens in a given pool, essential for the growth and expansion of Symmetric. Mining, in this context, refers to stakeholders receiving newly minted Symmetric governance tokens each month (e.g. liquidity providers, operations or community) based on their contributions (usually capital or labor).Therefore liquidity mining on Symmetric refers to ‘liquidity providers earning Symmetric governance tokens as rewards in addition to the returns earned from swap fees’ from token swaps (or trades) within pools.

How do i setup MetaMask for Gnosis chain?

Open Metamask, and select “Custom RPC” from the Network Dropdown. In the “Custom RPC” Settings, add in the Gnosis chain details below and click 'save'.
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Network Name: Gnosis
‍New RPC URL: https://rpc.gnosischain.comChain ID: 0x64
‍Symbol: GNO
‍Block Explorer URL: https://blockscout.com/xdai/mainnet
‍Note: Chain ID 0x64 is the hexadecimal equivalent of 100, which is the Gnosis chain ID. MetaMask recently updated the ChainID to be a required field. When you update, you may need to reenter the Chain ID: 100, and it will be converted to hexadecimal: 0x64
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If you are having issues, try entering 100 for Chain ID and resaving the configuration.

How do i setup MetaMask for Celo network?

Open Metamask, and select “Custom RPC” from the Network Dropdown. In the “Custom RPC” Settings, add in the Celo netwrok details below and click 'save'.

Network Name: Celo (Mainnet)
‍New RPC URL: https://forno.celo.orgChain ID: 42220
‍Symbol: CELO
‍Block Explorer URL: https://explorer.celo.org‍

How can I get my project or token whitelisted?

Please complete & submit the following form, it is recommended to join our community Discord and start a discussion prior to submissionBlock Explorer URL: https://docs.symmetric.exchange/token-whitelisting-form ‍

How can users earn rewards in addition to swap fees?

Users can lock their LP tokens obtained from liquidity provision, on Symmetric’s farms for extra rewards. Farms URL: https://farms.symm.fi/farm‍