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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Solana Apps May Soon be Ported to Cosmos Ecosystem

Developers of Solana Web3 apps may soon be able to port their apps to the Cosmos ecosystem, creating new opportunities for users and providing a greater variety of uses for Cosmos blockchains. This information has been made available as a consequence of a recent announcement made by Injective (INJ), a developer of a network based on Cosmos. The Injective team has reportedly launched a layer-2 testnet that makes use of Solana’s Sea Level Virtual Machine, as stated in the announcement that was made on the 30th of March (SVM). Because of this new advancement, certain Solana developers are now able to test their applications for usage in the Cosmos environment without having to switch either the programming language they use or the tools they use.

This marks a significant advancement for the Solana community as well as the Cosmos community. Developers can now reach a new audience and provide users with more opportunities to engage with their apps by porting Solana Web3 apps to the Cosmos ecosystem. This allows developers to expand their potential user base. In addition, the Cosmos ecosystem is able to capitalize on the benefits of Solana’s high-speed and low-cost transactions, which positions it favorably in comparison to other blockchain ecosystems.

Eclipse, a company that offers specialized zero-knowledge and optimistic rollups for software developers, was enlisted to assist in the development of the brand new layer-2 testnet. Eclipse has been instrumental in the creation of this new layer by utilizing their expertise to develop a safe and effective layer-2 solution that enables the seamless integration of Solana Web3 applications into the Cosmos ecosystem. This solution was made possible thanks to Eclipse’s contribution to the development of this new layer.

This brand new development is currently going through the testing phase, but it shows a lot of promise for the future of the Cosmos and Solana ecosystems. Because there will be more opportunities for cross-chain compatibility, developers will be able to create applications that are even more robust and innovative, and these applications will be able to take advantage of the distinctive characteristics of both Solana and Cosmos. As a consequence of this, the prospects for the future of the blockchain technology are more encouraging than they have ever been.


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Solana CEO Denies Network Outages Caused by On-Chain Voting

Solana is a high-performance blockchain platform that has been gaining traction in the crypto space due to its fast transaction speeds and low fees. However, in recent weeks, the network has experienced several outages, causing frustration among users and sparking speculation about the cause of the issues.

One theory that gained traction on social media is that Solana’s on-chain voting system is causing the network to become clogged, leading to the outages. According to this theory, the high volume of validator messages and on-chain votes are overwhelming the consensus layer of the network, leading to delays and network downtime.

Anatoly Yakovenko, the founder and CEO of Solana Labs, has denied these claims, calling them “pure ignorance.” He explained that the on-chain voting system is a key part of Solana’s security and efficiency, allowing for high throughput and low fees while maintaining an exceptional level of security.

However, while Yakovenko denied the theory that the on-chain voting system is causing the outages, he did not provide a clear explanation for what is causing the issues. Commentators have pointed out that there is likely no singular cause of the network outages and that proof-of-stake systems like Solana require a lot of network communication to achieve validation.

Despite the lack of a clear explanation for the outages, Solana’s community appears to be growing impatient with the network’s performance issues. Some users have expressed concern that the frequent outages could damage the platform’s reputation and hinder its adoption.

Solana’s team has acknowledged the recent network issues and stated that they are working to improve the platform’s reliability. The Solana Foundation confirmed that the root cause of the recent 20-hour network outage is still not clear, but they are investigating the issue and taking steps to prevent similar incidents in the future.

In conclusion, while the cause of the recent network outages on Solana remains unclear, it is clear that the platform’s team is taking the issue seriously and working to address it. The debate around the role of on-chain voting in Solana’s performance highlights the challenges of building a high-performance blockchain platform that can scale to meet the needs of a growing user base. As the crypto space continues to evolve, it will be interesting to see how Solana and other blockchain projects tackle these challenges and continue to innovate.


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Solana Network Experiences Slowdown in Block Production Following Upgrade

After an update to the validator software on February 25, the Solana network saw a decrease in the rate at which blocks were produced. Transactions were disrupted as a consequence of the event, which prompted validators to downgrade the software in an effort to restore network speed.

At around 6:00 AM (UTC), a technical problem began, which prompted validators to downgrade to version 1.13 in an attempt to get transactions back up throughout the network. However, the downgrade was not sufficient to return Solana to regular operations, and as a result, the decision had to be made to restart the network on version v1.13.6.

“A considerable delay in block production was reported by the network about the same time as an upgrade to the validator software was being implemented. The engineers are currently investigating the underlying reason of the problem “Noting Solana’s webpage for the compass

The problem is related to the upgrading from version 1.13 to version 1.14, which slowed down the process of finalizing blocks. The Solana network is in the process of being restarted, and in order for activities to continue, it is essential to have 80 percent of active stake online:

“As additional validators finish their restart, this number will climb in accordance with the amount of stake they have delegated: this implies that bigger validators such as CEX have a disproportionately high influence on restart timeframes.”

Within the first few hours after the issue was reported, Solana’s validators got together and brainstormed potential solutions to the problem. Infrastructure provider Chorus One pointed out in a Tweeter that the event “demonstrated how really decentralized the network is.” The first chorus continued: “If we didn’t have to spend so much time debating, we could get back up in an hour. However, every step along the route is up to controversy, including whether or not to downgrade, whether or not to restart, and whether to transition from an approach of downgrading to one of restarting. Voting occurs. In the end, it takes us between 8 and 10 hours to recuperate, rather than only 1.”

This is a developing story, and further information will be posted as it becomes available. Please check back for updates.


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Solana Spaces to Close Down Stores

Solana Spaces has decided to close its two Solana (SOL)-themed, community-oriented retail shops in New York City and Miami at the end of this month. These stores are situated in both cities respectively. This decision was taken as a result of the fact that the physical shops did not bring in as many new users as was first anticipated when they were first opened.

Solana Spaces announced the news through a tweet on February 21, which also contained a message from the shop’s founder, Vibhu Norby, explaining the many factors that contributed to the decision to close the stores.

Norby, who founded Solana Spaces in the early part of 2022, explained that the company had reached a “inflection point” with the stores, which prompted them to shift their investment focus to “DRiP,” the firm’s brand-new nonfungible token artwork airdrop platform. This move was prompted by the fact that the company had reached a “inflection point.” Norby also said that he was the one responsible for establishing Solana Spaces in the first place.

“While our stores onboard between 500 and 1,000 people per week, DRiP onboards that same number EVERY DAY,” Norby noted, explaining why the firm opted to shift its investment priority. “While our shops onboard between 500 and 1,000 people per week, DRiP onboards that same number EVERY DAY.” “While our shops bring on between 500 and 1,000 customers every week, DRiP brings on that same number every single day,”

Norby stated that the decision to close the stores, which are located in the Wynwood neighborhood of Miami and the Hudson Yards neighborhood of Manhattan, was made “a few weeks ago,” and that they would “sunset” at the end of the month of February. Both of these neighborhoods are in the city of New York.

Because the two stores in New York and Miami did not open their doors to the general public until the end of July and August, respectively, the ambitious endeavor was only operating for a relatively little period of time.


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Helium Network to Migrate to Solana Blockchain

In an effort to increase both its scalability and its dependability, the communications protocol Helium Network has set the date of March 27 as the target for its transfer to the Solana blockchain and the deployment of Oracles.

The current iteration of the Helium blockchain will be put on hold on March 27, as stated in a blog post that was published on the 17th of February. This transition time will last for twenty-four hours. The operations related to proof-of-coverage and data transmission will not be disrupted in any way. In order to manage the relocation process, a working committee comprised of community volunteers is now being organized. The Helium development team has issued the following statement on the upcoming update: “This upgrade will include all wallets, Hotspots, and Helium Network state. It will be place during a 24-hour transition period beginning at around 1500 UTC / 10:00 AM ET.”

When the chain is stopped, validators won’t produce new blocks, and transactions won’t be synchronized. The company said that following the transfer of all accounts and tokens to the Solana blockchain, a final snapshot of the blockchain will be taken, and Hotspots will be created as nonfungible tokens (NFTs).” Take note that when the transition time is finished, any incentives that were minted as a result of Proof-of-Coverage actions carried out over the previous twenty-four hours may be redeemed for Helium Wallet tokens. Oracles will bring current balances that may be claimed up to date, and Hotspot Owners will have access to the new claim function.”

To participate in the update, token holders of HNT and MOBILE will not be required to perform any more actions on their end. The same holds true for the majority of owners of Hotspots, while owners of big fleets may be able to test certain claim capabilities or design bespoke wallet solutions.

On September 22nd, the community voted in favor of HIP-70 with a higher than eighty percent acceptance rate, which made the relocation to Solana possible. The developers at the time emphasized that one of the advantages of the move would be an increase in the amount of its native currency that would be accessible to subDAO reward pools, an improvement in mining, and more dependable data transmission and ecosystem support.

Also in September of the previous year, Nova Labs, the company that developed Helium, announced that it had reached an agreement with the American telecommunications provider T-Mobile to launch a crypto-powered mobile service that would enable subscribers to earn crypto rewards for sharing data about the quality of coverage and for contributing to the identification of Helium dead-spot locations across the country.


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Digital Currency Group Sells Shares in Subsidiary’s Crypto Funds

The cryptocurrency conglomerate known as Digital Currency Group (DCG) is apparently getting ready to generate cash and maintain its liquidity by selling its assets in cryptocurrency funds that are managed by a subsidiary of the company known as Grayscale Investments.

According to a report that was published on February 7 by the Financial Times, which cited United States securities filings, DCG sold approximately one quarter of its shares in Grayscale’s Ether (ETH)-based fund for approximately $8 per share, despite the fact that each share held a claim to nearly double that amount in ETH. The filings were cited in the report.

In addition to this, it is said to have sold down small share parcels in Grayscale’s Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum Classic (ETC)-based trusts. This is in addition to its Digital Large Cap Fund, which is a single fund that invests in Bitcoin (BTC), Ether, Polygon (MATIC), Solana (SOL), and Cardano (ADA).

The response that DCG gave when queried about the share sales was that “it is just part of our regular portfolio rebalancing.”

In spite of this declaration, there are others who feel that Barry Silbert’s DCG might be heading for some kind of financial difficulty.

Another of its companies, the cryptocurrency lending business Genesis Global Capital, filed a bankruptcy petition on January 19 and is reported to owe its creditors more than $3 billion.

Companies controlled by DCG have been significantly impacted by the contagion that has resulted from FTX’s downfall. Over the last several weeks, these companies have been forced to let go of over 500 people.

However, DCG has taken a number of actions to maintain liquidity in 2023, such as informing its shareholders in a letter dated January 17 that it would be discontinuing its quarterly dividend payments as it seeks to improve its balance sheets. This was one of the many initiatives that DCG has done.

After stating that it had received offers for the cryptocurrency media outlet CoinDesk that were greater than $200 million, DCG has reportedly sought the assistance of the financial advisory firm Lazard in order to assist it in weighing up options to sell CoinDesk, which is another of its subsidiaries.

According to the company’s website, DCG’s venture capital portfolio includes about 200 crypto-related startups, some of which include Grayscale, Genesis, and CoinDesk. Additionally, DCG has interest in a number of other businesses, such as the cryptocurrency exchange Luno and the advising company Foundry.


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Everlend Finance, a Solana-based decentralized finance

Everlend Finance, the company behind the Solana decentralised finance (DeFi) system, is winding down its business activities and requesting that users remove their cash from the network.

On February 1, the firm announced the decision through Twitter, explaining that while having “enough runway” to continue functioning, doing so would be a risk given the present state of the industry. In particular, Everland’s team made the following observations: “Unfortunately, there is not enough liquidity in the rn market, and this problem is not unique to Solana. Furthermore, the B/L market, which Everlend is completely reliant on, continues to contract. Under these circumstances, continuing would be gambling to do so. And despite the fact that there was plenty of runway left, we made the decision to halt here.”

Everlend also said that deposits from underlying protocols are now stored in vaults, and that the app would be limited to withdrawals only until the funds are completely cleared. “We urge that our customers remove their cash as soon as possible,” the company said.

The group has said that all monies, collected and utilised, together with payments made to third-party contractors, will be “covered” over the next two weeks. This indicates that all parties involved will be compensated in full for their contributions. The codebase of the protocol will also be made publicly available, enabling others to continue developing solutions based on it.

Everlend was established in 2021, and its strategic plan for the following months involved the introduction of both a governance platform and a money market. Everstake Capital, GSR, and Serum were among the investors in the protocol.

During the height of its popularity, DeFi Llama reports that Everlend had nearly $400,000 worth of total value locked (TVL). However, as a result of the collapse of FTX, the protocol had a considerable fall, which had an adverse effect on the liquidity of the market.

Everlend is the second Solana-based DeFi technology to go down within a few days due to crypto winter. Everlend was the second protocol to shut down. Friktion platform made the announcement that it will be shutting down its user interface on January 27. The company cited a “difficult market for DeFi expansion” as the reason for its decision.

The decision was made after Everlend reported over a year earlier that it had successfully completed a financing round in which it had received $5.5 million. Shortly before the FTX crash hit in November, the business even began offering undercollateralized loans with the intention of satisfying the demand for DeFi shown by institutional investors.


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On BX Swiss market, 21Shares launches crypto staking ETP

A cryptocurrency company by the name of 21Shares, which has its headquarters in Switzerland, is placing its bets on proof-of-stake (PoS) coins by launching a new cryptocurrency exchange-traded product (ETP) that is solely focused on staking. This decision was made in order to increase the company’s chances of success.

The business introduced a brand new exchange-traded product (ETP) on January 18th, which was given the name 21Shares Staking Basket Index ETP. It is a crypto staking index that is intended to monitor up to ten distinct Proof-of-Stake currencies simultaneously.

As a consequence of the merger with STAKE, 21Shares and its parent company,, now provide a combined total of 47 crypto exchange-traded product offerings (ETPs) to investors in 12 different markets and 9 different countries.

Despite this, the performance of the ETPs has been strong during the first few weeks of 2023, with the performance of AXTZ gaining 38% year-to-date and the performance of ASOL climbing 78% year-to-date respectively.

Krause highlighted that assets such as Solana, which is extensively related to the previous FTX exchange, have not had any influence on the goods that 21Shares has to offer and that this is something that he has been emphasizing throughout the conversation. He said that this is something that he has been highlighting throughout the conversation. As an example of what he meant, he said that “Solana, like practically all other crypto assets, had severe price drops in 2022 but did not suffer any fundamental damage that would bar its inclusion in the index.” This was said in order to demonstrate his argument. In particular, he was alluding to the assertion that “Solana did not suffer any fundamental degradation that would bar its inclusion in the index.”

The launch of STAKE on the market comes after a number of notable authorities from all around the world voiced their worries over the staking of cryptocurrencies.


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Stripe Is Integrated By Solana Market Maker For Fiat-To-Crypto Transfers


The automated market maker Orca, which is situated in Solana, California, has just finished an interface with Stripe, and as a result, the company is now taking purchases using fiat money in addition to accepting transfers from fiat to cryptocurrencies.

As the Solana ecosystem continues to recover from the aftershocks generated by the FTX liquidity earthquake, Orca, which is considered to be one of the most significant automated market makers (AMMs) in the Solana ecosystem, has announced a new integration.

The announcement of the AMM’s relationship with Stripe, which will allow its new fiat-to-cryptocurrency on-ramp, was made earlier today. This will make decentralized finance (DeFi) more accessible to users who are already part of the existing ecosystem as well as others who are not already part of it.

Purchases may now be made using fiat cash, in addition to transactions including both fiat currency and cryptocurrency, thanks to the recently developed link.

The standard native SPL tokens that are native to the blockchain may now be purchased using fiat currency by users. These tokens are native to the blockchain. Among these tokens are the USD Coin and the SOL.

“With this new connection, we intend to make engaging in the DeFi ecosystem more more accessible to the whole Solana community,” said Ori Kawn, the co-founder of Orca. Ori Kawn also stated that the new integration helps generate greater access to economic instruments. “With this new connection, we intend to make engaging in the DeFi ecosystem more more accessible to the whole Solana community,” said Ori Kawn.

One of Stripe’s first blockchain-based integrations is the Orca connection, which comes as the company’s footprint in the cryptocurrency market is growing at a rapid pace.

This comes as the cryptocurrency industry as a whole is beginning to recover from the collapse of the once-dominant cryptocurrency exchange FTX.

Solana was just one of many people who worked in the area and had their livelihoods badly harmed as a result of the instability that pervaded the profession.

The value of its native token, SOL, dropped by 32.4% on November 10 as a direct result of the devastating effect.

In spite of this, major people in the industry, such as the co-founder of Polygon, Sandeep Nailwa, have provided encouragement to the ecosystem to keep growing on the value of the Solana network.

Prior to this, Solana unveiled its road map, which comprises of an important link with Google Cloud, freshly decentralized application stores, and goals for smartphones.


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