Hi everyone,
This is Kakashi from the Symphony finance team. Symphony finance allows users to create limit orders by depositing the sell asset. The sell asset is deposited to a yield generating protocol like Aave. This feature allows limit orders to earn yield for the time they are on the order book. The executor automatically trades the initial deposit + yield earned for the buy asset if the price constraints are satisfied. The order creator receives the buy assets automatically when the order is filled. The executor receives a small fee for executing the orders as they have to bear the expenses for running the relayer service and transaction costs.
We received a grant from Aave Grant DAO a month ago and made some progress that I would like to share.
Current Progress:
- Aave yield adapter to deposit and withdraw assets from Aave.
- Feature to withdraw WMATIC (or others in future) rewards.
As Aave provides WMATIC rewards to the depositor, we have designed the system so every order can get fair rewards. - Feature to migrate yield strategy for an asset.
This will allow the governance to migrate the yield strategy in the future. - Deployed Beta version on testnet (Polygon Mumbai).
Beta version has been deployed on the Mumbai testnet, which allows users to create & cancel orders from the user interface. Currently, the USDC token gets deposited to Aave for generating interest.
Plans:
- [ ] External security audits.
- [ ] More testing (unit and integration).
- [ ] Bug fixes.
- [ ] Polygon mainnet launch.
You can also try out the beta version here or watch this demo video. Feel free to ask questions on our Discord. For future updates, you can follow us on Twitter.
cheers
Kakashi