Are you a Crypto Trader? Or a Yield Farmer?
Trading and yield farming have different benefits & risks. Wouldn’t it be cool if you can do both at the same time? Yes, that is YOLO!
YOLO, Yield Optimized Limit Order, our flagship product where we merged two of the greatest investment vehicles in cryptocurrency investments: limit orders and yield farming. In this article, I am going to take you through our product specifications. What you should expect and how to maximize the effectiveness of YOLO. Without any further ado, let’s jump right in.
Getting started with YOLO
Symphony started off with a great thought, how about we revolutionize “limit orders”, one of the widely used and most profitable crypto financial instruments today.
And here we are, having a product walkthrough of YOLO V2.
With the latest version of YOLO, you basically can do everything you intend to have in a centralized exchange in a secure decentralized protocol.
Stop loss, an extravagant UI, and in addition to that, you’ll earn yield just for creating orders at your desired price.
And for our goals, symphony finance intends to use smart and creative protocols to disrupt the decentralized finance trading sector. We aspire to be the go-to trading DEX in DeFi for all types of Web3 users, from casual traders to professional traders with varying risk profiles.
Let’s not get drowned in our exciting future plans, now getting back on to the walkthrough.
How to start earning yield.
Now I’ll be guiding you on how you can be smart like the rest of the others, and start earning with YOLO while you wait for your order to be executed:
- Select the input asset.
- Select an output asset.
- Set the limit amount according to your needs and enter the input amount. If the market price is higher than the limit price, the order will be fulfilled instantly.
- Accept the input asset via the wallet aka the boring thing that you have to do with new protocols for the first time.
- You can also choose to establish a stop-loss. If the price goes below that threshold, the order will be filled. You can read more about stop-loss here.
- To create the order, click the confirm button on metamask.
- That’s it, now sit back and enjoy the yield.
PS: Please try to use at least $50 for the trade, due to the nature of our product, an amount smaller than $50 will face a hard time getting filled quickly.
If you are still unsure about how to use our YOLO, check out this video tutorial.
Phew…Sounds like someone has a new favorite DEX.
I know, some of you wise peeps are really asking, how safe is YOLO and Symphony finance in general.
How safe is YOLO?
If we talk about what we particularly do, we are primarily an enhanced DEX with capabilities similar to CEX which most of the time are considered very safe.
We are on a journey to provide other DEX this enhancement natively on their Dapps so that you could enjoy all of YOLO throughout your crypto journey. However, we will be talking about that in-depth later.
Regarding how safe our Dapp is, we have been audited by top blockchain firms.
If you are following me until now, you’d probably have a good idea of how YOLO can be adapted according to your need and can be seen as a go-to-DEX for you in the long run.
We have recently partnered with Paraswap, to further enhance our usability by providing liquidity aggregation, so the orders are filled at the best possible price.
Now let’s talk about the features of YOLO in detail.
Features of YOLO
We have talked about some of the prominent features of YOLO like stop-loss and yield generating limit orders. In addition to that:
- YOLO only focuses on safe yield generation. We incorporate protocols like Aave, Compound, Yearn, etc. for both the safety and security of the assets.
- Aside from yield generation, YOLO has Liquidity Aggregation, which essentially helps consumers by filling limit orders at the best price.
- YOLO also ensures that orders are executed once the prices are available in the market by removing the requirement for “Takers”. The integrated DEXes serve as Takers in the context of YOLO.
- Completely Decentralized: Anyone operating an executor service to execute YOLO orders will be rewarded to host their own UI as well, decentralizing YOLO’s UI. This would eventually help to minimize UI downtime.
YOLO currently supports Polygon and Avalanche chain and supports a variety of assets like AVAX, MATIC, WBTC, WETH, QI, USDT, USDC, etc.
We have an active community and listen to our members. We run beta and feedback tests regularly to see what our community wants next in YOLO.
CEX Capability in DEX
Yes, long gone is the time where you would have to swap on DEXes at the market rate. With the changing ecosystem, we are seeing a combination of both on varied different protocols.
With YOLO, we are striving to build a safe environment with all the functions of a CEX in a decentralized & trust-less way.
Our future products include multiple vehicles for yield generations, crypto trading (in a new way), and a DAO (governance via our native token).
Have you tried out our dapp yet? If you haven’t, head over to app.symphony.finance.
We also invite you over to our discord server, come and be a part of the exciting future that we are building — https://discord.gg/gvxS3sqv
That’s it for now, I will be back with another article soon. Take care till then, happy trading!