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FAQ
What is Symphony Finance
A decentralized protocol that allows generating yield on limit orders. These orders can be filled against the liquidity from all of the DeFi.
Why should I use it?
If you have a rough idea about the price range of an asset (max price an asset can go and the least it can go), you can create an order here and the assets keep generating yield, and when the prices are matched the buy asset and yield get transferred to you automatically. So just set the range (limit and stop-loss) and relax.
What will be the benefits for early users?
There will be retrospective rewards for order creators and executors. These rewards will be distributed in the future.
How is it better than existing limit orders?
Legacy limit orders don't generate yield so the assets are not utilized while the order is unfilled.
Who will execute orders and why?
The orders are executed by the "Executor" who is incentivized using
BaseFee.Is the protocol permissionless?
The ownership of the contracts will be with the timelock contract which will have a delay of minimum 1 day. All upgradable contracts can only be upgraded using multisig with the same dealy.
Initially, only multi-sig will be able to propose and execute transactions via timelock. Later the ownership of the contracts will be with the DAO which will be governed by native tokens.
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Last modified 7mo ago