Professor JEY Office Hour Recap (Week 2)

We are very pleased to have concluded our 2nd weekly office hour.

Please find below our weekly recap, survey question results and the live community Q&A session that followed. If you missed it we hope to see you there next time!


Weekly Recap

Listing

We are moving further with legal housekeeping on our negotiation with the leading Central Exchange (CEX). In the meantime, we are also planning an Initial Dex Offering (IDO) before the Token Generation Event (TGE).

Marketing

We are now arranging marketing channels for the IDO and TGE, with the help from some influencers. We are also working with a major web3 community for co-marketing, which you’ll be able to see this month.

Product

We are finalizing the staking contract and claiming UI, which will go live on TGE (15th September). 

Q&A

Strategy, Vision & Competition

Any new plans beyond the road map during this bull round market?

Product-wise, we will prioritize rolling out TWAP in Q4. 

Our 1st product the Comparator uses a 5-min execution window in order to achieve the best execution of roughly $1mil sized orders at the spot. 

Our 2nd product, TWAP, which will be our product priority in Q4 2021, uses a 1-day to 1-week execution window in order to achieve the best execution of roughly $100m sized orders.

Token-wise, we will keep pursuing further listing, marketing, and community efforts in Q4.

As Integral’s brand and reputation continues to grow would the team consider leveraging this reputation and tech and partner with an NFT DEX? Is this even a feasible idea?

That’s definitely a possibility if we think there’s room for innovation there. It’s unlikely that we will do something trite with no innovation involved. It’s not our game.

Integral efficiently executes large orders the vast majority of the time. The model works. But how does the team plan on attracting large client trading volume? Most institutions utilize CeFi and while this is bound to change with enough time, in this moment how does the team plan to approach large-scale investors who are content with the safety net CeFi often provides?

It’s either aggregator integration or trade mining. We are working on both. Integration is more blocked because a non-atomic DEX is rare. Trade mining has been tested by the community, we expect to expand it further. 

Which exchange do you see being Integral’s biggest competitor in the coming years, and why? And what do you believe Integral has or will have, that will make it the best exchange?

We occupy the niche of Time-Weighted Average Price (TWAP) execution. There are no other players in this track, so it’s quite blue ocean. It will be exceedingly so once we launch our 1-day to 1-week execution window product.

Does the Team have plans to expand to other chains or L2s? 

I think for the question of multi-chain/multi-coin it still depends on if there are demands on block trades on those chains. These are very cool projects, and we’ve been watching them for a long time. But I think L2/roll-up has higher priority on our roadmap. 

Product

Any way to offer an annual percentage rate (APR) when total deposits are below $1MM? It does not provide any incentive for those that are keeping their tokens in a pool with 0%.

We are considering to down-adjust the rewards for these unpopular pools then lower the assets under management (AUM) threshold. 

After seeing the attacks that the DeFi space has suffered and especially the last attack on the Polygon chain. do you have a plan B? In the event that Integral suffers an attack, do you have a fund or strategy to cover the losses and protect its investors?

Our efforts are focused on not getting hacked, and our SC has been battled-tested against $750m AUM. We also upped our critical bug bounties to $250k this week. The reason why we are not focused on rescue is that the particular situations could vary wildly, but we do have the early detection monitor and proper industry connections in place. 

TWAMM

Last office hour, you discussed the competition already for a bit. However, what do you specifically know/think about the Time-Weighted Average Market Maker (TWAMM) product of the guys from Paradigm (Dave White etc). For me, it’s kind of worrisome since they have a lot of capital and knowledge to create such a product and compete with you guys. Are you planning ahead?

We will likely launch first, and we welcome more players to popularize and legitimize the big trend of TWAP on-chain. It’s perhaps the biggest frontier for DEX’s for the year ahead of us. It has room for many players. 

What’s the difference between Integral and the TWAMM mentioned by Dave White from Paradigm . I’m very excited about integral because it seems that Integral will fulfill the TWAMM sketch.

Exactly. Same objectives – both execute orders over time. The difference is that we use an oracle to determine the price. They use their own pools to determine the price. 
The outcome should be fairly similar if both designs work correctly. We know that our design will work correctly as shown by the current 5-min product.

$ITGR

With $ITGR being a Governance token, can you expand in details on how revenue share from trade and commission will benefit holders, and what is the year one forecast based on your business model.

Plain and simple. Protocol earn $1, $1 will go into protocol treasury. When Decentralized Autonomous Organization (DAO) voting starts, a vote can take place to dispense part of all of the protocol treasury to the token holders. 
Regarding the 2nd question, we are a startup in a volatile industry, any forecast we make is probably going to be wildly inaccurate. 

Will our interest be visible in our accounts from Sep 15th?

Yes it will be.

Do you have any news concerning the listing? Is it still on track for September 15th? And where will the IDO take place?

Our TGE it is still on track for September 15th. It will be done through token vesting and a planned IDO. I’m afraid I cannot disclose its name, as we are still in talks with them about logistics stuff. We’ll update the community once we get confirmation. 

How do you feel about memes like “Magic 8-Ball” (about frequent listing delays) and “Lamborghinis / palaces / yachts bought for $ 32 mln.” Are you worried about it? Or are you on a yacht now and you don’t care?

We never expect love from everyone in this space. It’s okay. They will keep gut-punching us, and we will do our best to not let it distract from our real work: which is to keep innovating and to do what is right for our believers and the DeFi industry in general. These are the only things that matter in the long run. It’s not that we are on a yacht and we don’t care. It’s that we don’t care about yachts!


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 we need your help to source the best possible candidates.

Tags

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Integral Now Rewards Liquidity Providers with Trading Fees

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Research

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Integral Insight: September ‘23

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The Hottest Narratives of the Summer

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Uniswap Governance: A Deep Dive

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