wETH/USDT SPOT market proposal

Summary : I propose wETH/USDT SPOT trading pair to be traded on our DEX.

  • Motivation : It is one of the highest traded pairs and considering the use cases of ETH, the volume would grow in the foreseeable future.

  • Use cases: Considering that a lot of institutional and retail investors want exposure in the Defi boom, this would be a good way for these entities to gain exposure to ETH in their portfolio.

  • Differentiation: Currently, more than 75% of the trading volume is generated on CEX which in the past have been known to be susceptible to issues where the system tends to fail where there are significant price fluctuation in the asset. Also, considering the centralized ownership of these exchanges, the participants are essentially at the mercy of an individual or organization for various aspects. These are against the ethos of decentralised finance. Injective (a truly decentralised proposal) would help to resolve this issue and would enhance decentralisation.

  • Implementation: With the blessings of the INJECTIVE community, a proposal would be added on the governance on mainnet, once it passes, it can be added to the tradable pairs list.

  • Risks: The only potential concern I see is with regards to USDT and the concerns regarding it. But considering the recent settlement with SEC in this regards, I am personally confident that USDT is here to stay as a stable coin.

3 Likes

It is needed to be a erc20 token… so it must be some wETH.
0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2

This is a not brainer vote yes.

1 Like

Indeed each currency for each market pair submitted must first be transferred through our ERC-20 bridge and native ETH isn’t an ERC-20 token whereas wETH is, so this market would be wETH/USDT.

Thank you for taking the time to submit this! :slight_smile:

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Thanks for your input… Would modify the proposal accordingly

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Hi, I can help you with some INJ for the deposit, let’s do it !

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I have modified the proposal. For the modified proposal, can i expect support from the team? If yes, I can actually make a proposal on the mainnet governance page?

Thanks mate for the help… I will make the proposal once I am sure that the team would support it since right now no proposal would be passed without their support.

2 Likes