Professor JEY Office Hour Recap (Week 11 & 12)

Weekly Recap

Marketing & Business development

Everyday we are beginning to see more trades of size come through our platform.
In fact, Integral now has the highest average order size compared to any other DEX in the space!

This is the “niche” market we are targeting – large orders on-chain. The word “niche” may not be a proper word choice, as the market is soooooo big.

The chart above tells the story. Integral = Big orders. And that’s the reason we have built TWAP, to keep our dominance on large orders on-chain, both tech-wise and branding-wise.

And with TWAP launching, we believe that we’ll see more large trades like below as whales become confident and familiar with the fact that Integral is the place to trade size on-chain.

More on the marketing front, one of our team members went to Miami and attended Dcentralcon, organized by one of our friends, Justin Wu.

The trip gave us a lot of new inspiration and ideas on the usage of Integral TWAP.
For instance, it could be used to pool 2 token farmers or TWAP could be a really good venue to cash out without moving the price too much. And for a project founding team TWAP may be a great way to sell tokens to investors (with some whitelist mechanisms).

So as it turns out that, besides traditional OTC desks, there are other individuals in different fields who are very interested in this service and this gives us lots of confidence going forward.

Regarding progress on the DeFi Trader Club: there are currently ~40 members in the group. The first round of user interviews generated some very positive feedback and the product is praised for having a very smooth experience. We will work on increasing the number of the members by co-marketing. Some of the whales asked about the solution to use TWAP to sell their farmed tokens and we are currently studying how to make this work.

And lastly, our team is also busy preparing for the promotional materials for Integral TWAP, which ranges from documentations, info-graphics, new landing pages and videos.

Product Development

Our testnet is up and running! Please visit our TWAP-preview page to give it a try.

We’ll use January to open the testnet to more individuals and collect further feedback. If everything goes smooth, it will launch on mainnet in February.

Below are two of the most important docs for Integral TWAP. Although they are still in draft stage, we feel like we are not far from getting them right. If you want to learn more about the working mechanisms of Integral TWAP, like how the price is calculated and how the trading flow looks, you are welcomed to read them and provide some feedback to us!

Furthermore, one of our active community members has edited and simplified our above draft documentation for us on Gitbook, so if you would like to dive deeper be sure to check it out here.

Meanwhile, audits for Integral TWAP are still ongoing. Currently no major issues (which is a good sign), and the product team is fixing some minor bugs.

There are still many questions in regards to supporting more altcoins. Of course, to support altcoins the main challenge is still about finding the proper oracle.
We’ve published our research on this matter in this tweet. If you haven’t read it, I highly recommend you to spare a few minutes doing so.

The tweet starts with a $OHM holder selling $OHM for USDC, then buying some ETH with these USDC. We thought it may be really cool that someday Integral TWAP can support OHM-ETH natively.

Q&A

Marketing & Community

Are you still planning to release a collection of NFTs?

We are currently still working on the DeFi Superhero NFT collection. It will be a large collection created by a contributing artist to BAYC. There will be approx. 8k of them, with different rarities.

What are the thoughts on listing? Volume is not that big (it’s growing now btw), some exchanges may require you to increase volume first, or pay your way to listing.

We believe that a solid product is the foundation of decent-performing tokens. It’s the main source of token holders’ growth and volume. As TWAP gets into launch, then growth stage, we believe this will improve. And by brand power I mean that having whales to believe that Integral is the place to place their large orders.

Why is the team working so slowly? You have 15 developers, according to you, L2 migration requires the efforts of 2 developers. What is the team doing at the moment?

We are sorry that it may appear that way but we can assure you we are working around the clock. 15 is the total number of the team members. We have got 6 developers. The developers are currently working on TWAP, patching some minor bugs and the Graph. Then they’ll start working on L2.

Also it’s worth noting that building a finance app really needs some time, as one glitch will instantly drains all the money.

Product

When are you planning to launch the TWAP product?

It really depends on how the audits go. We just finished the first one, no major issues. We are having the second one. fingers crossed. If nothing happens, I’d say February.

Hi, I just read more about Integral TWAP: “the Minimum Received corresponds to the worst-case scenario for your trade. After 30-min wait time elapses”. Does this likewise mean, that if the price moves in my favor that I will receive more than displayed? My understanding is that during the 30 min time window it should work both ways/ directions, correct?

Yes, you will receive more than the displayed minimum amount if the price is favorable. The “minimum received” only means that if the price moves unfavorably before your transaction gets mined, it will just fail to protect you from getting a bad price. For more info on this please take a read of our TWAP documentation.

Finances and Treasury

Could you please talk about the protocols cash position and burn rates?

Sure, the monthly burn rate is quite conservative and somewhere between $120k-160k. If you are referring to the cash position of the community treasury. You can view the wallet here.

All the fees that we have collected so far have been used to seed the Uniswap V2 $ITGR pool. This pool was created with the DAO wallet and can view the LP token in this wallet.

Tags

Integral Insights

Updates

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.

Research

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.

Updates

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.

Updates

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.

Updates

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.

Updates

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.

Research

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.

Updates

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.

Research

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.

News

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.

Updates

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.

Research

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.

Research

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.

Research

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.

Updates

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!

Product

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!

Research

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.

News

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.

Narratives

August 4th, 2023

Can Real Yield Replace Token Incentives for LPs?

DeFi protocols have relied on the distribution of native tokens to incentivize liquidity providers (LPs). In a previous post, we delved into traditional liquidity incentives and the utilization of vote-escrow tokens. Now, we shift our focus to a fresh approach that has captured the attention of DeFi enthusiasts: concentrated liquidity methods.

News

July 29th, 2023

Post-Mortem Report: Precision Error for Actions in Integral SIZE

A potential vulnerability was identified in the Integral protocol via our Immunefi bounty program. We did not observe the exploit active in production and we have since deployed a patch and the system is back to running as normal. No user funds were lost.