IntegralIntegral Stakeholder Letter | 2021 Annual Review
The Year of NFTs and DeFi 2.0Below is a picture of the most expensive CryptoPunk (Punk #3100); sold (on-chain) for 4,200 ETH on March 11th, 2021. This NFT sold just hours after "NFT" first appeared as a headline in The New York Times.CryptoPunks #3100Large transactions like this can define a primitive - as they do with Integral. At the time of this sale, many people in the space considered NFTs to be another Web3/DeFi primitive given that both involve on-chain token transfers. Unfortunately, ...
IntegralHow to Imagine OTC on DeFi?
TL;DR: Estimates from Circle suggest that OTC desks process 2 to 3 times more volume than exchanges. There are two main types of OTC operations. Principal desks take risks in the markets to fill trades for clients and charge a spread. Agent desks connect two parties for large trades and charge a broker fee for the service. There are few OTC options outside of centralized, off-chain processes. For DAOs and other chain-native applications, it is unwieldy to deal with this interface to the real ...
Creator of SIZE, the DEX built for large trades! 🐋 0 price impact / 0 IL / 💯 on-chain | 💼 We're hiring! http://bit.ly/integraljobs
IntegralIntegral Stakeholder Letter | 2021 Annual Review
The Year of NFTs and DeFi 2.0Below is a picture of the most expensive CryptoPunk (Punk #3100); sold (on-chain) for 4,200 ETH on March 11th, 2021. This NFT sold just hours after "NFT" first appeared as a headline in The New York Times.CryptoPunks #3100Large transactions like this can define a primitive - as they do with Integral. At the time of this sale, many people in the space considered NFTs to be another Web3/DeFi primitive given that both involve on-chain token transfers. Unfortunately, ...
IntegralHow to Imagine OTC on DeFi?
TL;DR: Estimates from Circle suggest that OTC desks process 2 to 3 times more volume than exchanges. There are two main types of OTC operations. Principal desks take risks in the markets to fill trades for clients and charge a spread. Agent desks connect two parties for large trades and charge a broker fee for the service. There are few OTC options outside of centralized, off-chain processes. For DAOs and other chain-native applications, it is unwieldy to deal with this interface to the real ...
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Creator of SIZE, the DEX built for large trades! 🐋 0 price impact / 0 IL / 💯 on-chain | 💼 We're hiring! http://bit.ly/integraljobs
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Today we are excited to launch SIZE, a new decentralized exchange specifically designed to execute large orders on chain. SIZE lets traders execute orders at 30-minute TWAP, giving trades zero-price impact.
SIZE is a new DEX and DeFi primitive that executes time-weighted average price (TWAP) trades on-chain. While other on-chain exchanges are not optimized for large-volume traders, SIZE is built with whales in mind to provide a better trading experience with zero price impact.
In the last year since we launched Integral FIVE (formerly Integral) we've had the privilege to work with a great community. To date, FIVE has executed nearly $500m in trading volume. However, one of the most common pain points we have heard from whales and other DeFi traders is that it is still difficult to execute large orders on chain. Especially when trading less liquid tokens, on-chain trades are subject to high price impact and front-running. To combat this, whales may split orders up in to smaller ones or move off-chain to a centralized exchange.
A study by Integral showed that trading for $100,000 worth of $APE would incur an average price impact of over 13%. Trading for $1,000,000 pushes price impact past 30%.
We have made SIZE to open up a new area of opportunity for DeFi traders: on-chain, high-volume trading of less liquid tokens.
Instead of a traditional swap, Integral SIZE uses Uniswap v2 as a price oracle. Once an order is submitted, the protocol queries Uniswap to get spot prices over the next 30 minutes. By calculating the arithmetic-mean of these prices, the protocol uses this time-weighted average price to execute your order. All of this is done on-chain, and without needing a custom price curve.
As a result, SIZE will be able to execute trades with zero price impact. You can read more about the specifics in the SIZE documentation and whitepaper.
We will launch SIZE with an initial TWAP duration of 30 minutes, but it is possible to customize the duration and make it tweakable in the future.
Even though the large volume orders will see the most benefit, SIZE is for everyone. You can use SIZE whether you are a long-term investor, a HODLer, a day trader, or a farmer. No need to write custom code to split large orders into small ones, execute smaller orders across venues, or worry about sandwich attacks. With one click, get a 30 minute TWAP execution for all your orders. Even better, Integral SIZE returns all of the positive slippage incurred from the trade to you.
We are launching SIZE with a 30 minute TWAP on the ETH-USDC pair with a 10 bps fee. We will be monitoring the launch and expect to make other altcoin pairs available soon. We will gradually launch pools for other tokens. We would love to hear community inputs on which tokens to you want to trade on SIZE next. To do so, simply join our Discord server and leave your opinions in the #feedback channel under the “Support Desk”.
To begin trading on SIZE, please visit: https://size.integral.link/. Currently, SIZE is deployed on Ethereum mainnet, but we are looking at expansion on other chains and Layer 2s based on feedback from the community.
As part of the SIZE launch, we will be starting a rewards program for both liquidity providers and traders.
SIZE launch program rewards will go to both LPs and traders. Rewards for LP Farming will start on March 24, 2022. Trading Mining program will start March 27, 2022 and continues on a weekly basis. You can read more about the rewards program here.
We're excited to see SIZE bring large order with better execution to DeFi. Moving forward, the broader vision of SIZE is three-fold:
To make DeFi the standard for large trades
Service crypto whales and DeFi traders with a long-term mindset
To safeguard a decentralized future for finance
We see SIZE as the last missing piece to this puzzle of on-chain execution of large orders. With FIVE we brought 5-min TWAP for highly liquid token and minimal price impact. With SIZE traders now have access to a 30-min TWAP for less liquid token and can trade with zero price impact.
Start using SIZE today at https://size.integral.link. You can provide any questions, comments, or feedback in our Discord or on Twitter.
Today we are excited to launch SIZE, a new decentralized exchange specifically designed to execute large orders on chain. SIZE lets traders execute orders at 30-minute TWAP, giving trades zero-price impact.
SIZE is a new DEX and DeFi primitive that executes time-weighted average price (TWAP) trades on-chain. While other on-chain exchanges are not optimized for large-volume traders, SIZE is built with whales in mind to provide a better trading experience with zero price impact.
In the last year since we launched Integral FIVE (formerly Integral) we've had the privilege to work with a great community. To date, FIVE has executed nearly $500m in trading volume. However, one of the most common pain points we have heard from whales and other DeFi traders is that it is still difficult to execute large orders on chain. Especially when trading less liquid tokens, on-chain trades are subject to high price impact and front-running. To combat this, whales may split orders up in to smaller ones or move off-chain to a centralized exchange.
A study by Integral showed that trading for $100,000 worth of $APE would incur an average price impact of over 13%. Trading for $1,000,000 pushes price impact past 30%.
We have made SIZE to open up a new area of opportunity for DeFi traders: on-chain, high-volume trading of less liquid tokens.
Instead of a traditional swap, Integral SIZE uses Uniswap v2 as a price oracle. Once an order is submitted, the protocol queries Uniswap to get spot prices over the next 30 minutes. By calculating the arithmetic-mean of these prices, the protocol uses this time-weighted average price to execute your order. All of this is done on-chain, and without needing a custom price curve.
As a result, SIZE will be able to execute trades with zero price impact. You can read more about the specifics in the SIZE documentation and whitepaper.
We will launch SIZE with an initial TWAP duration of 30 minutes, but it is possible to customize the duration and make it tweakable in the future.
Even though the large volume orders will see the most benefit, SIZE is for everyone. You can use SIZE whether you are a long-term investor, a HODLer, a day trader, or a farmer. No need to write custom code to split large orders into small ones, execute smaller orders across venues, or worry about sandwich attacks. With one click, get a 30 minute TWAP execution for all your orders. Even better, Integral SIZE returns all of the positive slippage incurred from the trade to you.
We are launching SIZE with a 30 minute TWAP on the ETH-USDC pair with a 10 bps fee. We will be monitoring the launch and expect to make other altcoin pairs available soon. We will gradually launch pools for other tokens. We would love to hear community inputs on which tokens to you want to trade on SIZE next. To do so, simply join our Discord server and leave your opinions in the #feedback channel under the “Support Desk”.
To begin trading on SIZE, please visit: https://size.integral.link/. Currently, SIZE is deployed on Ethereum mainnet, but we are looking at expansion on other chains and Layer 2s based on feedback from the community.
As part of the SIZE launch, we will be starting a rewards program for both liquidity providers and traders.
SIZE launch program rewards will go to both LPs and traders. Rewards for LP Farming will start on March 24, 2022. Trading Mining program will start March 27, 2022 and continues on a weekly basis. You can read more about the rewards program here.
We're excited to see SIZE bring large order with better execution to DeFi. Moving forward, the broader vision of SIZE is three-fold:
To make DeFi the standard for large trades
Service crypto whales and DeFi traders with a long-term mindset
To safeguard a decentralized future for finance
We see SIZE as the last missing piece to this puzzle of on-chain execution of large orders. With FIVE we brought 5-min TWAP for highly liquid token and minimal price impact. With SIZE traders now have access to a 30-min TWAP for less liquid token and can trade with zero price impact.
Start using SIZE today at https://size.integral.link. You can provide any questions, comments, or feedback in our Discord or on Twitter.
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