ATOM/USDT Pair on Injective DEX
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Summary
We propose trading ATOM/USDT pair to be implemented on Injective DEX.Background
Injective Protocol is a decentralized exchange protocol that offers advanced features like cross-chain margin trading, derivatives, forex, synthetics, and futures trading.Motivation
We would like the users of the Cosmos ecosystem to have another trusted DEX where they can exchange ATOMs.ATOM is a native Cosmos cryptocurrency powering the Cosmos Hub proof-of-stake blockchain. This token is an important part of blockchain interoperability on the Cosmos network. Injective is build on Cosmos SDK.
IBC integration gives the opportunity to bridge ATOM to Injective Dex in an affordable way. Once Injective Dex includes ATOM users can bridge ATOM to Injective Dex and trade that for USDT so they can use the DEX cheaply. Now users can only use ETH to get on the Injective platform and it is quite expensive. In comparison ETH bridging cost 30-400 dollars, ATOM cost 0.4 dollars.
After Injective latest upgrade the Foundation has also introduced a Liquidity Incentive Program for Injective DEX users. If proposal enabling the program passed, it will allow users to earn fee rebates on each trade, thereby further encouraging others to trade on Injective.
ATOM/USDT pair listing together with LP incentive are expected to attract lots of ATOM holders and Cosmos Hub users thus increasing trading volume on Injective DEX.
Specification
This is an off-chain proposal that will later go on-chain. Starting with off-chain forum post will give us more time to advertise this pair in both Cosmos and Injective ecosystem, attract more people and thus positily affect trading volume on the dex.The voting period will take 2 days once proposal submitted on-chain.
Proposal based on @Eric Chen’s message on Perpetual Markets:
https://gov.injective.network/proposal/discussion/2376-new-perpetual-market-listings-and-hidden-markets-for-canonical-release/Injective DEX: https://injective.exchange/
Injective Hub: https://hub.injective.network/
Injective Web: https://injectiveprotocol.com/
About LP Program for users: https://gov.injective.network/proposal/discussion/2512-injective-liquidity-incentive-program-proposal-pt-4-astro/
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@iamvlad sound good to me. Maybe considering a Terra's UST pair ? More in line with the cosmos vision imho. But yeah USDT is pbly more demanded
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@phil_rx Hello! Unfortunately that's not possible yet because Injective don't have a bridge to Terra.
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I vote YES.
I read Terra has implemented IBC on 21st of october, and I would also prefer ATOM/UST, but I guess Injective has many market to open before adding UST. -
@iamvlad
papamchik votes YES -
Hello everyone, we just provided an update on the ATOM/USDT proposal 72 here
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@achilleaskal Thanks for the heads up!
