Last updated
Last updated
Symphony Incentivized Testnet - Currently Live 🔥 - Details: Beginning - Jul 29 ,2024 Ending: October 2024 (Latest information available)
Symphony is a chain built on Cosmos that provides a crypto-native solution for real-world assets not reliant on traditional banking infrastructure. It can peg to any assets, allowing global access to trade across mediums such as real-estate and gold, as well as easily accessed infrastructure to build market systems such as ForEx. The documentation herein is designed to help you build with Symphony. It covers Symphony as a concept, explains the Symphony tech stack, and documents advanced topics for more complex applications and use cases Learn more about the main problem that Symphony Blockchain solves - The Stablecoin Trilemma
The Stablecoin Trilemma- The challenges of stablecoin design
Why Decentralized RWAs- Why Symphony was made
Symphony's Approach- How Symphony solves the stablecoin trilemma
Symphony's Impact- How Symphony's introduction affects the market
Size of the Opportunity- Market sizes of Symphony's areas of impact
Tokenomics- Initial distribution of Melody coins on Symphony
Roadmap- Current and upcoming projects for Symphony developers
Symphony's tokenization system will improve global trade by ensuring secure, transparent, and efficient transactions without relying on legacy banking infrastructure, which can fail due to policy changes or economic instability.
In the event of hyperinflation, Symphony allows assets to be quickly converted to a more stable currency, preserving the value of goods and protecting trade.
Decentralization ensures that all parties receive their value despite unilateral decisions by centralized entities, reducing the risk from government policy failures that can disrupt banks and underlying assets.
Symphony allows tokenized assets to be staked, providing yields equivalent to native coins. This enables users in permitted jurisdictions to earn yields on stablecoins similar to government bonds.
Symphony's approach combines the stability of stablecoins with the yield generation and security of government bonds. Additionally, blockchain technology democratizes access, expanding the government bond market, increasing revenue for traditional governments, and allowing the masses to access yields.
The stablecoin market is, at present, $180 billion, and stablecoins make up 59% of crypto-currency transaction volume. While this does make up a portion of the larger remittances market, two much larger target markets exist that will also be served by Symphony's introduction: global trade and global bonds.
Global trade, valued at $32 trillion annually, can benefit immensely from Symphony's technology. Traditional trade relies heavily on centralized institutions, introducing inefficiencies, delays, and biased actions such as weaponization of a currency.
Symphony enables businesses to send and receive different tokenized assets directly, such as sending the Ruble and the recipient receiving the Yuan. This directly reduces costs and removal of middle-men and biased parties enhances both security and reliability.
The global bond market is one of the largest and most critical financial markets, valued at over $100 trillion. Symphony's ability to both tokenize real-world assets (RWAs) and provide yield on those assets can significantly enhance liquidity and accessibility in the bond market. By reducing reliance on traditional banking, the Symphony chain allows for the seamless exchange of tokenized bonds, improving capital efficiency and reducing settlement times. This innovation can lower costs, increase transparency, and open up the bond market to a broader range of participants, driving growth and stability in the financial system.
Symphony Blockchain plans to solve three main trilemmas:
Price Stability: The ability to maintain a stable value compared to the base asset.
Capital Efficiency: The value needed to create one unit of the stablecoin.
Decentralization: Operating in a decentralized manner.
That is why this project has great ambitions and goals for the implementation of its technologies in the development of the reliability of stablecoins
