Recap AMA VIC & Injective Protocol

Part 1 : Basic Introduction of Injective Protocol and Guest Eric Chen, CEO and Co-Founder of Injective Protocol

Part 2: Guest Eric Chen, CEO and Co-Founder of Injective Protocol will answer community questions. People can post questions

Part 3: All members can ask anything directly about Injective Protocol

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Part 1: Basic Introduction of Injective Protocol and Guest Eric Chen, CEO and Co-Founder of Injective Protocol

VIC GROUP
Welcome Guest Eric Chen, CEO and Co-Founder of Injective Protocol to join AMA with us today.
The group will be muted so that we can start with a brief introduction of Injective Protocol and Guest Eric Chen @ericchen.

Eric Chen
Hey Everyone! Glad to be here.
Hey guys! I’m Eric Chen, cofounder and CEO of Injective Protocol. Prior to Injective, I was a researcher at Innovating Capital working on trading strategies and protocol research. Before that I was also part of the NYU Blockchain Labs.
Injective Protocol is an end-to-end decentralized protocol allowing decentralized perpetual swaps, futures, and spot trading.
It is the first layer-2 fully decentralized protocol that enables fast, secure, and most importantly, fully decentralized trading on top of Ethereum.
We built every component of our protocol to be fully trustless, censorship-resistant, publicly verifiable, and front-running resistant.
We’re incubated by Binance labs and recently raised a round led by Pantera Capital.
We are excited to be here today with the VIC community and to have you with us on our journey of unlocking the full potential of decentralized derivatives and DeFi!

MrBut
Thanks @ericchen for the brief introduction to the project for everyone to understand better injective Protol.

Next we will go through part 2, the questions that the VIC Group has earned in the community from the form.

👉Part 2: Guest Eric Chen, CEO and Co-Founder of Injective Protocol will answer community questions from to form

MrBut
The first question is quite long about the DEX : Most of the DEX platforms are not easy to use and require a high level of technical know-how. How will Injective Protocol make DEX platforms become user friendly and easy to use for traders? I have tried big IEO platforms and future DeFi, what difference does Injective Protocol have with Binance DEX? that allows you to trade in various tokens and not just BNB? How will the verification delay or the VDF function impact the security of DEX platforms? What feature does it have that other security systems don’t? From your own point of view, what do you consider to be the most innovative features of Injective Protocol? How are you different from other DEXs available on the market? I see many Decentralized Exchanges where Half procedure is Centralized, how about Injective Decentralized Exchange platform? Is it also Half centralized Exchange or it’s Fully Decentralized On-chain Exchange? Could you tell me about the trading fees discount available on your platform? If I hold the token in short term or long term, what benefits I will get? @ericchen

Eric Chen
1. During the early stages, we will be catering to professional traders to ensure that we have the proper liquidity before introducing to the greater beginner traders community. Our current interface is robust yet simple to use, but we will also introduce a basic version to abstract all the advanced features away. As we roll out we will also post a lot of tutorials and guides to make sure that no one is left out.
2. The biggest difference between Binance DEX and us is that we have a strong focus on derivatives. We will also anchor ourselves around the Ethereum ecosystem without optimistic rollup, tying the security of our own chain with Ethereum.
3. Since we are a stateful exchange, VDF evaluation and verification under our current setup will not impact the matching process. The end result is a DEX with front-running and collision resistance with no trust or centralization required, making trading on DEXs much more secure.
4. I like to consider us to be the only fully decentralized derivatives exchange protocol in the market. Our most innovative feature is certainly the incorporation of VDFs to our consensus to prevent front-running and other trade manipulation tactics. Our whitepaper did a really good job talking about this :D
5. It is fully decentralized :), order posting, matching, execution, and settlement, are all done on Injective Chain.
6. By hosting a node, you will be entitled to a 40% trading fee discount. You can also host a node and earn 40% of the trading fees you discover.
7. If you participate in the staking pool for injective, it will be the only place where you can earn new Injective tokens :D. And by simply holding the Injective token, the deflationary mechanism from the full buyback and burn will appreciate the token value. Done

MrBut
Thanks for the compelling answer from Eric we move on to question 2 : Recently Injective Protocol team organized many AMAs on many crypto communities and collecting feedback from community. Is there some big updates coming up ? @ericchen

Eric Chen
We will have a trading competition coming up very soon after the conclusion of the derivatives market design competition. That will be the the first time our testnet is revealed to the public! Done

MrBut
So we will have more information about the update soon, thank you Eric. We will continue with question 3 : Protecting users/member data and privacy has become a problem that many companies/projects must face in their development. So can you explain a bit about Injective Protocol Security?@ericchen

Eric Chen
Just like Ethereum, all trading and transaction will be pseudonymous. We do not keep any user data and all information will be fully on-chain!

We also plan to work on privacy enhancing infrastructure in the future . Done

MrBut
Yes, we continue with question 4 : How did you choose/end up with a name “Injective Protocol ”? What was your thoughts back then so you decided with “Injective Protocol ”? @ericchen

Eric Chen
We chose Injective because the term Injective function itself is one-to-one and suffers no collision. This aligns with our design ethos really well! Some older VDF candidates also incorporate Injective rational map, which is pretty cool as well. Done

MrBut
Final question and ending part 2. Everyone prepare questions for us to continue part 3.

Question 5 : It is known that some projects use the “balancer pool” as an optimal liquidity solution for decentralized trading. So what do you think about this “balancer pool” solution? How does Injective build liquidity? @ericchen

Eric Chen
We utilize a central limit orderbook model because we find it to be still the best solution for derivatives and leveraged markets in general. To build enough liquidity, we have a list of strong market makers either backing us through funding or partnering with us to ensure that we have strong day 1 liquidity. We also have make order rebates as well as liquidity mining schemes to ensure that everyone is properly incentivized while market making. Done

MrBut
Thanks to questions from the community as well as answers from Eric. we will continue with

Part 3 : All members can ask anything directly about Injective Protocol. Everyone prepare their questions, the group will be open within 2 minutes.

Question 1 : I want to learn more about Injective Protocol, where can I find information?

Does Injective Protocol have a strategy for community development and user retention? @ericchen

Eric Chen
You can learn more on http://docs.injectiveprotocol.com/

Yes! One of the most interesting strategy that we can reveal right now is our PnL mining plan, users can earn our native token by retaining a net positive PnL on their open interests or their closed trades of the day.

You can find more details about it here at:https://docs.injectiveprotocol.com/overview/token-economics as well!

Question 2 : I presently use IDEX and BINACE DEX as my dex exchanges . Why should I stop using them and migrate to Injective Protocol ? What are the advantages and salient features of Injective Protocol compared to other decentralized exchange ? What is your strategy to attract user and make #Injective Protocol popular?

Eric Chen
For starters, we support derivatives and you can gain leveraged exposure on existing markets while exploring a lot more interesting markets as well!

One of the most interesting feature that I havent mentioned before is that market creation is open and permissionless! So anyone can create a market based on a price feed on top of us and deploy to the larger ecosystem. We’re extremely excited about what everyone can do on top of us in the future!

Question 3 : Is it too late for Injective to start building and developing in Vietnam, as there have been many large project that have flourished in the Vietnamese community with promotions, events / meetup … in the past

Eric Chen
We do have plans in the Vietnamese market! Unfortunately due to Covid, it is difficult for us to launch any meetups anytime soon. However, we have a vietnam community group at https://t.me/injectiveprotocolvietnam. Please stay tuned for the upcoming promotions and events!

Question 4 : DeFi and Dapps are 2 pillars primed to rule 2020 in crypto space, what’s your approach to DeFi and Dapps. What roles do you play in innovativeness of DeFi?

Eric Chen
Currently we see a lot of issues for DeFi dapps on Ethereum such as miner extractable value, gas auctions, and generally high gas cost. Beyond the innovations in decentralized derivatives, I would say that we are one of the first few to push for a hybrid between sidechain and layer-2 security. We believe that this is the best of both worlds as we can enjoy both the decentralization of a sidechain while maximizing the security properties of layer-2

Question 5 : I am a professional hacker in the internet network. Projects around the world can still make mistakes, so what makes #Protocol sure it won’t be? #Protocol is there an exchange that pays rewards for 1 hacker? What is safe mode for users?

Eric Chen
Beyond working with the top auditing firms in the space, we will also have highly lucrative bounty programs to ensure that we launch with the best foot forward. Please follow our updates as we begin to roll out our bounty plans!
The pleasure is all mine! Thank you so much!!

MrBut
Thank you Eric for taking the time to join the AMA at VIC Group. Thank you to everyone who joined the AMA today.
If you have any questions or questions, please join the groups and project information

DATA project information

Website: https://injectiveprotocol.com/

Telegram Global: @joininjective

Telegram VN: @injectiveprotocolvietnam

Twitter: https://twitter.com/InjectiveLabs

White Paper: https://docsend.com/view/zdj4n2d

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