Why it matters: CVX-ETH is SIZE’s first ever altcoin pools--a brand new feature that is exclusive to SIZE.

• 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 $CVX would incur a max price impact of over 1.5%. Trading for $1,000,000 pushes price impact past 22%. This holds across exchanges and even extends to aggregators.

• SIZE is a DEX lets traders execute orders at 30-minute TWAP, giving trades zero-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 CVX traders and holders.

• Provide Liquidity to CVX-ETH pool: liquidity providers in SIZE can provide CVX and ETH as a pair, or provide single-sided liquidity. SIZE's unique design means that LPs experience no net impermanent. Furthermore, we are running a liquidity mining program with exceptional $ITGR rewards for LPs.

• Buy large volumes of CVX 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 CVX, SIZE offers an efficient and slippage-free way of purchasing lots of CVX.

• Sell SIZE with an OTC workflow: LPs can provide CVX single-sided to the SIZE pool. A trader or DAO looking to sell CVX can add CVX to the pool and incoming buy orders will be executed at the 30-minute TWAP price.

Zoom out: Starting as a central player in the Curve Wars, CVX has been universally appreciated by DAOs, funds, and whales. To learn more about the token, and what you can do with CVX, please read this deep-dive analysis from our research team.

Launch Program for CVX-ETH

In celebration of CVX-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 CVX-ETH pool, starting from 0000 UTC on April 12, 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 (April 10th).

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 does not change. Its 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 CVX-ETH pool on Integral SIZE, there is a new utility available for the participants of the Convex wars. Learn more about Integral SIZE here and start trading with SIZE today at: https://integral.link/

Why it matters: The new CVX-WETH pool on Integral SIZE is a new utility available for the participants of the Convex wars. Traders can buy and sell CVX at the 30-minute TWAP price, DAOs can accumulate CVX with zero price impact, and LPs get boosted rewards with no impermanent loss.

Zoom in: Convex is central to the ongoing Curve wars and CVX has become a hot commodity on the back of this narrative.

What is Convex?

For a longer history of the Curve wars, there are a ton of explainers published by some great minds in the crypto space. The short summary is that Curve is a backbone protocol of DeFi, and an important one that holds the liquidity for many tokens. By incentivizing emissions to their pools, teams can increase the yield for holding their token, attracting liquidity in a positive flywheel.

Convex was launched in May 2021 to serve as a yield booster for Curve.fi liquidity pools. Building on Yearn's locked Curve backscratcher model, the Convex team created an open system where anyone could deposit Curve LP tokens and get boosted yield from a treasury of locked veCRV.

By taking the resulting CRV rewards and relocking them again within the Convex ecosystem, the Convex vaults quickly became the dominant force in the Curve wars. Now they control over 50% of the locked vote-escrow CRV that directs which liquidity pool receives Curve's token emissions.

What does CVX get you?

Since the launch, Convex has developed a novel tokenomics system that controls how the treasury votes with its veCRV. CVX can be locked in a vote-escrow contract for a minimum of the 16-week voting epic. After locking CVX, users vote on which Curve gauge to direct emissions towards. Locked CVX collects platform fees and a percentage of the Curve rewards that are paid out to the liquidity providers staking on Convex..

In addition to these main sources of income, a whole ecosystem has grown around Convex in order to get holders to direct their share of Curve emissions. Through tools like Votium, protocols can bribe locked CVX holders to vote for specific gauges. Further, it is often cheaper for DAOs to bribe CVX holders for votes than it is to pay for veCRV directly. For example, $1 of bribes currently will buy about $1.11 worth of CRV emissions, a 10% discount.

The combination of fee revenue and bribe revenue has made CVX an attractive asset for those looking for yield bearing assets in DeFi. Furthermore, the more CVX you control, the more power you wield over the entire DeFi ecosystem.

Why buy CVX?

Along with bribing holders of CVX, many DAOs have made the full step of using treasury funds to acquire protocol-owned CVX. Some protocols like Abracadabra and Alchemix have used it as a way to boost rewards on their liquidity pools by directing emissions to their stablecoin pools. Others like Redacted Cartel and Yearn, have bought CVX in order to boost their own farming rewards. Most recently, the combo of Frax and the Terra Luna have made a big show of using their CVX to incentivize their new Curve 4pool made up of the traditional stables USDC and USDT along with algorithmic stablecoins FRAX and UST.

This is a shot at MakerDAO's DAI, which has profited since the launch of Curve as the main decentralized stablecoin in the 3pool liquidity pool. The Frax and Terra Luna teams have made a big show of using their CVX to flex the rewards in the fight over DeFi stablecoin dominance.

With over 2 million CVX in their treasury, FRAX controls the largest share of any DAO. Terra Luna is not far behind in third place. Redacted Cartel, another partner in the 4pool endeavor, also control a significant portion of CVX votes. Together they control somewhere around 12-13% of the total locked CVX vote, representing over 24.5 million veCRV and growing every day. In addition, FRAX and Terra Luna give millions of dollars worth of bribes to incentivize further votes from CVX holders.

https://twitter.com/stablekwon/status/1510021707377287170?s=20&t=LWn4cNH_oS7VykdNPrnlRw

What to do with CVX?

For those that want to join in on the Curve wars, they are finding it harder and harder to purchase CVX and find yield opportunities for it that outpace the rewards from locking CVX.

With all of the hype surrounding CVX, it is not surprising that it is in short supply throughout the DeFi ecosystem.

• Lock your CVX to vote: The majority of CVX is locked and earning juicy rewards from Convex fees and vote bribes.

• Provide CVX liquidity on Curve v2: You can add CVX and WETH in equal amounts to the Curve v2 pool and then stake it at Convex for boosted rewards from both protocols.

• Participate in Curve Wars: a number of new protocols are springing up to take advantage of the opportunities afforded by the fight for CRV and CVX. Holders can stake or bond their CVX with a number of other protocols like Redacted Cartel.

The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Why it matters: Gnosis Safe is a market leader for multi-signature wallet solutions. It is widely used by DAOs to effectively manage treasuries, approve spending, and make collective investment decisions. Given its user base overlaps substantially with Integral SIZE, we believe this integration will bootstrap SIZE’s usage further, and enhance our positioning as a necessary piece of DAO tooling.

The big picture: DAOs will be a cornerstone of whale trading in the years to come assuming the appropriate infrastructure is in place to facilitate this shifting guard.

• Whales have historically been either individuals conducting large trades or larger entities with deep pockets.

• However, DAOs have quickly become major players in this regard, evidenced by the recent JPEG’d DAO passing of its first proposal to buy $15 million worth of $CVX to earn more from an upcoming liquidity pool on Curve.

• Although DAOs are finding their niche and the value they bring to the world of Web3, their needs have not been properly served. At the moment, DAOs still rely heavily on centralized exchanges or OTC desks, which are incompatible with either DAO’s value or operational methodology. Integral wants to change this, and bring 100% permissionless, trustless on-chain experience to DAOs.

https://twitter.com/DefiMoon/status/1508171542244564994?s=20&t=QAzeGiEOg7TVOatZj9I8vg

Step-by-step Guide

Following is a step-by-step tutorial about how to use SIZE directly in Gnosis Safe.

Add Custom App

Find “Apps“ in the left sidebar, then click “Add custom App“.

In the pop-up window:

• Type https://size.integral.link in the “App URL” box

• Tick the box

• Click the “Add“ button

Submit an Order

After you have added SIZE to your Gnosis Safe, you can submit an 30-min TWAP order just like the way you did on SIZE.

Approve the transaction using Gnosis Safe

Approving transaction of SIZE bears no difference than approving a simple transfer using Gnosis Safe--you need to sign and execute it.

If you need to have more than one singature to approve the transaction, simply ask other multi-sig holders to sign and execute. They can find the pending transaction in the “Transaction“ tab in the left sidebar.

Orders submitted through Gnosis Safe is also eligible for the ongoing Trade Mining Program, where 50,000 ITGR will be given out on each weekday.

If you are running into any issues when using SIZE on Gnosis Safe, the quickest way to reach us is to open a ticket in Discord.

At the same time, we started a new rewards program for both liquidity providers and traders. After a week of careful monitor and analysis, we have decided to introduce the following changes to the Trade Mining program.

TL:DR;

• Lower Fee: 1 bp trading fee for ETH-USDC pool (previous: 10 bps).

• Daily Frequency: Trade mining program will now be on a daily frequency on weekdays starting from 00:00 UTC on April 4, 2022 (previous: weekly).

• These changes will come into effect from 0000 UTC on April 4th (Monday).

The Updated Trade Mining Program

To be eligible for trader rewards, a wallet needs to trade at least once in an eligible pair (currently, ETH-USDC) on a weekday.

Trade Mining Rewards have a base reward component and a multiplier. The Total Reward = Base Reward x Bonus Multiplier.

Base Reward

Each weekday 50,000 $ITGR are to be distributed pro-rata based on trading volume of the day among all eligible wallets.

Bonus Multiplier

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.

Liquidity Provider Rewards (No Change)

Rewards for Liquidity Providers will stay the same. 300,000 ITGR will be given out to Liquidity Providers in ETH-USDC pool in a week, starting from 0000 UTC on April 3rd (Sunday).

To learn more about how the rewards for liquidity providers is calculated, please check this blog.

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 world.

Most of the current OTC on DeFi only provide the escrow solution and require traders to source their own counterparties.

Integral SIZE solves the “counterparty matching” issue, as traders are de facto trading with the liquidity pool. Orders will be always filled if there’s enough liquidity in the pool. It enables trading via smart contracts interaction versus contacting a trading desk, directly serving traders with peer-to-peer liquidity and direct on-chain order settlement.

The future of over-the-counter trading may look very similar on the surface, but behind the scenes, many pieces have not yet been realized. At Integral, we are looking to develop the next generation of decentralized building blocks for whale traders. To this end, we've been thinking a lot about over-the-counter trades and how they may work in a DeFi context.

In this article, we will dive into what a DeFi over-the-counter trading experience could be. But first, let's look at what over-the-counter trading is and how it works in crypto currently.

What is OTC?

Over-the-counter (OTC) trading is a type of trading that facilitates orders directly between counterparties and is not conducted on an exchange.

Over-the-counter trading is rarely discussed but is a major part of the traditional and crypto markets. While most of us can get by trading on an exchange, large traders and whales have a much harder time when trading huge volumes.

There are two main types of OTC operations, usually called OTC desks. 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.

OTC desk trades are usually conducted over a chat application. The OTC desk trader will receive a client request and then provide an execution price and a timeline for the trade. Once terms are agreed on, the client will wire funds to the OTC desk and the desk executes the trade accordingly.

In traditional finance, OTC desks traffic in less liquid equities that are not found on exchanges, trading derivatives, and other exotic products. Estimates for the notional value of OTC derivatives put the market at over $600 trillion in size with a gross market value of $12 trillion. Last year, OTC equities had over $500 billion in volume.

Crypto has become an important part of this OTC market. GBTC, which aims to track the price of Bitcoin, is the most traded OTC derivative by volume this year.

Alongside traditional finance OTC desks, a thriving industry has sprung up for OTC desks focused on crypto. When trading large amounts of crypto, whales have an even harder time executing trades than in the traditional markets. To facilitate these trades, most exchanges and many other companies have set up OTC trading desks to fulfill large orders.

OTC desks afford their clients privacy and OTC trades don't move the spot market directly, avoiding price impact. It is sometimes the only way to fill large or exotic orders.

In crypto, OTC usually implies finding a large counterparty that wants to go the opposite direction of a client's trade. Many OTC desks will help source the liquidity for the trade and maybe take on some of the risk themselves. Other desks focus on executing large illiquid orders on a variety of different venues over time.

While the private nature of OTC trades makes exact calculations of OTC volume impossible, estimates from Circle suggest that OTC desks process 2 to 3 times more volume than exchanges.

OTC Downsides

Nothing comes without costs, and OTC desks as they exist have several tradeoffs.

In TradFi and in crypto, if you use OTC, the fees are high. Whether it is explicit broker fees, execution fees, or other hidden fees, a trade that has to get filled off exchange will have a higher cost. There is also the potential for adverse selection and information leakage. OTC desks lack transparency, pricing clarity, and can refuse to trade products because of volatility or blacklisting.

The same benefits of privacy and exotic trading offered by OTC desks can also become a problem. Notoriously, mortgage-backed securities traded heavily in OTC markets were a key factor in the great financial crisis. These and other OTC products are traded in large volumes but with little oversight and few user protections.

What is missing in crypto OTC crypto?

In crypto, very few OTC trades are done on chain. Instead, most OTC desks turn to centralized exchanges to fill client requests. In turn, these trades are the exact opposite of the nature of those performed in DeFi.

The problem is that for teams that looking to raise funds in token sales or diversify treasury risk, there are few 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 world.

Cobie, in his post "Incentives structures" writes about the dilemma:

Perhaps the team thinks selling 5-10% of their overall remaining equity to secure long-term fundraising through a bear market is a good idea. Hopefully they can secure that OTC with a professional fund, causing no market impact, but it is within their power to sell it on the open market too. It might even be the right decision long-term for the project to temporarily tank the market to ensure they have the funds to build through a crypto winter. Still, such an action would not be great for the token price in the short term and while the team might not intend to do it, the lack of significant cliff in the vesting makes it a possible action.

Without decentralized, on-chain markets for this kind of activity, teams can get stuck between a rock and a hard place. Fundraising can't always wait for a listing on a centralized exchange or help from off-chain OTC partners. In the absence of options, teams have to turn to what is available. Uniswap, Balancer, Curve, and the later generations of distributed exchanges have pioneered trading on chain, but they are not optimized for large block trades in illiquid markets.

This is clear when we look at data on price impact for large trades on chain.

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%.

There have been many experiments with OTC markets on chain. As early as 2017, MakerDAO was working on smart contracts to replicate OTC order books on Ethereum. We've seen launches for OTC-adjacent products like Airswap's Peer-to-Peer trading protocol, but these only provide the escrow solution and require traders to source their own counterparties. Some aggregators like 1inch have OTC features, but the trading is done off-chain with traditional API matching engines.

The problem of replicating a typical OTC trading experience in a decentralized way remains an area of active experimentation.

The Future of DeFi OTC

If we are going to improve the experience for whales and others looking to sell large batches of tokens, we'll have to develop new DeFi legos that tackle the unique features of OTC markets. We think that there is a large space to play here.

A typical OTC experience works like the following.

A user has a large number of tokens, a price expectation, and a time frame to execute the trade. Assuming the OTC desk can take fulfill the expectations, the trade will go through around the regular market price, but outside of busier exchange infrastructure and with zero price impact.

Integral SIZE is a new decentralized exchange that works on a similar principle.

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 a 30-minute TWAP and then executes the order with this price.

As a result, SIZE will be able to execute trades with zero price impact similar to an OTC trade. In addition, there is a transparent mechanism for pricing the trade since it executes transparently on chain. SIZE takes the workflow of OTC trading, but reduces it to on-chain protocol interactions.

Although SIZE looks like a typical DEX on the front-end, it is powered by a new DeFi primitive that enables many of the same use cases covered by OTC trades.

SIZE solves the “counterparty matching” issue, as traders are de facto trading with the liquidity pool. Orders will be always filled if there’s enough liquidity in the pool.

We can add whitelist-guarded pools to SIZE. With these, two counterparties who know each other can use SIZE as an escrow contract to execute the order using the 30-minute TWAP as a fair price anchor.

SIZE even allows directional block trades on the open market. By creating a new liquidity pool and providing only one token as liquidity in the pool, a DAO or other block trader can whitelist swaps in to the pair token at the 30-minute TWAP. With SIZE’s nearly 100% capital efficiency, every token can be swapped out and the full trade realized.

SIZE serves as an on-chain venue for OTC style orders to settle with the unique properties of a DeFi protocol. SIZE enables trading via smart contracts interaction versus contacting a trading desk, directly serving traders with peer-to-peer liquidity and direct on-chain order settlement.Naturally market participants like DAOs and whales that seek OTC-like experience on-chain will find the value proposition relevant.

You can read more about the specifics in the SIZE documentation and whitepaper.

What's Next?

Last year since we launched Integral FIVE (formerly Integral) offering a five-minute TWAP product. To date, FIVE has executed nearly $500m in trading volume. Now with SIZE, we have a further extension to a 30-minute TWAP.

As we get feedback from our users and the rest of the community, we expect to continue expanding the options available through SIZE. The smart contract architecture will allow the additions of new token pairs and different TWAP durations. The first altcoin pools will be launching shortly based and we welcome input from the community on which pairs to add to the roadmap.

We are excited to see how SIZE is adopted to facilitate large-block trades with zero price impact.But we see SIZE as just the next piece in a larger set of tools to help move trading volumes from centralized services like exchanges and OTC desks to decentralized ones running trustlessly on blockchains.

If you are a DAO or crypto fund looking for options to sell large volumes of tokens, we are open for collaboration and you can reach us at info@integral.link. If you’re interested in joining our journey, we are looking for interested smart contract engineers.

You can find more information about Integral on our Discord or on Twitter. Start trading with SIZE today at: https://integral.link/

SIZE launch program rewards will go to both LPs and traders. LP Farming will start at 00:00 UTC on March 24, 2022. Trade Mining program will start at 00:00 UTC March 27, 2022 and continue on a weekly basis from 00:00 UTC Sunday through 23:59 UTC Saturday. Both reward programs have a base reward component and a multiplier. The Total Reward = Base Reward x Bonus Multiplier.

Liquidity Provider Rewards

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 rewards 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.

Note that for the period between March 24 and March 26, the multiplier will be based on the snapshot at 00:00 UTC March 27, 2022.

Trader Rewards

To be eligible for trading rewards, a wallet needs to trade at least one order in eligible pairs per day on at least three days each week . Each day starts at 00:00 UTC and ends at 23:59 UTC.

Eligible pairs are selected pairs qualified for Trader Reward. These pairs will be announced a few days before the start of each weekly cycle. ETH-USDC is the eligible pair at launch.

Each week a fixed amount of ITGR is to be distributed pro-rata based on trading volume of the week among all eligible wallets.

Each trader will be given a bonus multiplier based on the ITGR staking snapshot at 00:00 UTC Sunday (at the start of each week), and the average trade size (to be updated in real time during the week). 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 week.

• 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.

Rewards Schedule

Both LP and Trader Rewards will have a 6-month linear vesting schedule, starting on April 24, 2022.

At launch, reward emissions are as follows.

• LPs: Base Reward emission will be 300,000 ITGR for ETH-USDC pool, starting from 1200 PM UTC on March 24, 2022.

• Traders: Base Reward emission will be 200,000 ITGR for ETH-USDC pool, starting from 0000 UTC on March 27, 2022.

Subsequent rewards will be announced shortly before the start of each week.

Trading Pair Nomination

We will gradually launch pools for other altcoins. 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”.

Learn More about Integral SIZE

Read our launch post for more information about SIZE. You can also find the full documentation here: https://docs.integral.link/size. Follow us on Twitter and join our Discord.

If you would like to help Integral grow faster, the most important thing you can do is refer to us great builders. Currently we’re looking to hire Smart Contract Engineers. Any assistance on sourcing the best possible candidates for this position would be greatly appreciated.

What is SIZE?

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.

Why SIZE?

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.

How does SIZE work?

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.

Who is SIZE for?

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.

What can be traded with SIZE?

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”.

Where can SIZE be accessed?

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.

How to Earn $ITGR as a Liquidity Provider or Trader

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.

The Future of Large Orders in DeFi

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.

Token emission of ITGR has just restarted with a merkle tree update to the time release smart contract. Suppose you have provided liquidity to Integral or win any Ad Hoc ITGR giveaway after September 15th, 2021. In that case, you’ll see a new balance in the main app.

0.07% of total supply has been made available for vesting and claiming this time. We group all tokens earned within a month into 1 time release contract. The balance in Release #1 represents ITGR you made between 2021-09-14 00:00:20 and 2021-10-14 00:00:14 (UTC).

• Release #2: 2021-10-14 00:00:15 to 2021-11-14 00:00:00

• Release #3: 2021-11-14 00:00:01 to 2021-12-14 00:00:10

• Release #4: 2021-12-14 00:00:11 to 2022-01-14 00:00:10

The claimable amount in each batch is calculated based on the ITGR you earned in that period and how long the vesting period has elapsed. Tokens start vesting from the beginning of the period.

To help you better understand the calculation method, here’s a quick example:

• Suppose you earned 1000 ITGR from farming on September 20th.

  • This batch of tokens (Release #1) started vesting on September 14th (149 days ago).

  • The vesting period for farmed tokens is 6 months (180 days).

• So the claimable amount is 1000* (149/180) = 820 ITGR.

• The rest of the tokens will be unlocked on a per-block basis.

• For more information about claiming and staking, please read the following post.

How to Claim Your ITGR

Please note that the following content was initially published on September 14th, 2021.

Overview

We have added a Token tab on Main App after the TGE, and this will be the only place to claim ITGR. After connecting your wallet, the tab will display the balance of your 3-year-vesting and 6-month-vesting tokens on the left-hand side. They will both start vesting and be claimable at the conclusion of TGE.

For 3-year-vesting tokens, 1/1095 of your tokens will become vested and unlocked on September 15th. For 6-month-vesting tokens, 1/180 will become vested and unlocked.

Claim

After opening the “Token” tab, you’ll be able to see the ITGR balance after connecting your wallet.

Please note that the balance of 3-year-vesting and 6-month-vesting tokens does not only include tokens you have acquired from Public Seed Round, but also all the other tokens that share the same vesting period.

For example, if you purchased 200 Option 2 ITGR in the Public Seed Round and farmed 100 ITGR by providing liquidity, the balance of 6-month-vesting tokens will be 300.

If you would like to claim your ITGR, you can double check the number in “CLAIMABLE”, which represents the amount of ITGR that’s currently available for claim. If the number seems right for you, you can click the button “CLAIM”, and Metamask will be called up to help you finish the claiming process.

Accrued ITGR token rewards from being a LP or other initiatives will appear in the ITGR counter at the top right of the interface next to your wallet address. These tokens will be pushed to time-release smart contracts on a regular basis (~monthly) for distribution. These smart contracts will appear on the interface and will allow you to claim your tokens at the appropriate vesting rate. Token rewards pushed to our smart contracts will automatically be subtracted from the ITGR counter.

If you have any concerns regarding claiming ITGR, please open a ticket here.

Staking

You can find the Staking interface on the right side of "Token" tab. The interface will allow you to stake your vested/unlocked ITGR to earn more ITGR as interests. We offer 45% APY for 3-year lock-up period, and 10% APY for 6-month lock-up period.

The interest is paid in liquid ITGR that is released every block, and can be claimed immediately.

List of ITGR Sources and Vesting Plan

3 Years

• Public Seed Round (Option 1)

• Gas Refund

  • Launch Day (March 29th, 2021)

  • Gnosis Auction (June, 2021)

  • Trade Mining

  • 10% bonus APY due to listing delay

    • According to our blog post in June, “every ITGR holder will automatically earn 10% APY in ITGR (3-year vested) to your current stakes, starting effective now (2021-06-14) until the listing day (TBD). This applies to all holders, EXCEPT the team and advisory.”

  • Ad Hoc Programs

    • Superhero Contest

    • Trade Mining Raffle

    • Office Hour

    • Misc.

6 Months

• Public Seed Round (Option 2)

• Liquidity Farming

• “Chad” NFT Auction

Disclaimer: Integral prohibits access from Crimea region of Ukraine, Cuba, Iran, North Korea, Syria, and US. For more information, please review Terms & Conditions. Investments are risky. Please read Risk Factor Exhibit before participating.

Below 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.

Large 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, when digging deeper into exactly how Punk #3100 traded, we find it hard to label this activity coming from a truly decentralized primitive since the 4,200 ETH actually came from a centralized exchange.

In fact, 6 of the 10 most expensive CryptoPunks this year were purchased with funds withdrawn from a CEX. The recent $SOS airdrop from OpenDAO also reveals another harsh reality - as it turns out, many NFT buyers don't actually participate in or use DeFi much at all.

https://twitter.com/kerfunkl/status/1474609317617627142?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed&ref_url=notion%3A%2F%2Fwww.notion.so%2Fjeylabs%2FSize-f612d09facd343439ffc13086f158ee2

The reason is obvious. Historically, and as crazy as it sounds, buying ETH on Ethereum (through a DEX, swap protocol or aggregator) is not the most economical or efficient way to buy ETH, especially with large amounts. If you want to buy 4,200 ETH on DeFi, you can lose $150,000 due to price impact alone-That’s the cost of a Tesla Model S Plaid with upgrades.

In 2022, there will be more new primitives like NFT coming out, and this $150,000 determines whether they will be decentralized. At Integral, we built a DEX to eliminate this price impact, and make sure all primitive-defining trades are executed in a permissionless way, 100% decentralized and on-chain.

Decentralized > Centralized

Looking back at 2021, it's safe to say the movement of decentralized finance (DeFi) achieved significant traction and success. Going forward, a rapidly growing DeFi user base will demand a better user experience. This will push developers to solve more infra-level problems like gas, DAO, infra-type APIs, wallets, new blockchains and L2, on-chain analytics. 

However, the biggest obstacle ahead for Web3 and DeFi is not the tech or VC involvement (contrary to the opinion of Jack Dorsey), but the fact that web3 still relies on many centralized institutions, applications and standards.

To a degree we must first leverage tools of the old world to build the new world, but a mindset heavily reliant on centralized systems still runs so deep within participants of our space. This mindset is what leads some to believe a traditional IPO is the best path of capitalization and growth for the world's largest (decentralized) NFT platform.

If you believe in decentralized value creation and self-sovereign development and protection of personal wealth, then at some point everything must decouple from centralized systems entirely. 

The decentralized web will become the substrate on which centralized systems will operate, not the other way around as it is today. We, the builders, have a responsibility to create a self-sustaining decentralized economy and take back the narrative that defines value.

The Integral Link to DeFi

Integral is already having an impact in supporting Web3 and DeFi through our laser-focus on serving large orders.

Over the past six months, Integral was responsible for executing over $450 million in on-chain trade volume, with an average order size over $170k - For comparison, this was 3x the average order size on Uniswap.

At Integral, we believe large on-chain order execution is a new DeFi primitive itself. When looking at the global market for crypto trades, retail accounts for a minority of total trade volume while the majority comes from large orders. Based on public reports from Coinbase (Q2 2021), 68% of their trade volume comes from large orders, likely initiated by whale traders and various institutions.

Large on-chain order execution is a blue ocean for DeFi and the main focus of Integral. The big problem to solve here is price impact. Before Integral, $150,000 could be lost on a 4,200 ETH trade using a typical DEX, sometimes a lot more for tokens with lower liquidity.

Integral now solves this problem with an innovative solution that executes large orders, on-chain using a time-weighted average price (TWAP) algorithm. The current Integral build (launched in March 2021) supported a 5-min TWAP strategy, which mitigated most of the price impact on large orders. As a bonus, this version of Integral was successful in offering our LPs zero impermanent loss over sufficient time periods.

But we can do better! And we will. In 2022, we will launch our next generation product, Integral SIZE (formerly TWAP). Why? Because Size matters!Integral SIZE will allow you to trade with size on DeFi, eliminating price impact on orders with sufficient size using a 30-min TWAP algorithm. Trades on this new protocol will be executed 100% on-chain with better efficiency and overall price compared to all other decentralized AND centralized services.

With some configuration, Integral SIZE can even function as a DeFi OTC trading desk, useful for yield farmers and DAOs as a way to sell tokens or as a dollar-cost-saving investment vehicle, minus price impact.

The Integral SIZE public testnet is scheduled for January 2022 release with a mainnet launch by end of Q1 2022. After the launch of Integral SIZE, our product team will be working on additional features which may include things like customizable TWAP duration, L2 integration and more trading pairs.

If you would like to join the waitlist for the public testnet, please submit your application through this survey.

Differentiated Success

When we started building Integral SIZE this summer, Paradigm released a white paper on TWAMM which envisioned a protocol specifically designed for large orders. Since then, our top priority has been to deliver such a protocol with product-market fit, before anyone else.

As we approach the finish line on this effort we realize that competition is not our main focus; Integral is customer-centric with attention to responsibility and contribution. We see the efficiency of large order execution as a critical element in the overall success of DeFi. As such, we gladly take on this responsibility on behalf of the entire Web3 space and are excited to make contributions in this way. By doing so, aim to play a key role in reshaping the global economy into one that is permissionless, self-sovereign, decentralized and sustainable.

That said, a single product is not enough to create differentiated success. This will require months, if not years of continuous public discussion, development and contributions from the broader community to reach a consensus.

Integral will always support these types of initiatives and have already taken several steps to safeguard the value being created by decentralization. From our "Build-Farm-Sale" model, to "Everyone gets the same price as a VCs" token sale, we'll continue to commit resources to the frontier of DeFi in 2022 and beyond.

Integral now plays a critical role in bringing about positive change in the world. We’ll continue to do this by releasing innovative DeFi solutions that empower a new generation of traders, investors, business models and open paths to economic freedom and wealth creation. But make no mistake, the decentralized world we’ll help build will not be the top-down pyramid system of the past. The new system will give rise to a fair economy with mutual respect and care with equality and wealth distribution in a more transparent and sustainable manner.

Last but not least, we'd like to send a special thanks to all of our community members who have helped make Integral what it is today and continue to support us in our future endeavors. Whether you’re an ITGR token holder, trader, LP, Discord member or partner, we thank you for your belief in our mission and continued contributions. 

As quoted recently by a member of our core team: "Whenever things got difficult, I was almost always overwhelmed and encouraged by the amount of support given by the community. That's what has kept me and the rest of the team going."

Again, thank you for a wonderful 2021 and cheers to an even better 2022 yet to come!

On behalf of the Integral team, Happy New Year!