Having a gold backed token like PAXG can be highly attractive as crypto investors like me would like to have exposure to gold at some point in the future. Having the option to trade it on a decentralized matter is a must.
Motivation: Provide exposure to a Gold backed asset through PAXG.
Use Cases: Traders that don’t want to sell crypto to fiat currencies but want the stability aspect can use PAXG to have exposure to GOLD price behavior. I think that no explanation is needed to why we need a gold backed token for the long term.
Differentiation: PAXG is offered on various big exchanges already but none of them are of the type that Injective is. Therefore having a PAXG pair is a must.
Implementation: As PAXG is a already established and well known in the crypto market this process is relatively straightforward.
This is for the spot market proposal. Ideally we would want to fetch the price feed from decentralized oracles like BAND and/or Chainlink.
Risks: I see no risks in having this pair besides the fact that PAXG is backed by real gold that is held somewhere by a third party - Paxos. Overall risk are minimal.
Expecting feed for ticker size etc…