Symmetric Friendly Fork

This proposal appears on Balancer's forum.

Hello friends, Ballers, and Balancer community!

We are SymmetricDAO, a Balancer fork currently of v1 (launching v2 in the next few weeks) deployed on Gnosis Chain and Celo. We are big fans of what Balancer has brought to innovate the world of decentralized finance and want to see the protocol expand.

Quick Summary

• We believe in the friendly fork model and aim to share economics, knowledge, and network with the BalancerDAO.

• We are experienced with the Balancer protocol, having successfully run a Balancer V1 fork on two chains for over 9 months.

• Being an early builder in the xDAI (now Gnosis) ecosystem and having completed a Celo-native Incubator, we are considered a “ Chain native project” on both xDAI and Gnosis. We have strong relationships with builders and the wider community on both chains.

• We propose Symmetric becomes the first official friendly fork on Celo and Gnosis Chain.

• SymmetricDAO is willing to offer 20000 SYMM (6.9% of circulating supply | 4% of max supply) instantly and offers BalancerDAO the ability to earn approximately 7.5% of the max supply if it actively LPs in Symmetric V2.0.

• We request 10,000 BAL to seed liquidity for 50% SYMM <> 50% BAL pools on Symmetric V2.0 and Balancer on Mainnet. In addition, we request a strategic grant of $100K USDC to fuel the further development and marketing of Symmetric V2.0.

• Once stable and mature on Celo and GnosisChain, SymmetricDAO is willing to lead/support complementary Friendly Fork deployments on alternative chains that the Balancer ecosystem aims to venture into.

Project Team

SymmetricDAO is a diverse and committed community that launched Symmetric Finance, a fork of Balancer V1.0, in June of 2021 on Gnosis Chain (then xDAI) and Celo in October 2021. The core team consists of the 3 project founders (2 Engineers and a Business Development Lead), two additional engineers, an ecosystem coordinator, and a marketer. Developers and other SymmetricDAO contributors support the core team. Our primary governance mechanism is Moloch V2.0 on Gnosis Chain, through which the Symm stakeholders align on initiatives by the DAO.

Background on the Friendly Fork We’re just weeks away from launching Symmetric V2.0 (fork of Balancer V2.0) and have recently partnered with PrimeDAO to collective bring their LBP, Rating & Deals technology to Celo & Gnosis; we think this is the perfect time to formalize the relationship between Symmetric and BalancerDAO.

Besides partnering with PrimeDAO, we are also (with success) re-engaging both Celo and Gnosis Chain to increase the ecosystem support and native token rewards allocated to Symmetric. We have already secured ~1M in ecosystem resources and liquidity rewards for Symmetric V2.0 and aim to request more once if and when this Balancer Friendly Fork proposal passes.

Our vision is to become the number one liquidity protocol on Celo and Gnosis chain by pro-actively building an ecosystem of DAOs and services around our Balancer Friendly Fork deployment.

We propose Symmetric becomes the first official friendly fork on Celo and Gnosis Chain.

Commitment of the Organizations Both parties agreed that they intend to contribute the following:

SymmetricDAO

• To issue 20000 SYMM (7.1% of circulating supply | 4% of max supply) instantly and offers BalancerDAO the ability to earn approximately 7.5% of the max supply if it actively LPs in Symmetric V2.0.
• To create, maintain and incentivize SYMM <> BAL liquidity pools on Symmetric V2.0 (both Celo and Gnosis Network) and Balancer Protocol on mainnet.
• To support the development of the Balancer Protocol and subsequent Balancer Friendly forks.

BalancerDAO

• To acknowledge Symmetric as the first Balancer Friendly Fork on Celo and Gnosis Chain.
• To send 10,000 BAL to SymmetricDAO to be used to bootstrap SYMM <> BAL liquidity on Celo, Gnosis Chain, and Mainnet.
• To issue a 100,000 USDC Grant to Symmetric for further development and expansion.

To get the most out of the Friendly fork, both DAOs also agree to: Co-marketing

• To ensure both entities will profit from each other's reach and marketing or sales activities, we will do co-branded communication & services where applicable.

Knowledge and research sharing

• To share the latest technical insights about the Balancer protocol and collaborate on a joint ecosystemic technical roadmap. The DAOs will also support each other when collectively engaging third parties for mutual benefits.

Friendly Fork Agreement If accepted by the Governance process of both DAOs, this friendly fork will start effective immediately. There is no expiry date to the agreement; however, both DAOs can override this Friendly Fork agreement through their governance process to remove the Friendly Fork title and rides with a one-month notice period.

Symmetric's ETH Address for their $100,000 and 10,000 BAL is 0x3d70E1b46FFC3B1b4ed72Ec1F56a747D33902210