Integral Protocol & ITGR Marketing Update
One lesson I’ve learned in my 9 years in the crypto space is that it’s not a sprint, it’s a marathon.
The Integral Governance Token (ITGR) ) will begin circulating publicly on Wednesday, September 15, 2021. The initial distribution for ITGR is expected to take place on Uniswap, followed by listings on centralized exchanges which have already been engaged and are proceeding through the listing process.
For the ITGR token generation event (TGE) and initial DEX offering (IDO), please be advised that fraudulent copies of the ITGR token may appear on multiple exchanges using different token addresses. Please be aware of this potential and do NOT purchase fraudulent ITGR tokens.
The ONLY official ITGR token address is 0xD502F487e1841Fdc805130e13eae80c61186Bc98.
Integral is the world's 1st DeFi primitive that efficiently executes large orders (~$1mil). Such trades account for 68% of Coinbase's trading volume, and Integral is built to capture them and bring them to DeFi.
ITGR is a governance token that allows the Integral community to own and govern the Integral Protocol. All Integral Protocol values will accrue to ITGR token holders. All protocol profits ("trade commissions", "exchange fees") will go to ITGR holders.
- 40% to farming programs with 6-mo to 3-year vesting
- Of which 18.78% has been farmed with 6-mo vesting
- 25% to founders and future employees with a 3-year vesting
- 25% to public seed round with vesting
- 21% is subject to 3-year vesting
- 4% is subject to 6-mo vesting
- 5% to advisors and collaborators with a 3-year vesting
- 5% to supply listing pools over 6 months
ITGR can be earned through standard liquidity mining. The current emission is 159,000 ITGR (0.053% of total supply) per week, subject to 6-month vesting.
After the TGE, we will add a token tab on the main Integral app. This will be the only place to claim ITGR. After connecting your wallet, the tab will display the balance of your 3-year-vesting and 6-month-vesting tokens. All tokens will begin vesting and be claimable after the TGE (12:00 PM UTC, September 15, 2021).
If you participated in the Public Seed Round, please note that the balance of your 3-year-vesting and 6-month-vesting tokens include tokens you have purchased, as well as other tokens that share the same vesting period. For example, if you purchased 200 Option 2 ITGR in the Public Seed Round and farmed 100 ITGR by providing liquidity, the balance of your 6-month-vesting tokens will be 300.
We will share more details and information on this over the next few days.
ITGR can also be earned through staking. You can deposit ITGR into the vault for a 6-month lockup period to earn 10% APY or a 3-year lockup period for a 45% APY. This interest can be claimed at every block. Your initial deposit can be claimed back in full at the end of the lockup period.
The staking program for ITGR will launch immediately after public circulation.
Here are the ITGR Staking Contracts.
A community-managed protocol opens up a world of infinite possibilities. Our ITGR token contract is based on the Compound governance template and supports a similar range of governance capabilities.
We believe that a protocol is more than an economic machine. It is digital sovereignty that must be governed by its native residents. We think that true community ownership is the definitive advantage we have over centralized organizations.
We think that community-led growth is more powerful than centralized growth so as Integral reaches critical mass, we expect to fully decentralize the project through a DAO in the next 12 to 18 months.
Next Tuesday, 100,000 $ITGR will be available for auction to reward the recently-joined community members an opportunity to acquire $ITGR before it circulates. The access to the auction will be restricted by a whitelist, whose seats are limited to 1,000 people. Personal hard cap for this auction will be $300. Read more and apply for your whitelist here.
The financial sector has degenerated into a handful of monopolies that threaten to destroy the foundation of Capitalism and healthy competition. Since the 19th century, monopolies have emerged as the logical conclusion of unfettered capitalism. Regulating monopolies is one path, but we think there’s a faster and cleaner way through decentralisation and user ownership.
Sadly, crypto is increasingly becoming centralized and defined by the success of institutions like Coinbase, Binance, etc. These large monopolistic organizations often charge outrageous fees, pose privacy and security risks and do not allow for self-sovereign control of one’s money or wealth.
Today, 68% of Coinbase's trading volume comes from large orders. These orders from sophisticated traders and institutions are typically split up and executed over a period of time. Institutions have historically used centralized exchanges because they offer the best prices with low visible impact, but…
We believe this is about to change and positioning Integral to drive this change.
Integral is a decentralized exchange built to capture this large order trading volume and bring it to DeFi. By mirroring liquidity and making large trades more efficient on-chain, Integral will take the excessive exchange profits away from centralized monopolies and share it with the people - it’s users and ITGR token holders!
At Integral, we are curious. We feel that decentralized finance (DeFi) is the most interesting technological innovation happening right now.
Read more about the Integral Declaration Of Resistance.
In Q2 2021, 68% of Coinbase's trading volume came from large institutional clients of the Microstrategy or Elon Musk variety. They customarily split their large orders and execute them over a long period of time. Institutions do trades this way directly and indirectly on centralized exchanges because they get the best prices with low visible impact.
We believe that this is about to change. And it is up to us to change this.
Integral is a DeFi primitive that efficiently executes large orders. It is the only such primitive with a functional product to date.
Integral works by executing an order accordingly to a specified oracle's average price over a period of time. When compared to Binance, Integral offers the best price on a $1 million trade 97% of the time. The reason? Near 0% price impact.
Elon wants to buy $200m of ETH with USDC on-chain. He loses 8.79% instantly to price impact (according to an estimate by a leading aggregator taken on August 18, 2021). In contrast, Integral will execute this order according to the average ETH price over an appropriate period of time from 5-min to 1-week that causes a near 0% price impact. This creates a value of $17.6m for Elon for this single order alone.
In the beginning our team farmed bluechip protocols like Yearn, Curve, Uniswap, Sushiswap and were dissatisfied with the AMM-based DEX experience. We recognized two user pain points; liquidity was not as deep as centralized markets for traders, and impermanent loss hurt LPs. So, we began studying EVERYTHING about state-of-the-art AMM-based DEX protocols.
In late October 2020 we published the first of our whitepapers, On Equivalence of Automated Market Maker and Limit Order Book Systems. These papers drew praise from top DeFi minds like Tarun Chitra. We then released 3 more whitepapers in January 2021, which together motivate the mathematical hypothesis that lead to Integral.
During this time we remained a small, self-funded core team of 9 people in stealth mode.
We started building the Integral community while the finishing touches on our initial product were being made with 3 smart contract audits and a UX. Between March 6th and March 29th of 2021 we grew 15-20% per day on discord, striking a chord with our vision to bring more crypto trading volume to DeFi.
Our Ethereum mainnet deployment funds came from the Gitcoin Round 9 (GR9) grant, which culminated in us donating our "fund match" back to other projects in the Gitcoin community.
We then released a call for applicants to become “Integral Heroes” to spread the word about the resistance. 800 candidates applied and 380 were selected.
We also ran an auction for our community NFT "Chad Resist" which ranked on OpenSea as a top NFT, trading for 100 ETH.
During this time Integral onboarded it’s core advisors including:
Rob Leshner, Founder, Compound Labs
Tarun Chitra, Founder, Gauntlet
It’s important to note at this time until the writing of this article, we have taken $0 from the traditional investment route.
Instead, Integral raised $31,946,832 on-chain through a Public Seed Round, open to all contributors who went through a KYC process, not just VCs. In this round, $24,728,620 elected for 3-year vesting and the rest elected for a 6-month vesting schedule.
Integral Mainnet was launched on Ethereum, with the rollouts beginning March 29th. Smart contracts have been secure and stable ever since. Integral's fundamental financial principles have now been verified and work.
In the first week of April 2021 an all-time-high TVL of $750M was achieved. Since then we have reduced farming rewards by 98.94% and still managed to retain a $54M TVL. This was twice our target set according to product needs.
This summer, The Integral Comparator was launched on mainnet, allowing users to compare prices for trades across various DEXs. With a 5-min execution window, Integral has successfully offered the best price among all DEXs, most of the time for larger trades ($10k+). When compared with Binance, Integral offers the best price on a $1 million trade 97% of the time.
With a small community alpha launch and a week of trade mining rewards, Integral achieved a trading volume of $435M (3 months) since late May.
Going forward, we will focus our product efforts for the rest of Q3 and Q4 on the premier block trades product offering a 1-day to 1-week execution window. This upgrade will directly address our target market of large trades in the range of $3M to $100M in size.
More details about the Integral Roadmap will be provided in a separate announcement and published to our website in the coming weeks.
Disclaimer: Integral prohibits access from Crimea region of Ukraine, Cuba, Iran, North Korea, Syria, and US. For more information, please review Terms & Conditions. Investments are risky. Please read Risk Factor Exhibit before participating.