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Symphony - Cross Chain Liquidity in 3 Seconds

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DEFI IS GETTING MORE COMPLICATED!

With so many chains popping up, it feels like you need to take a course every time you make even a simple transaction. This sucks!

Until... Symphony came along with a solution. 🧵👇

Although Defi has good potential, Defi still has shortcomings such as:

  • Expensive transaction fees
  • Liquidity fragmentation
  • Inefficiencies in cross chain trading

These issues make trading frustrating for users.

Not only that, due to liquidity fragmentation, the user experience is also compromised. To trade on the traditional protocol, user must go through all these steps:

So how can we fix it? Enter Symphony ⤵️

What is Symphony?

Symphony (Prev. Cadence) is the first DeFi protocol to use an agnostic execution network that aims to revolutionize the user experience by unifying liquidity across different chains onto a single & efficient platform.

Being exceptional is what Symphony aims to achieve. For example, with its intent based trading architecture, Symphony enables cross chain liquidity unification, offering the fastest onchain execution, just under 3 seconds.

What else can you do in 3s besides breathe?

Speaking of the problem I wrote earlier, Symphony uses intents to simplify the trading process.

No more complicated steps. Just state your intent, and let Symphony's third party solver handle everything.

To achieve all of this, Symphony plans to leverage 6 components that make crypto usable, scalable, and accessible. The 6 components are:

➠ Maestro

➠ Intent Pooling Engine (IPE)

➠ Cortex

➠ Symphony Wallet

➠ Orchestrator

➠ Symphony Sharding Engine

Let's explore more ⬇️

➠ Maestro

Maestro is an omnichain user state management protocol that unifies fragmented state across multiple blockchains.

With the ability to instantly track trades, protocol positions, assets, and user transactions, its enables apps to quickly pull critical txns data.

➠ Intent Pooling Engine (IPE) 

is a marketplace that allows agents/users to express their intents on blockchain, and solver agents collaborate to fulfill tasks.

For example, if user wants to trade across chains, the AI solver agents will work to find trade route with better rates.

➠ Cortex

Cortex enables:

  • AI agents to execute crosschain trades & loans in a non-custodial manner, without the need for a central authority.
  • Short term, micro-duration lending.
  • Optimal collaboration between agents to execute and fulfill various user intentions.

➠ Symphony Wallet

Symphony Wallet is a chain agnostic account abstraction wallet with omni-chain session keys. With this feature, this wallet allows users to interact with multiple chains without managing multiple wallets or keys.

➠ Orchestrator 

Orchestrator is responsible for coordinating liquidity and executing trades across multiple chains in the Symphony Network.

➠ Symphony Sharding Engine 

Symphony Sharding Engine is a high-performance and scalable engine that enables simultaneous execution across multiple protocols and chains.

With those components and team with strong background from Axelar, Metamask, ConsenSys, and Kraken, Symphony aims to expand beyond perp DEX, venturing into swaps, NFTs, lending/borrowing, bridging, fiat on/off ramps, etc.


Token Details

With the proposal approved on October 20th, Symphony officially rebranded its $CAD token to $SMY.

The rebranding is intended to make $SMY not only functional for trading, but also designed to support cross chain functionality on the Symphony Network and support the components we mentioned earlier.

The snapshot will be taken on November 8th at 11:59 PM UTC, where $CAD and $esCAD balances will be taken on the Ethereum and Canto networks. The $SMY balances will be distributed with a target launch in late Q1 2025.

Migration Details:

  • $CAD holders will claim 1:4 to $SMY according to the snapshot balance.
  • $esCAD holders will claim 1:4 to staked $SMY.
  • All $esCAD will be converted to staked $SMY.
  • Claiming staked $SMY will get a 5% bonus for early adopters.

Conclusion

With cross chain liquidity, <3s execution, lower fees, and simplified trading, Symphony aims to solve DeFi’s biggest challenges, creating more connected, permissionless ecosystem and better user experience.

Join the waitlist : www.symphony.io

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