Jan 18, 2022
YOLO V2 is Live!
Symphony is now Multichain. YOLO V2 is live on Avalanche 🥳
TLDR is at the end.
It’s been 3 months since we launched YOLO V1 here. Since then we have gathered some useful feedback from users to improve the protocol. In this version, we’ve tried to implement all the suggestions from our users. The main features of YOLO V2 are highlighted here. Apart from these features, we’ve also added:
- Auto-compounding extra rewards. For eg: QI and AVAX rewards on BenQi strategy.
- Adjust the execution fee paid to the executor on order execution. Now large order creators will pay considerably lesser execution fees for the order execution.
Now the users will be able to earn yield & enjoy auto-compounding on their limit orders:
- Polygon → Aave Strategy — Base APY + Compounded WMATIC
- Avalanche → Aave Strategy — Base APY + Compounded WAVAX
- Avalanche → BenQi Strategy— Base APY + Compounded QI & WAVAX
How does it work?
- Tokens are deposited in the protocol at the time of order creation.
- These tokens are deposited to yield generating strategy after a fixed time interval by the “Rebalancer”.
- The order is executed automatically when the limit price or stop-loss price matches with the market price on supported DEXes.
- The user gets the output/buy token in its wallet or any wallet along with the yield and extra rewards (auto compounded).
Apart from the features, we’ve also improved our UI.
The protocol is still in beta but the smart contracts have been audited by multiple auditors including Blocksec. The audit reports are published here.
Testing Event
We need your help to test the protocol. This event will run for 12 hours from 26th Jan, 1 am UTC. A customized POAP will be distributed to the participants of the event.
Join our community on Discord to ask any questions or discuss ideas. To catch future updates and alpha follow Symphony Finance on Twitter. To learn more about the protocol you can check out the docs here.
TLDR
- More decentralized YOLO.
- Auto compounded rewards.
- Better incentives and no gas wars for executors.
- Gas optimizations.
- Adjustable execution fee and less protocol fee.
- Better UI.
