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.
- 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.
- [ ] External security audits.
- [ ] More testing (unit and integration).
- [ ] Bug fixes.
- [ ] Polygon mainnet launch.