Note:
This post has been published originally on medium.com on November 11th, 2021.
Minerva is proud to announce our latest partnership with Symmetric, an Automated Market Maker aiming to make DeFi more accessible and easy to use for all. This exciting new partnership is beneficial to both parties, fulfilling the long-standing need for a multi-asset DEX in the xDai Ecosystem, further boosting liquidity and trading volume on Symmetric, while providing a seamless experience to users of both products. Together, we shall move forward and bring each other to new heights in the skies!
The DeFi world has grown exponentially over the past year and shows no signs of slowing down. One such result of the rapid growth of the industry has been the introduction of Automated Market Makers (AMMs), a new decentralized technology that comes with a lot of disruptive power, shaking the design of a traditional market by replacing “buyers and sellers” for liquidity pools (a shared pool of tokens).
In short, AMM users supply liquidity pools with their chosen crypto tokens, and* *the price of the token in the pool is determined by a mathematical formula that can be altered. By tweaking the formula, liquidity pools can be customized for different purposes and levels of optimization.
Minerva is committed to staying on the cutting edge of DeFi by working with the most innovative projects in the space, and we consider Symmetric to be one of them. Symmetric’s technology allows automatic and permissionless exchanges, putting no single party in control of the system, meanwhile open-sourcing its development, enabling anyone to get involved with the project. Decentralized, transparent, and always available for trading.
Symmetric makes a magnificent addition to Honeyswap when it comes to ramping up liquidity for new projects, and the possibility of creating asymmetric pools makes it much easier to add substantial amounts to AMMs.
Minerva Wallet has an experienced team of developers that are determined to innovate the money streaming avenue; and they’re having a pretty busy year so far. Among countless new features and partnerships, the application recently moved out of the beta stage and into the Google Play Store, making it more user friendly and accessible.
On the other hand, users of Symmetric can also stake the Minerva Wallet native SuperToken (MIVA) in several pools to earn additional Symmetric’s (SYMM) governance tokens as rewards.
Both teams are committed to providing a better DeFi experience to their users — through the aligned effort and hard work of both teams, a very successful partnership is born. Hopefully, together we can play a part into bringing the DeFi world within reach of a broader audience.
“Symmetric Finance is very pleased and excited to announce this partnership with the lab10 collective to grow liquidity and create a stronger combined ecosystem. Together we hope to provide better rewards, the latest technology and a more seamless DeFi experience to users of both products “
— Uzair Qidwai Cofounder and Operations at Symmetric Finance
“Symmetric provides a ‘Balancer’ like AMM on xDai and for a long time this was an important missing DEX technology in the xDai DeFi ecosystem. In support of this partnership, we also decided to provide liquidity for MIVA pools and help with the growth of this new DEX.” — Thomas Zeinzinger, lab10 collective Head of the Board
About Symmetric
Symmetric is an AMM that enables the decentralised exchange of digital assets using liquidity pools on the Celo & xDAI network (coming soon to others). In traditional finance, centralised exchanges use an order book to match buyers and sellers — in contrast, DeFi’s Automated Market Makers (AMMs) execute token swaps in a decentralised, transparent and permission-less way. Symmetric’s mission is to bring these technologies to the people in a simple and secure way to drive mass adoption of DeFi.
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About Minerva Wallet
The Minerva Wallet is a non-custodial wallet built for all EVM networks, that uses WalletConnect to interoperate with hundreds of applications. Minerva provides users their own sovereignty and allows them to join the blockchain revolution by upholding the most pronounced properties: elimination of middlemen like banks and exchanges, identity providers and data aggregators, while ensuring very refined privacy-by-design. You can find more details on our channels.