Integral has always been the little engine that could: we have been chugging along this DeFi Summer 2.0, at times more quietly. This update is intended to fill in these gaps and catch you up on what we’ve worked on from Jun - Aug, and what you can expect through September.
At its core, Integral is a new DeFi primitive that trades off between time and price impact - the longer you are willing to wait for a trade to execute, the less price impact you cause.
Our plan evolved to be 3-fold:
Phase 1: build and validate this core primitive — the rollout completed in June 2021, when we launched full trading. The smart contracts have been secure, and most importantly, the financial engineering principles were validated.
Phase 2: find a simple use-case for our technology, which we completed earlier in late July 2021, when we launched the Comparator upgrade. With this Comparator upgrade, we demonstrated our tech has the capability to beat all DEXs on pricing for many trade sizes. We were even able to beat aggregators over half of the time on bigger trades.
Phase 3: find a killer use-case for our technology, and we believe that it will be directing this primitive at serving block-trades: executing a $100m trade over a week efficiently on-chain. For instance, more than 2/3 of Coinbase’s trading volume came in this form as institutional flow, and we are poised to capture it for DeFi as the crypto landscape evolves around us. We expect to launch this in early Q4 2021.
Now, in light of these exciting fundamental developments, while we are hard at work to launch the 3rd phase of our product pipeline, we realize that it is the beginning of a new season for growth. Internally, the core team invested in 3 new members this summer across engineering and marketing (selected out of 50+ applicants, and 20 candidates interviewed). They are quickly ramping up to their full capabilities to channel the Integral mission to make DeFi better, and we are optimistic that you will see the fruits of their labors the coming weeks. Fittingly, it is time to channel this spirit externally to bring in more believers for the Integral Resistance through token listing and wider distribution.
The Listing Process
The listing process involves bringing together more demand than supply over the course of roughly 1 month.
Over the next few months, we will be launching marketing campaigns, and we will be finalizing collaboration with the appropriate leading exchanges. Such campaigns include a co-marketing program with a leading exchange, and two airdrop programs with leading crypto information hubs. These campaigns are all designed to maximize our brand awareness and the number of token holders. We will share more details about them in the following days.
Crypto marketing is quite decentralized and community is powerful. 300 followers here and there can go a long way. We ask for your help to spread the word of Integral to a wider audience. If you have your own followers or community, please consider joining our Ambassador program. You will be able to earn a fixed income and referral fee by contributing to the protocol, whether it is user referrals or community member acquisitions. Even if you do not, you can help us greatly by referring us to your own crypto friends.
We expect to list around mid-September. An exact date will be announced as soon as we finalize plans with a leading exchange. We are close, and to be fully transparent, we are aware of a rapidly tightening compliance environment around DeFi projects. We had to adjust to this by engaging 3 different law firms to assist us in navigating and sorting out the exact process for a safe token issuance and listing setup.
A reminder that current ITGR stakeholders (excluding team/advisors) have been receiving 10% APY (3 yr vested) on ITGR holdings as a result of this wait.
Token supply during opening week
Because everyone is vested, the circulating token supply is expected as follows:
2,213,170 ITGR on opening day
5,146,149 ITGR by the end of the first week
When am I gonna receive the tokens?
After the listing, vesting for all previously-acquired ITGR will start. Token holders will be able to claim their tokens based on their originally designed vesting schedules.
We will add a Claiming & Staking tab on the main app after the listing, 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.