[BIP-114] Symmetric as Friendly fork on Celo and Kava

Symmetric as the official friendly fork of Balancer on Celo and Kava

This proposal aims to expand the Balancer ecosystem to Celo and Kava, managed by Symmetric, and make Symmetric the official Friendly Fork of Balancer on Celo and Kava.

Background

Symmetric is a fork of Balancer that currently runs on the Celo and Gnosis Network, and will soft launch on Kava imminently. The project launched in 2021 and has since deployed a V1 and V2 fork of Balancer on both networks in addition to graduating from Celo Camp. Symmetric has close ties to the Celo community and looks to play a large part in Celo’s mission-based activity moving forward.

Symmetric approached BalancerDAO before launching V2, which did not result in an agreement. Symmetric has since shipped and operated their V2 on Gnosis and Celo in July, while BalancerDAO introduced the veBAL tokenomics, launched on Optimism in collaboration with Beethoven, and the bLabs team added a deployment to Gnosis to their roadmap.

Based on these changes, we think it’s the right moment to re-engage and find a mutually beneficial outcome.

Motivation

The Celo Ecosystem, despite relatively low usage, is seeing an increase in interest as the ReFi space native to the chain is growing fast, with projects such as Toucan protocol moving onto Celo recently. Another example is Uniswap moving to Celo with a $10M incentive package from the Celo Foundation’s DeFi for the People initiative focusing on Green Assets. Another significant point is that PrimeDAO is launching a ReFi Launchpad program on Celo in Q4 with $1M in funds available for project launches and liquidity rewards (bribes).

We believe we have the right knowledge, skillset, and network to successfully expand the Balancer protocol onto the Celo network and become one of the top three DEXs on Celo by the end of 2023.

Additionally, Kava is a burgeoning chain connecting the Kava ecosystem to the Ethereum world. We think it’s co-chain architecture can open up some new worlds and possibilities for Symmetric.

Specifications

Friendly Fork Status

If this vote successfully passes, the Celo deployment of Symmetric will be recognized as the official friendly fork of Balancer on Celo. Likewise, the Kava deployment will serve as the official Balancer Friendly Fork of Kava Network…

SYMM token distribution mechanism

Symmetric plans on developing a system similar to veBAL by which SYMM token distribution is optimized and decentralized through holding of SYMM’s core pool on Celo (SYMM-CUSD) and voting via a simple gauge.

Tokens to become a FF

SymmetricDAO proposes distributing SYMM tokens to BalancerDAO and Balancer Stakeholders to become a Friendly Fork. In exchange for becoming the Friendly Fork on Celo and KAVA, SymmetricDAO will distribute ~3.5% (17,500 SYMM) of the tokens to BalancerDAO and ~1.5% (7500 SYMM) to veBAL holders that engage with any of the two deployments by December 15, 2022.

8 Likes

Fully support this initiative for a well functioning team of Balancer fork to deploy on Kava ecosystem. The users and protocols on there need a Balancer fork backed by a strong team.

4 Likes

Even though i’m not very active in this chat, iv’e been a long time user and staker of blancer.

I believe thi is the kind of collaborations that will help our industry move forward!

There’s an actuall need that can be filed exactly by the Symmetric team

3 Likes

Yes yes and a million times yes!!

This is a great partnership and fantastic way of going about it!

3 Likes

EthicHub experience with symmetric support team was amazing. Im sure there is no better option. Clear yes

2 Likes

Hey @Jori_Ethichub nice seeing you here!

Yes Symmetric is a solid team that just need some visibility.

In full support!

2 Likes

Excited to see this proposal up by the Symmetric team. They’ve been super active engaging in the Celo ecosystem. Big yes!

2 Likes

Excited about this, Team Symmetric. They’ve been pivotal in the Celo ecosystem and we’re supportive.

3 Likes

I’m a big fan of Symmetric and think joining forces makes a ton of sense. Celo now has Uniswap v3 so having an official friendly fork of Balancer on the same chain feels like a nice move.

2 Likes

I think we’d want to see an active deployment that can be independently verified before approving the FF on Kava (cc @gerg).

As far as Celo, in support of that as written.

Cheers :slight_smile:

2 Likes

Having Symmetric as a friendly fork on Celo sounds like a good fit - beneficial for both sides!

1 Like

@solarcurve - Here is the information for verification

Symmetric on Kava EVM co-chain
Contract Name: Contract Address
Authorizer 0xe6c5610b06A19b9726f739a7f699029479C5e6EA
Vault 0xA18808989E7EB0FcF0932fd00D007F3C118B78E7
WeightedPoolNoamFactory 0x0a0717A8A0641eA3C4eB82Aa9D82F07Ad887750b
WeightedPool2TokenFactory 0x7e9871bd50A5fe311D7dFC19f8D232d7c4cF1116
StablePoolFactory 0x8628Ab9f1E7113abC29fDc05c9c37d9B8FcEb4e9
LiquidityBootStrappingFactory 0x3a62327c3C05606De1Bf48226ac5f20E109bA16B
BalancerHelpers 0x624189B7FAe63F534F58Dc4636a85fC4225ca44A
BatchRelayerLibrary 0x8A1884dCFBf8F8a266E70Db7c3ea043C9A6Ca2F4
ProtocolFeesCollector 0xeCf2ee4D54FfBa5a9D602C7F4238ACCA1757b29d
Kava Node http://52.209.87.202:26657/net_info?
Kava subgraph subgraph.symmetric.exchange
Symmetric Test environment on Kava EVM mainnet https://kava-sandbox.symm.fi/#/

2 Likes

Hey guys! Really cool to see a proposal for a friendly fork moving forward.

The Beethoven X team has been in ongoing conversations with the Kava foundation about a possible deployment on the Kava EVM co-chain. This hasn’t been made public as terms are still being discussed and nothing has yet to be decided. We have no desire to derail the process here, but there is a possibility that Beethoven X will deploy to the Kava EVM co-chain.

2 Likes

Thanks for the heads up @danielmk - we don’t have any problems with Beethoven X deploying on KAVA. Would be great for us to open a communication channel so we can all expand & grow together!

4 Likes

A celo Only version for consideration:

Symmetric as the official friendly fork of Balancer on Celo

This proposal aims to expand the Balancer ecosystem to Celo, managed by Symmetric,and make Symmetric the official Friendly Fork of Balancer on Celo.

Background:

Symmetric is a fork of Balancer that currently runs on the Celo and Gnosis Network, and will soft launch on Kava imminently. The project launched in 2021 and has since deployed a V1 and V2 fork of Balancer on both networks in addition to graduating from Celo Camp. Symmetric has close ties to the Celo community and looks to play a large part in Celo’s mission-based activity moving forward.

Symmetric approached BalancerDAO before launching V2, which did not result in an agreement. Symmetric has since shipped and operated their V2 on Gnosis and Celo in July, while BalancerDAO introduced the veBAL tokenomics, launched on Optimism in collaboration with Beethoven, and the bLabs team added a deployment to Gnosis to their roadmap.

Based on these changes, we think it’s the right moment to re-engage and find a mutually beneficial outcome.

Motivation

The Celo Ecosystem, despite relatively low usage, is seeing an increase in interest as the ReFi space native to the chain is growing fast, with projects such as Toucan protocol moving onto Celo recently. Another example is Uniswap moving to Celo with a $10M incentive package from the Celo Foundation’s DeFi for the People initiative focusing on Green Assets. Another significant point is that PrimeDAO is launching a ReFi Launchpad program on Celo in Q4 with $1M in funds available for project launches and liquidity rewards (bribes).

We believe we have the right knowledge, skillset, and network to successfully expand the Balancer protocol onto the Celo network and become one of the top three DEXs on Celo by the end of 2023.

Specifications

Friendly Fork Status

If this vote successfully passes, the Celo deployment of Symmetric will be recognized as the official friendly fork of Balancer on Celo.

SYMM token distribution mechanism

Symmetric plans on developing a system similar to veBAL by which SYMM token distribution is optimized and decentralized through holding of SYMM’s core pool on Celo (SYMM-CUSD) and voting via a simple gauge.

Tokens to become a FF

SymmetricDAO proposes distributing SYMM tokens to BalancerDAO and Balancer Stakeholders to become a Friendly Fork. In exchange for becoming the Friendly Fork on Celo, SymmetricDAO will distribute ~2.5% (12,500 SYMM) of the tokens to BalancerDAO and ~1% (5000 SYMM) to veBAL holders that engage with the deployment by December 31, 2022.

2 Likes

Excited to see this proposal coming together - I’ve always been a big fan of Symmetric’s Celo deployment and think this is the best place to start! Will support where I can in the growth of the Celo deployment with PrimeDAO & Kolektivo.

1 Like

We would like the Celo only proposal to be submitted for a vote.

2 Likes

we’ll put it up with the next round of votes

1 Like

We, Minerva Wallet (lab10 collective), would be happy to see Symmetric as a FF on Celo! We have been working with them since they started out on Gnosis Chain, and created a farm for symmetric and our MIVA token. And they helped us to get started on Celo and we are looking forward to work with them also on Celo.

1 Like

@solarcurve when will the vote go live?