PrimeDAO announced this Thursday, March 17, via its Twitter account, that Prime Launch will soon be available on Celo and Gnosis with the help of its new partnership with Symmetric.
“On March 9 at 2:00 p.m. m. UTC, the proposal for a partnership agreement between PrimeDAO and Symmetric was approved. This means that PrimeDAO and Symmetric will execute a token swap of 12,000 SYMM at $5 per token, with 120,000 D2D at $0.5 per token to mark the beginning of a relationship involving the release of Symmetric V2.0 on Celo and Gnosis, working together to create a launch program for major DAOs in both ecosystems and deeply integrate both partners within the growing Celo and Gnosis Chain ecosystems. This will bring Prime Launch fair launch capabilities based on Balancer v2’s liquidity bootstrap pools, accelerating the growth of DAOs on web3″, he said via an article posted on the Medium platform.
The company explained that their two organizations have been working together since the second half of last year when the PrimeDAO team working on Kolektivo was exploring a way to bring Balancer V2.0 to Celo and came across Symmetric in the course of their research. We realized that we wanted to cooperate with Symmetric instead of creating competing products, and the seeds of this partnership were planted.
In his opinion, at Prime, they have also deeply aligned themselves with BalancerDAO and saw an opportunity to implement Balancer’s Friendly Fork model with Symmetric. With this partnership, we have helped seed the conversations that will hopefully result in BalancerDAO officially recognizing Symmetric as a friendly fork on Celo and Gnosis Chain.
According to the company, this will help Prime Launch accelerate the DAO ecosystem on Celo and Gnosis and bring transparency to existing DAOs and protocols with Prime Rating later this year.
Summary of the agreement
Integration: product and marketing
Prime and Symmetric will release Symmetric V2.0 on the Celo and Gnosis Chain, Prime Launch will roll out to Symmetric on the Celo Network, and Prime Rating will expand its capabilities on the Celo Ecosystem.
In addition, we will work together to design a comprehensive launch schedule for the top projects on Celo, providing teams with launch support on Prime Launch and post-launch rewards to maintain liquidity on Symmetric.
We will sweeten this deal by bringing together the full strength of our marketing teams to jointly market product launches, partnerships and the Celo Launch program. This is going to be huge.
To align government interests, a token swap between our two organizations was also approved. 12,000 Symmetric Risk Fund SYMMs valued at $5 per token will be exchanged for 120,000 Prime Treasury D2Ds valued at $0.5 per token. In addition, PrimeDAO will be buying at least 5,000 SYMM tokens from the market in the next 60 days to further consolidate our lineup.