Starting from this week, trading on Integral will enjoy the best price in DeFi (beating major aggregators 66% of the time), and also earn ITGR (Integral’s Gov Token) from the rewards pool.
Motivation
Integral is ready to make DeFi trading better.
Our latest upgrades allowed us to offer better prices than all other leading DEXs and aggregators 66% of the time for $1 million swaps. You can check out our website and our real-time price Comparator.
It’s time to get the word out about our product: we are starting a trade mining program where you earn rewards by trading. Earn from a prize pool of 100,000 ITGR!
What about wash trading, you ask? We use whitelisting and volume caps to mitigate non-organic volumes from wash trading. And we will stop the trade mining program periodically to observe true organic retention. Our objective is not only to acquire but also to retain DeFi traders organically.
We tailored this program towards larger traders because the value proposition of best prices is the most palpable to them. They are our core user group. After we locked down larger traders and see potential demand from smaller traders, we will be inclined to offer programs that tailor to small traders in the future as well – more in the flavor of participation rewards.
Lastly, we believe that we should start with a community-only pilot before expanding the whitelist to a broader audience of general DeFi traders in the future. The community pilot will give us a chance to gather feedback and to make improvements on both our product and our trade mining program. And we are happy to reward our community for the continuous support!
Summary
Starting from this week, trading on Integral will enjoy the best price in DeFi (beating major aggregators 66% of the time), and ALSO earn ITGR (Integral’s Gov Token) from the rewards pool.
During our Community Pilot phase:
100,000 ITGR will be credited over a week, whitelisted participants are eligible to earn.
You must be an Integral community member in order to be whitelisted.
You will have a $1mil daily trading volume cap in order to prevent excessive wash trading.
70% of the rewards pool is credited based on old-fashioned pro-rata volume.
30% will go to the “Million Dollar Challenge” whereby rewards will be split equally among wallets with ≥ $1 million daily volume across all pairs on that day.
Rules
When will the program begin?
July 29th, 2021, 12:30 GMT
Who can participate?
The program is currently only available to our community members. Your wallet will be automatically whitelisted if you have participated in events including:
Trading on Integral
Liquidity Farming
Public Seed Round
Donating to Integral on Gitcoin
Ad Hoc Programs like Chad Resist NFT Auction and Superheroes Contest
(The cutoff timestamp for recording these addresses is July 18th, 2021, 15:30 GMT)
How to participate?
Go to Integral and connect your wallet.
Complete a trade with any trading pair.
Check your daily volume that’s eligible for rewards by clicking your ITGR balance on the upper-right corner.
Please note that each wallet has a daily volume limit of $1mil to prevent excessive wash trading. Trading volume beyond the limit won’t count towards earning rewards.
Stable-stable pair volumes are discounted as 1/5 of their dollar volume because these pairs charge only 1/5 trading fees.
How are rewards credited?
Each day 1/7 of the 100,000 ITGR (3-year vesting) will be credited. The ITGR balance displayed in the main app will update daily to reflect the reward.
70% of these rewards will be split pro-rata among all wallets based on their daily trading volume across all pairs.
30% of these rewards will be split equally among wallets with ≥ $1 million volume across all pairs on that day.
FAQs
Instead of distributing all rewards pro-rata, why do you set a Millionaire Reward?
We believe this design will showcase Integral’s ability to consistently serve large-sized trades with a competitive price and attract more heavy traders (a.k.a. whales) as our core users.
Why do you need wallets to be whitelisted to participate?
Wash-trading notoriously plagues all sorts of trading mining programs. With bots & code setup, a single person can swoop away all the rewards from the program and leave people who actually engage with the community nothing.
This trading mining program is designed to make our tokens more accessible to the core users rather than making a few people rich. Therefore, we’ve imposed a whitelist mechanism and volume limits to prevent wash trade to ensure the program will be executed smoothly and benefit as many community members as possible.
Can my trading volume count towards both the Millionaire Rewards and the Pro Rata Rewards?
Yes. For example, you’ve traded $1.1mil USDC-ETH on Integral in a single day. The total trading volume for that day is $30mil, and 15 wallets have traded over $1mil that day.
In this case, your reward on that day will be 1/30*14285*0.7+1/15*14285*0.3 = 685 ITGR.
Why do the rewarded tokens have a 3 year vesting period?
We never see tokens as a vehicle for pump and dump. We see them as a strong bond between the protocol and long-term stakeholders. Therefore, we put this strong vesting plan to keep out dumpers and hope to get more believers to join our community through this program.
When will the rewarded token become liquid and available for claim?
These tokens will start vesting after ITGR listing (TGE). Since they have a 3-year vesting period, 1/1095 of the reward will become vested each day and free to claim to your wallet.
Which part of the token cap do these rewards come from?
These tokens come from the farming portion of Integral’s token cap.
If you would like to help Integral grow faster, the most important and leveraged thing you can do is to refer us 1 good engineer and marketer that you know. We are hiring full-stack engineer and influencer marketing manager, and we need your help to source the best possible candidates.
