Injective Labs AMA Summary Recap with Shin Chan Community
We held a live AMA with CEO and Co-Founder of Injective Labs, Eric Chen on 20th December 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Mika | Shin Chan: Before AMA start, can you introduce yourselves and the team background?
Eric Chen: Hi everyone! I’m Eric Chen, co-founder of Injective Labs. My passion for crypto and blockchain started back in high school when I mined bitcoins for the first time. After a career as a researcher at NYU Blockchain Labs and Innovating Capital, in 2018 I founded Injective together with Albert Chon (CTO). The idea behind the project was to improve DeFi usability and security, eliminating problems related to high latency, poor liquidity, and UX. The ultimate goal was to give DEX users the same flawless experience they have with CEXs, eliminating the gap between the two.
Injective is a universal DeFi protocol for cross-chain derivatives trading across a plethora of financial products such as perpetual swaps, futures, and spot trading. Everyone can access unlimited DeFi markets on Injective’s fast, cross-chain, low fee, and secure decentralized exchange protocol.
Mika | Shin Chan: thank you for the brief introduction of urself and the project itself =)
Do u have any upcoming news or events that the community need to keep an eye on?
Eric Chen: Injective recently just released the Canonical Chain mainnet, which marks the beginning of a new chapter for Injective. Recently Injective also partnered with Terra to become the premier destination for UST markets including UST/LUNA and UST LUNA perp!
To further boost the mass adoption and attract users after the launch of Injective mainnet, we’ve proposed to the Injective community. After the approval of these proposals, we’ve launched the VIP Fee discount program and Injective Astro, a $120 Million liquidity incentive program to bring liquidity and traders to Injective Protocol. Injective Astro liquidity incentive program is so far the largest liquidity incentive program in the cosmos ecosystem and has been covered by global mainstream media. The initial two sub-programs makeup Astro are Trade & Earn and DMM.
Trade & Earn Program: A total of 7,000,000 INJ is proportionally allocated to all trading participants for their maker and taker orders every week. All users of Injective can benefit from this reward pool.
Dedicated Market Makers (DMM) Program: A total of 3,000,000 INJ is proportionally allocated to all qualified direct market making program participants, based on individual market making scores calculated every four weeks.
Mika | Shin Chan: Terra Ecosystem Markets Launch on Injective
Decentralized Terra ecosystem (https://bit.ly/3GKflNU) markets are now on Injective!
Users can begin to trade native Terra (LUNA) spot and derivatives markets using TerraUSD (UST). The Terra community is also launching campaigns to incentivize UST adoption on Injective, starting with a $200,000 trading competition this week.
The integration of the Terra with Injective marks a groundbreaking event for cross-chain IBC transactions. This article will provide background on the collaboration with Terra, integrating Terra assets, and the launch of new Terra focused markets on Injective.
Welcome to a new era of cross-chain derivatives trading on Injective.
🌖 Trade LUNA and UST: https://injective.exchange/
⚡️Read More: https://bit.ly/3GKflNU
Twitter Section Begins:
Q1: Your Injective Astro Program caught my attention. Can you tell us more about the program and how it will work? What benefits will users get from this program? What is the goal of this initiative? How will users be able to participate in this program? Is it also open to everyone?
Eric Chen: Its open to everyone!
A total of 7,000,000 INJ is proportionally distributed to all trading participants for their maker and taker orders every week.
The Rewards tab for everyday traders will be quite extensive with an overview of past rewards as well as countdowns to the next distribution.
One our community member actually explained the best strategy toward earning this reward via a cool video: https://www.youtube.com/watch?v=Y5TJdA3107M h
Q2: Given that Injective is a decentralized derivatives market, Oracles plays a huge role on the project’s protocols. Can you please discuss more about your Oracle? Does Injection has its own Oracle or do you integrate with other third-party Oracle providers for this matter?
Eric Chen: We currently integrate with Coinbase oralce and Band oracle. Chainlink oracle is included as part of the canonical chain upgrade and is awaiting OCR integration with Chainlink!
Q3: We can trade bridge derivative products with “High Leverage, Low Fees, Low Slippage, and No Gas Charges” at Injective. So, how does this work in practice? Can we save money on gas using this strategy, and how many different sorts of variants can you support?
Eric Chen: Try it out on Injective.exchange!
Currently depositing from Ethereum will recieve a full gas rebate!
Q4: Could you explain what sources Injective uses to determine asset pricing, what Oracle services have you contracted for this, are they recognized? Do you have only contracted with one provider or several to have more data security?
Eric Chen: We currently integrate with Coinbase oralce and Band oracle. Chainlink oracle is included as part of the canonical chain upgrade and is awaiting OCR integration with Chainlink!
Q5: You point out that you will have a friendly interface, which will help to perform simple operations, will it be that it will take this feature from Web2 and include it in the dex exchanges (Web3) that Injective offers? or it will be very different from the one seen in Web2?
Eric Chen: The relayers are slowly innovating upon this!
You will see https://injective.exchange/ which is a more traditional interface.
https://trade.picasso.exchange/ has done quite a bit of work to innovate upon this and create a user friendly swap interface
Telegram Live AMA Begins:
Q6: ✍️ I saw that within the Injective Hub we can only transfer INJ to other users. So When will the function to transfer other tokens such as USDT be available?
Eric Chen:
https://hub.injective.network/wallet It’s supported already for a while!
Q7: I see that there are $120 Million Incentives for the users,
How can anyone be eligible for these rewards?
Eric Chen: Anyone is qualified! Just start trading on injective.exchange and people can start earning
Q8: Can you please tell us on how to trade $LUNA spot and perpetual markets with $UST?
Eric Chen: 1. Bridge assets from Terra to the Injective Chain.
https://hub.injective.network/bridge
2. After successfully bridging the assets to Injective chain, move the desired amount to your trading account.
https://injective.exchange/
3. Select your desired market and start trading with zero gas fees and earn Astro rewards for every trade you make.
you can follow the guide here at injective.exchange 😄
Q9: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
Eric Chen: https://twitter.com/ericinjective/status/1469160196429733888?s=20
here we made an estimation about protocol profit and relayer profit!
Q10: On Injective Trading Platform, How much maximum Leverage can users take?
Eric Chen: 10x at the moment, can be increased by governance
Q11: many similar projects which Too promised miracles but never released a working product or proved any revenue, In short/long time of release. Is your project like this too? If not, could you please tell us, What makes your project different from other projects?
Eric Chen: Uh… We promised and released a miracle that no one else can build in the market 😅
Q12: What is the deposit term for the proposal? What happens to the deposit I used for the proposal? Does it have anything to do with minPriceTickSize and minQuantityTickSize?
Eric Chen: What is the deposit term for the proposal? What happens to the deposit I used for the proposal? Does it have anything to do with minPriceTickSize and minQuantityTickSize?
Q13: Among the benefits that its blockchain offers to developers, there is a “Native Ethereum Experience”, but is this really not a limitation in Dex, since this network is not very scalable? or really what would that native experience be?
Eric Chen: Try it on injective.exchange. Injective is not affected by the scalability of Ethereum
Q14: If anyone wants to bridge their Assests, how easy its it is do it on Injective platform?
Eric Chen: Try it! https://hub.injective.network/bridge
Q15: ✅ What networks or wallets is Injective acutally compatible with? Only Ethereum through Metamask? Are they working to expand this?
Eric Chen: Working on more solutions. You can actually connect with many other wallets like coinbase wallet and other ones as well!
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