v0.83 Upgrade still ongoing
The Symmio Engine is still undergoing a significant upgrade from version 0.8.2 to 0.8.3.
Audit Done
This upgrade process has now been fully audited by sherlock. The audit report can be accessed here for those interested in the specifics.
Integration tested with largest partners
The upgrades are progressing smoothly, with the Polygon test environment having been live since June, allowing frontends and solvers to test and interact with the new version. After completing the audit, extensive testing and integration efforts were carried out, particularly with our largest partner, IntentX & perpetual hub have been testing the upgrade extensively to ensure that there wont be any service disruption on their side which has been ongoing since the audit has started.
Final stage — Deployment process has started
The deployment process is currently underway.
We anticipate that the Blast network will be upgraded to v0.83 around 25th of august. Provided that the deployment on Blast proceeds without any issues, subsequent upgrades on other networks, including BNB, Mantle, and Base, will follow according to the planned deployment sequence:
- Staging environment / DONE — Polygon (initial testing environment)
- Initial Rollout / ONGOING — Blast/BNB (first deployment)
- Final Rollout / COMING SOON — Mantle / Base (and additional chains as planned)
this upgrade flow will be kept the same for all future upgrades, making it possible for partners to start testing their integration on Polygon, then after a majority of the partner frontends and solvers has integrated on polygon and no issues have been found we will deploy to a low OI chain, for example BNB / BSC, after several more production tests on those chain upgrades to majority OI chains like Mantle or Base will be executed.
All upgrades will also be downward compatible allowing partners to continue to be operating on an “older version” of Symmio while the new upgrades are simultaneously accessible, this should smooth out the upgrade progress for all participants, this will be implemented as rolling features. For example now with v0.83 there are new upgrades specific to v0.83, but also the old v0.82 system is fully accessible and therefore the upgrade to v0.83 should not lead to any disruptions for our partners, partners now have time to upgrade their systems to the new v0.83 features, events and functionalities.
With the next upgrade v0.84 old v0.82 features will be discontinued, quasi reach EOL.
v0.83 technical change notes: https://docs.symm.io/protocol-architecture/technical-documentation/contracts-documentation-0.8.3
v0.83 non-technical update notes:
https://medium.com/symmio-publication/symmio-may-2024-developer-updates-5278961ddbf5
Update on TGE Strategy
All Token Generation Event (TGE) information has been transferred to a dedicated article currently under development. This forthcoming article will delve into proposed modifications to the vesting schedule and staking mechanism, inviting a broader dialogue among all participants to facilitate collective decision-making.
The central concept behind these proposed adjustments is straightforward:
- Reduction in Vesting Periods: Aiming to shorten the vesting periods to better align with the community’s expectations.
- Enhanced Liquidity: Introducing measures to improve liquidity and ensure a more attractive TGE environment.
The goal is to give some power back into users hands now that technological development has taken longer than initially anticipated, we want to make sure that TGE is aligned with the majority of the holders.
Time changes everything so the team believes we should adopt the strategy given the increased waiting time.
But detailed information on TGE and topics for discussion will be provided in a separate article. For now, the focus of this update will remain solely on the progress made in development and improvements made during the past three months.
Documentation Enhancements
The documentation for the Symmio platform is continuously improved to ensure comprehensive and up-to-date resources are available for all users. Two dedicated technical writers are working diligently to prepare and refine documentation specifically focused on Solver and Frontend integrations. Their ongoing efforts facilitate smoother integration processes and enhance the overall developer experience.
Technical documentation: https://docs.symm.io/protocol-architecture/technical-documentation
Also check out the section on Pair Trading
https://docs.symm.io/building-on-symm-io/subnets-frontends/introduction/pair-trading-settlement-costs
Every product will have its own category (Perps, Pairs, Options and more) with different settlement costs and cost reduction/rebates tables.
Long-term new product categories should be proposed, by a dedicated Sub DAO or by solvers, then voted on by the community.
Website Upgrade
In collaboration with Halaska Studios, renowned as one of the premier design teams in the industry, the landing page & website has been getting a small upgrade.
Which will be pushed live soon.
On a personal note, I am very happy for the work done by Halaska Studios and believe it has finally elevated our landing page design to live up to the high standard we have held for our system design.
Upcoming Frontend Integrations
We are currently working on three additional frontend integrations. Details on these integrations, if successful should be announced soon.
Symmio Core Development: What’s Next?
The next phase of Symmio’s core development involves several key initiatives aimed at enhancing the platform’s functionality and user experience.
- Token Development: The development of the $SYMM token is contingent on discussions and decisions made within the community. Once consensus is reached, we will initiate the development process. More detailed information regarding these updates will be made available in September.
- v0.84 Development: A portion of the core team has already begun work on version 0.84 of Symmio. This upcoming version will include several new features, such as: https://github.com/SYMM-IO/protocol-core/tree/version_0.8.4
- Cloverfield Enhancements: We are adding features to Cloverfield to streamline the onboarding process for new hedgers.
- Public Front Codes: The front-end code will be made public to facilitate the development of new frontends by the community.
- New Dashboard Websites: We are developing new dashboard websites specifically designed to support teams working with hedgers and the broader Symmio ecosystem.
These developments underscore our commitment to continuous improvement and community-driven innovation.
Developments of Other Solvers
Perpetual Hub
Perpetual Hub has emerged as the first additional hedger to join Rasa, and is now accessible through the multi-solving UI at IntentX.
For those interested in more in-depth discussions, you can refer to the recent spaces session here.
Recent developments within Perpetual Hub include:
- Team Expansion: The Perpetual Hub team has grown, enhancing their capacity to manage ongoing and future projects.
- Liquidator Development: They are currently focused on developing their own liquidator systems, which will play a crucial role in improving the platform’s efficiency and reliability.
- Code Refactoring: The team is engaged in extensive refactoring to optimize streaming processes, making it easier to integrate new chains. These internal improvements are essential for future scalability, though there are no external announcements at this time.
- User Interface Development: Perpetual Hub is also planning to develop its own user interface, which can be shared with other teams. We are encouraging them to collaborate with Vibes on this initiative, as discussed.
Zenith — New Hedger
Zenith, a new hedger on the platform, conducted its first testing in a production environment this past weekend. Zenith brings significant experience to the table, having been established as a crypto quant fund in 2017. Over the past three months, they have been developing their solver solution, which is now nearing deployment.
- Base Deployment: Zenith will be operational on the Base network by the end of August, beginning with small notional test orders to ensure stability and effectiveness.
Additional Solvers: Test Environment Integrations
We are excited to announce that two more solvers have begun their integration processes in the test environment, further expanding the capabilities and diversity of the Symmio solver ecosystem.
Solver #4
Solver #4 brings extensive experience from the spot-based intent space and is recognized as one of the largest solvers on platforms such as UniswapX and CowSwap. They are also actively involved in market making on Hyperliquid and DyDx, with a strong background in on-chain market making and perpetuals trading. As pioneers in digital assets trading, this solver operates as a proprietary trading firm with a focus on close collaboration, rigorous research, and cutting-edge technology. Their impressive track record includes:
- $10B+ Annual Trading Volume, $50M+ Capital Deployed, 40+ Protocols & Chain Integrations, 6+ Years of Trading Digital Assets Experience
Their integration into the Symmio ecosystem promises to significantly enhance the platform’s liquidity and market-making capabilities.
Solver #5
Solver #5 entering the test environment comes from a background in traditional finance (TradFi), with expertise in market making across foreign exchange (FX), commodities, and stocks. They have built what they describe as a “Unified DeFi and CeFi Liquidity Layer,” aiming to revolutionize the financial landscape by moving the world’s FX market on-chain. Their mission is to bridge the gap between centralized finance (CeFi) and decentralized finance (DeFi) through an innovative decentralized application (dApp). Key aspects of their approach include:
- Focus on Speed, Cost-Effectiveness, and Security
- Development of a Suite of Products for Investors, Brokers, and Retail Traders
This solver’s integration will contribute to reshaping the future of finance by providing a robust and unified liquidity layer, further strengthening Symmio’s position as a leader in the decentralized finance space.
These solvers are currently testing integrations on testnet.
Permissionless Solver Onboarding
Our long-term vision for Symmio includes the establishment of a fully permissionless solver onboarding system. However, developing such a system is significantly more complex, likely by several orders of magnitude, than a permissioned approach. Implementing a permissionless onboarding system from the outset would have considerably slowed down our overall development progress.
Therefore, our strategy has always been to initially onboard a select group of highly skilled solvers. This focused approach allows us to compete effectively with the major on-chain derivatives protocols, ensuring that we build a robust and competitive solver network. Once this foundation is solidified, our attention will shift towards creating a permissionless and open version of the platform.
In summary, our plan is progressing as intended — strategically focused, staying within our lane, and steadily advancing towards our ultimate goal. We remain committed to flourishing in this competitive landscape with a clear eye on the prize.
Read more on why onboarding solvers is the most important to focus on for SYMMIO as a protocol: https://lafachief.medium.com/symmgularity-acc-b1a12600f421
Ongoing Solver Discussions
We are currently in discussions with numerous additional solvers who are evaluating the potential integration with Symmio. While many of these solvers are in a “wait and see” phase, there is widespread confidence in our model and enthusiasm for its potential. The key to accelerating these integrations lies in increasing trading volume, which will demonstrate the robustness and scalability of our platform.
Our immediate focus is on ensuring that IntentX can generate sufficient volume to consistently rank in the top 10 on DeFiLlama. Achieving this milestone will be a crucial factor in attracting more solvers to the platform.
There are significant plans underway on the IntentX side aimed at improving user experience (UX) and enhancing platform functionality. Once these UX upgrades are fully integrated, we expect to see a renewed interest from solvers, leading to further expansions of our solver network.
For more detailed insights, you can listen to the latest spaces session with IntentX, where these topics are discussed in greater depth.
Sneak Peek into Options on SYMM
This section offers a brief glimpse into the exciting developments surrounding options trading on the SYMM platform. A more comprehensive update will be provided soon, but we are thrilled to share some initial insights.
We have recently onboarded a new team dedicated to researching and developing a Minimum Viable Product (MVP) aimed at bridging options liquidity on-chain using the Symmio model. While perpetuals have served as an initial test for our platform, the true potential of Symmio lies in options trading.
The inherent structure of Request-for-Quotes (RFQs) makes them particularly well-suited for options trading. On-chain options protocols often struggle to attract liquidity due to the high costs associated with providing liquidity across numerous submarkets — each representing different expiry dates and strike prices. The resulting thinly spread liquidity makes it economically unfeasible for market makers to operate effectively.
This is where the Symmio model truly shines. By acting as a bridge between off-chain options liquidity and on-chain markets, Symmio can address these liquidity challenges and unlock significant opportunities in exotic derivatives and & options.
To illustrate the potential impact:
- Massive Opportunity: The costs and liquidity challenges on existing options exchanges are significant. For example, the daily notional limit for Hegic Options is restricted to just 1 ETH per address, translating to approximately $20 in deposits — an indication of the severe liquidity constraints.
- Market Disparities: The current ratio of CEX Perpetuals TVL to DeFi Perpetuals TVL is approximately 5:1. However, the ratio for CeFi Options TVL to DeFi Options TVL is a staggering 100:1, highlighting the vast untapped potential in bringing more options liquidity on-chain.
We believe that the Symmio intent model is ideally positioned to bridge this gap, offering a transformative solution for on-chain options trading. Stay tuned for more detailed updates as we progress with this exciting initiative.
