Seeking input from Prime Contributors on a potential partnership with Symmetric, a friendly fork of Balancer on Celo and Gnosis. Read the full proposal here.
The partnership aims to set the foundation for a long-term collaboration between PrimeDAO and Symmetric. The two organizations aim to integrate on a technical and operational level to bring a top-class flexible DEX and Launch experience to Celo and Gnosis Chain.
Background on the Partnership
PrimeDAO and Symmetric have been in touch since Q3 2021 when a group of Prime contributors involved in the Kolektivo project on Celo was researching what it would take to bring Balancer V2.0 on to Celo. After meeting with the Balancer and Celo team, it became clear that Balancer would not move to the Celo chain in the short term. Around this time the Prime contributors bumped into Symmetric and started a conversation to explore whether it would be possible to collaborate instead of making competing products.
At this point, Symmetric was live for a couple of weeks with a fork of Balancer V1.0 on Celo and Gnosis Chain. The Prime and Symm contributors met to discover synergies and started researching what it would take to move Symmetric from Balancer V1.0 to Balancer V2.0. After scoping out what it would take to, Prime supported in making introductions and kick-starting conversations to gather the resources needed for Symmetric to start the migration to V2.0.
During the same time, Balancer started exploring the so-called Balancer Friendly Fork model, where third-parties teams would receive BalancerDAO’s recognition and support to launch on a chain where Balancer doesn’t aim to launch in the short-term. As Prime’s contributors are well-connected with the BalancerDAO, conversations have been started to recognize Symmetric as the official Balancer Friendly Fork on Gnosis Chain and on the Celo Network.
Meanwhile in Q4 PrimeDAO launched the Prime Launch and Prime Rating dApps. Prime Launch is a platform for hosting seed or LBP launches on Ethereum Mainnet and Arbitrum and aims to be the starting point for new DAOs. Prime Rating is a community and framework of research that creates reports on the leading DeFi projects.
There is a clear synergy between the Prime and Symmetric team and products that we would like to leverage through a close partnership. The partnership proposal will outline how we can align our incentives and bundle our forces to bring a valuable offering to Celo and Gnosis Chain.