Symmetry Launches Revolutionary Platform for Decentralized Crypto Indices and Actively Managed Funds on Solana

Paris, France, May 3rd, 2023, Chainwire

Today marks a groundbreaking step for decentralized finance (DeFi) on the Solana blockchain as Symmetry launches its highly anticipated User Interface at

The platform aims to revolutionize the way users manage their portfolios through crypto indices and actively managed funds by providing an all-in-one solution for creating, managing, buying, and selling funds.

Symmetry is a decentralized Crypto Indices and Actively Managed Funds infrastructure layer built on Solana, powered by the Symmetry Engine. This innovative on-chain asset management infrastructure covers everything from on-chain funds, indices, and multi-token liquidity pools, to liquidity routing between indices and decentralized exchange (DEX) aggregators, and public APIs for other DeFi projects to integrate Symmetry products seamlessly.

The platform offers a wide range of opportunities for both fund managers and users. Managers can create and manage funds with multiple tokens that reweigh, rebalance, and refilter according to custom rules defined by the manager, or create a trustless Crypto Index with predefined rules. Users can create their own actively managed funds or indices and buy and sell funds created by other users or protocols.

Symmetry’s liquidity provision feature allows indices and actively managed funds to act as liquidity providers on DeFi aggregators such as PRISM and Jupiter when their token weights deviate from the target weights. This groundbreaking feature not only enables funds to rebalance at zero cost but also generates fees from aggregator users for fund managers and holders, a significant departure from traditional approaches where indices and funds typically pay fees on exchanges to rebalance.

The Symmetry Engine relies on Pyth, a reliable price oracle, to determine true prices for each asset utilized in Symmetry products. This is crucial for funds to accurately determine fund values, rebalancing triggers, and buy/sell values for users.

Example use-cases for Symmetry include decentralized index fund apps, decentralized fund management apps, treasury management tools, retail onboarding apps, copy-trading apps, and investing apps. The platform envisions a future where anyone can create an index fund, manage on-chain funds and portfolio strategies, convert wallet portfolios to funds, and integrate index or actively managed fund tokens for trading.

With the launch of the Symmetry User Interface, the world of decentralized finance on the Solana blockchain is poised to experience a paradigm shift in how users interact with and manage their crypto portfolios. As the platform continues to roll out its full suite of features to all users, the future of Solana DeFi looks brighter than ever.


S. Martin


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Reddit Wants to Develop NFT Platform, New Job Listing Revelas

Reddit, a popular social network site, is seeking to hire experts to work on a project that would enable the site to design, develop and maintain a new platform for non-fungible tokens (NFTs) and digital goods. (3).jpg

The social media discussion site plans to develop an NFT platform for selling and purchasing crypto-collectables, the firm signalled in a job posting.

According to a new job posting focusing on the position of a senior engineer, Reddit wants to hire engineers to design, build, and ship backend services for millions of users to create, sell, purchase, and use NFT-backed digital goods.

Reddit announced “a new and exciting, rapidly growing team that aims to build the largest creator economy on the internet, powered by independent creators, digital goods and NFTs. We are looking for strong engineers and leaders to help us seed the team, set its strategy and build for the future.”

Some of the job responsibilities include contributing to the overall strategy of the NFT platform and assisting in building, designing, and shipping backend services for the creation, sale, purchase, and use of NFT-backed digital goods.

The firm is looking for someone with experience in backend development and the ability to design and implement complex distributed systems operating under high load.

In the job posting, Reddit revealed its intentions and motivations behind its latest pursuit. The company has noticed NFTs having a massive ability to develop a sense of belonging and participation.

With an average of 430 million visitors using Reddit’s platform monthly for widely-read discussion threads and news updates, Reddit wants to become the leader of the internet economy with the help of collectables, NFTs, digital assets and many more.

The NFT craze  

The latest development by Reddit comes at a time when the popularity of NFTs has significantly increased, which has prompted a wide variety of firms to launch their own initiatives.

As recently reported by Blockchain.News, cryptocurrency exchanges such as FTX.US and Coinbase recently stated that they are developing their own NTF marketplaces.

Besides Reddit, a rising list of social media firms are also embracing the opportunities being offered by NFTs. Twitter recently announced that it is working on an NFT authentication feature. Earlier this month, Tiktok stated that it would launch its collectable platform, while in August, Facebook noted that it is also developing NFT features alongside its Novi crypto wallet.

Image source: Shutterstock


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TradingView completes new funding round with $3B valuation

TradingView, the price charting platform used as a reference for price movements of cryptocurrencies and other assets, has secured $298 million in a funding round to attain a $3-billion valuation.

Led by TradingView’s new investor, Tiger Global, the funding follows a strong growth of the platform’s user base, mostly retail investors, during the pandemic. According to the announcement, TradingView experienced a 400% increase in new accounts and a 237% increase in visitors in the last 18 months.

TradingView CEO and co-founder Denis Globa highlighted Tiger Global’s expertise in fintech, adding that the partnership would contribute to informed financial trading.

Established in 2011, the platform enables over 30 million monthly users in 180 countries to access price charts of assets such as cryptocurrencies, stocks and futures.

“We built this company with the belief that people everywhere want the same thing: to be in control of their own economic futures,” Globa said, adding, “We work towards this by creating an environment where all traders and investors can look first, then leap.”

Related: Elliptic raises $60M to advance crypto analytics service

The company said that TradingView aims to bolster its broker relationships with partnerships and integrations with major brokerage firms in a bid to enable visitors to trade directly from the platform.

Tiger Global’s Alex Cook said that TradingView’s global standing among retail investors positions the company “to be the default social network and financial analysis platform used by all traders and investors.”

A known investor in crypto, Tiger Global recently led another mega-funding round. Together with Coatue Management, the venture capital has invested $400 million into the crypto payments startup MoonPay.