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.
Integral will shortly be launching a SUSHI-ETH pool on SIZE. Rewards for trading and LP will start from 0000 UTC May 10th, and the trading fee will be 1 bp.
Why it matters: SIZE is a custom-built DEX that executes large on-chain TWAP orders for pro traders with 0 price impact. By listing SUSHI on SIZE, we want to make it more convenient and economical for whales and DAOs to trade this blue-chip token in bulk.
- Given the poor liquidity on-chain, altcoin pairs have been big victims of price impact for a long time. A study by Integral showed that trading for $100,000 worth of $SUSHI would incur a max price impact of over 1.1%. Trading for $1,000,000 pushes price impact past 7.8%. This holds across exchanges and even extends to aggregators.
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 SUSHI traders and holders.
- Provide Liquidity to SUSHI-ETH pool: liquidity providers in SIZE can provide SUSHI 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 SIZE with an OTC workflow: LPs can provide SUSHI single-sided to the SIZE pool. A trader or DAO looking to sell SUSHI can add SUSHI to the pool and incoming buy orders will be executed at the 30-minute TWAP price.
- Buy large volumes of SUSHI 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 SUSHI, SIZE offers an efficient and slippage-free way of purchasing lots of SUSHI.
- ~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.
Zoom out: Unless you’re new to DeFi or have been living under an EtherRock, you’ve heard about Sushi. To learn more about the token, and what you can do with SUSHI, please read this analysis from our research team.
- We have submitted a proposal with a few collaboration ideas (e.g. integration and order routing)on SUSHI’s governance forum. We welcome you to give it a read, cast your vote in the survey, and share it with your friends.
Launch Program for SUSHI-ETH
In celebration of SUSHI-ETH pool launch, we are rolling out new rewards program for both liquidity providers and traders. The Total Reward = Base Reward x Bonus Multiplier.
Liquidity Farming
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 300,000 ITGR for SUSHI-ETH pool, starting from 0000 UTC on May 10, 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.
Please note that rewards for LPs in ETH-USDC and CVX-ETH does not change. Their Base Reward emission will still be 300,000 ITGR, with multiplier being applicable.
Trade Mining
Base Reward emission will be 50,000 ITGR for all SIZE users every weekday, starting from 0000 UTC on April 12, 2022. They are to be distributed pro-rata based on trading volume of the day among all eligible wallets.
Each trader will be given a bonus multiplier based on the ITGR staking snapshot at 00:00 UTC each weekday, and the average trade size (to be updated in real time during the day). If a trader is qualified for different multipliers, the maximum multiplier will be used in the bonus multiplier calculation. Rewards contributed by multiplier will be calculated and accredited at the end of each day.
- To get a multiplier of 2 (2x rewards), you need to have a ≥ $1,000,000 average trade size on SIZE during that week.
- 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.
With the launch of the SUSHI-ETH pool on Integral SIZE, there is a new utility available for the participants of the Sushi Ecosystem. Learn more about Integral SIZE here and start trading with SIZE today at: https://integral.link/