Integral Stakeholder Letter (May 2021)

Dear ITGR holders, LPs, and early Traders,

We heartily thank you for your continuous support in this rough past month. We would like to kick off a series of letters addressed to our staunchest supporters to keep you abreast of what we have executed and what our plans are for the near future. We believe that this is one of the best ways to bring out the collective power of our supporters.

For the past month, our focus has been on achieving a sufficient degree of product-market fit.

On May 18th, we upgraded our core algorithm and enabled full-scale trading on our ETH pools. We charged a fee and purposefully shunned giving out any trading incentives. We were happy to report that we have been seeing purely organic and recurring trading behaviors from our early traders. 85% of trades were done by returning users, including this whale who chose Integral over centralized exchanges.

Since then, our total trading volume has grown rapidly, and surpassed $310mm in 20 days.

Critically, our ETH pools maintained mean-zero IL despite one of the most volatile periods in crypto history. This is a big validation of our core design.

However, nothing quite goes exactly according to plan. We halved LP rewards 6 times until we hit the $300M TVL mark which we felt was sufficient for traders. Just as we hit the mark, ETH crashed and we ended up with a sub $100M TVL just when trading demand starts to explode. We ended up with a very skewed pool ratio.

In order to fix that, we re-worked the rebalancing rewards. And with the collective efforts of our understanding and intelligent LPs, we fixed the pool ratios together! As this letter goes out, all of our ETH pools are quite very well balanced.

Egged on by this initial success, we then rushed to launch the stablecoin pools, thinking that the success will repeat itself. However, we made the mistake of choosing Uniswap V2 as our oracle. Our DAI-USDT and DAI-USDC pool TVLs are larger than Uniswap V2 itself, and therefore render their oracle inappropriate for usage.

When we switch to the V3 oracle later in June, the stablecoin pools will return to the mean-zero IL paradigm like with our ETH pools. But at this point, we must apologize to the early LPs of these stablecoins pools because they did suffer from 0.5% to 1% IL. Further IL has been completely stopped by our emergency fee hikes, but this is an imperfect solution until we can implement the V3 oracle later in June.

Overall, we believe that we have achieved a sufficient degree of product-market fit, and we have our first group of traders who love trading on us and keep returning to us.

The next step, knowing that our product can indeed organically convert and retain traders, we can more self-assuredly step on the gas peddle and create wider awareness of the Integral DEX.

To end on a very cheerful note, our protocol has quickly amassed a small fortune of $250k from trading fees. This fee belongs to all ITGR token holders proportionally and will be accessible once we enable DAO voting later this year.

Stay tuned for more good news from us,


Integral Team

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 that you know. We are hiring smart contract engineers and full-stack engineers, and we need your help to source the best possible candidates.


Integral Insights


April 1st, 2024

Integral Insights March ‘24

We achieved several important milestones, including a new all-time-high daily volume for Arbitrum and the addition of four new pools on the Ethereum mainnet.


March 4th, 2024

Integral Insights February ‘24

Another milestone was reached on February 21st when Integral processed over $2 billion in cumulative volume.


February 1st, 2024

Integral Insights: January ‘24

Our initial launch with the ETH-RPL pool was a success, quickly elevating us to the second most utilized liquidity pool for this pair’s trading.


January 17th, 2024

Is Liquidity Fragmentation Really That Bad?

When the token evolves into a store of value, it attracts outside traders, focusing on trading costs and slippage. This is when concentrated liquidity truly shines.


January 2nd, 2024

2023 Review

At Integral, our focus remains on developing a sustainable product for on-chain trading, serving both traders and liquidity providers.


December 12th, 2023

Integral Now Rewards Liquidity Providers with Trading Fees on Ethereum Mainnet

This enhancement enables liquidity providers (LPs) to directly receive a portion or all trading fees from Integral pools.


December 6th, 2023

Integral Insights: November ‘23

During November, Integral processed an average of approximately 6 million in volume with around 1.5 million in TVL. The system’s overall capital utilization sits at around 350%. It is the 10th most used DEX on Ethereum.


November 28th, 2023

Integral Now Rewards Liquidity Providers with Trading Fees

This enhancement enables liquidity providers (LPs) to directly receive a portion or all trading fees from Integral pools.


November 15th, 2023

How Do University Blockchain Societies Gain So Many Votes?

Explore how university blockchain societies like FranklinDAO and Michigan Blockchain have grown into influential players in DAO governance, utilizing delegated votes and strategic partnerships to shape the future of DeFi protocols like Uniswap, Compound, and Aave.


November 6th, 2023

Integral Insight: October ‘23

We give an update for our work in October and highlight a profitable LP position from a long-term user.


October 26th, 2023

Understanding the Stakes in Lido’s Growing Share of Staked ETH

The community is arguing whether a protocol may have too much control over the Ethereum network. Lido controls a large percentage of staked ETH, which could have consequences for the network’s future security and neutrality.


October 14th, 2023

Changes to Staking and Farming

Looking back at our progress so far and to the future with new updates to staking and farming.


October 11th, 2023

Integral Insight: September ‘23

We give an update for our work in September with utilization going up on higher volume for our new pools.


October 11th, 2023

The Hottest Narratives of the Summer

What were the hottest narratives of the summer? Our DeFi research team delves into the growth of trading bots, RFV traders and more in this overview.


October 2nd, 2023

Uniswap Governance: A Deep Dive

Governance is considered a critical component for the decentralization and community-driven development of DeFi protocols. We take a look at one of the largest goverance ecostystems in DeFi, Uniswap. In this blog post, we'll discuss the landscape of Uniswap's governance, pulling data from empirical research to dissect the system's delegates and proposals, revealing some interesting findings.


September 19th, 2023

What is the DAI Savings Rate (DSR)?

Our research team takes a look at the DAI Savings Rate and its influence on various yield dynamics in DeFi.


September 15th, 2023

Integral Insight: August ‘23

We give an update for our work in August with cheaper gas fees and the launch of the Integral Relayer on Arbitrum!


September 7th, 2023

Integral Relayer Launches on Arbitrum

We are excited to announce the launch of the Atomic Relayer on Arbitrum. This will bring the efficient and tested system for atomic trades to the Arbitrum Layer 2 network!


August 26th, 2023

How CRV Got Sold OTC

In this post we cover how the Curve founder sold large amounts of CRV in over-the-counter trades in order to prevent a potentially catastrophic liquidation event in DeFi.


August 18th, 2023

Integral Insight: July '23

Sharing our progress in July: preparations for atomic swaps on Arbitrum, trading SIZE with lower gas fees and more.