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Introducing the stETH-ETH Pool on SIZE

by
Integral
June 24, 2022
5
min read

Integral will shortly be launching the stETH-ETH pool on SIZE. Rewards for LP will start from 0000 UTC on June 27th, and the trading fee will be 1 bp.

Why it matters: stETH is the tokenized form of staked Ether native to Lido. Although it is designed to represent ETH on the Ethereum beacon chain on a 1:1 basis, recent market conditions have brought huge volatility to this asset. By listing stETH-ETH on Integral SIZE, we hope to deliver on-chain TWAP, MEV resistance, and 0 price impact experience to its traders, making it more efficient and economical to swap on chain.

  • Given the poor liquidity on-chain, altcoin pairs have been big victims of price impact for a long time. Quotes from Curve indicate that trading for 10,000 stETH would incur a max price impact of over 0.4%. Trading for 100,000 stETH pushes price impact past 8.7%.
  • On Uniswap, trading for 100 stETH would incur 9% price impact.

Zoom in: You can read more about SIZE in our launch post and documentation, but the new SIZE pool brings a new set of options for stETH traders and holders.

  • Provide Liquidity to stETH-ETH pool: liquidity providers in SIZE can provide stETH and ETH as a pair, or provide single-sided liquidity. SIZE's unique design means that LPs experience no net impermanent loss. Furthermore, we are running a liquidity mining program with exceptional $ITGR rewards for LPs.
  • Sell stETH with an OTC workflow: A trader or DAO looking to sell stETH can add stETH to the pool and incoming buy orders will be executed at the 30-minute TWAP price.
  • Buy large volumes of stETH with SIZE: SIZE allows traders to execute large block trades with zero price impact. The 30-minute TWAP of the asset is the final price, enforced and verifiable completely on chain. For DAOs or whales looking to accumulate large quantities of stETH, SIZE offers an efficient and slippage-free way of purchasing lots of stETH.
  • SIZE has proved its capability of serving large altcoin trades with CVX-ETH pool. For example, a whale used SIZE to sell $424k worth of CVX and saved $2k from price impact.

Updates to the Rewards Program for LPs

In celebration of stETH-ETH pool launch, we are making changes to our current rewards program for liquidity providers. The Total Reward = Base Reward x Bonus Multiplier.

Liquidity Farming for stETH-ETH

Each liquidity pool has a fixed number of ITGR reward emissions per block. LPs are rewarded pro-rata per block based on capital provided.

Base Reward emission will be 200,000 ITGR for stETH-ETH pool, starting from 0000 UTC on June 27, 2022. They are calculated and accredited in real-time. LPs will be able to view their latest $ITGR balance on the Integral site next to the wallet address.

Each LP will be given a multiplier based on a snapshot taken at the start of each week at 00:00 UTC Sunday.

The LP bonus multiplier is based on the amount and duration of ITGR staked. If an LP is qualified for different multipliers, the maximum multiplier will be used in the bonus multiplier calculation. Rewards contributed by the multiplier will be calculated and accredited at the end of each week.

  • To get a multiplier of 2 (2x rewards), you need to have ≥ 10,000 ITGR staked for 3 years.
  • To get a multiplier of 1.5 (1.5x rewards), you need to have ≥ 5,000 ITGR staked for 3 years.
  • To get a multiplier of 1.2 (1.2x rewards), you need to have ≥ 5,000 ITGR staked for 6 months.

Liquidity Farming for Other Pairs

In the meantime, here are the rewards to the other pools on both SIZE and FIVE.

  • CVX-ETH pool on SIZE will reward 100,000 $ITGR to liquidity providers as Base Reward per week (previously: 200,000)
  • SUSHI-ETH pool on SIZE will reward 150,000 $ITGR to liquidity providers as Base Reward per week (previously: 300,000)
  • wBTC-ETH pool on FIVE will reward 10,000 $ITGR to liquidity providers as Base Reward per week (previously: 20,000)
  • ETH-USDC pool on FIVE will reward 20,000 $ITGR to liquidity providers as Base Reward per week (previously: 40,000)

With the launch of the stETH-ETH pool on Integral SIZE, there is a new utility available for the participants of the Lido and ETH 2.0 Ecosystem. Learn more about Integral SIZE here and start trading with SIZE today at: https://integral.link/

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