Recap AMA Injective Protocol x Vietnam Coin Market Community

9 min readAug 11, 2020

Hubert: Hello everyone,

Only 15 minutes left and the AMA event of Injective Protocol will be started

The representative for Vietnam Coin Market (VCM) is Admin Owner @taitan296 who will run AMA and Injective Protocol project’s representative is @ericchen, @melizzaanne and @hawk718.

Translator: @nguyetvcm

Vietnam Coin Market Group (VCM) will be locked to make the event convenient.

After Segment 2 of the Vietnam Coin Market group will be opened a chat so that the community can ask the project.

How’s everything going?

Again, it’s been my greatest pleasure to announce today’s special AMA session

“Injective Protocol”

Today’s AMA session is composed of 4 parts:

1 — Say hello, introduce the project

2 — AMA moderator asks the project 5 questions that will be selected first.

3 — Ask the community (unmute the channel and let the community ask questions freely on telegram. Then the guests will choose about 10 good questions to answer)

4 — Quiz — Give 5 quizzes to the community to answer

You must complete the task at this Tweet. All violations will result in cancellation of AMA results:

https://bit.ly/2EUcx6c

Craving for the question rain ahead after I unmute the group.

Anyway, let’s get the curtain roll-up and welcome @ericchen, @hawk718 and @hawk718.

Eric Chen: Hi everyone

Hubert: It’s a pleasure to all of you who participated in the AMA today.

Hubert: Could you briefly introduce about yourselves as well as your project?

Eric Chen: Hey guys, I’m Eric Chen, CEO and Cofounder of Injective Protocol.

Injective Protocol is an end-to-end decentralized exchange protocol allowing decentralized perpetual swaps, futures, and spot trading. It is the first layer-2 fully decentralized exchange that enables fast, secure, and most importantly, fully decentralized trading on top of Ethereum. We have built every component of our protocol to be fully trustless, censorship-resistant, publicly verifiable, and front-running resistant.

We are excited to be here today with the VCM community and to have you with us on our journey of unlocking the full potential of decentralized derivatives and DeFi!

Hubert: Welcome!

Looking forward to have our audiences to know more about the project and the views.

Let’s get to the first question we’d like to know from you.

What makes the Injective Protocol project stand out more than the projects in the same direction at the moment?

Eric Chen: We’re currently the only layer-2 decentralized derivatives exchange with 0 point of centralization. In our current testnet, we’re seeing a blocktime and finality of up to 1 second. This means that users can trade on our exchange with no gas and an 1800x speed up in finality. With our futures protocol that allows for open market creation, users can expect more market diversity, better speed of execution, and strong liquidity provided by our institutional market making partners!

Hubert: Thanks for this impressive information. We will go over the next question.

Who are some business partner/clients for Injective Protocol?

Eric Chen: We have a lot more partners that we are excited to disclose. But currently our disclosed partners include: Binance Labs, Pantera Capital, QCP, Axia8, K42, Kronos Wootrade, Altonomy, Krypital Group, Bitlink, Maskbook, and many more!

Hubert: Thank you, we could give some mins for our audiences to read more about the comment.

Hubert: We will come to the next question:

What are the memorable milestones of Injective Protocol in the research and development process?

Eric Chen: We launched our initial version of Injective testnet back in mid 2019. After seeing impressive development in layer-2, we decided to skip our v1 and work on our planned v2 for main net. For this version, we moved from on-chain settlement model to a full layer-2 model and completed it in November 2019. After that, we focused on developing our derivatives protocol and developed intricate incentives to bring them all together, making what Injective is today! We have been internally testing our testnet since June and adding cool features to make sure our public testnet this month will be perfect :D

Hubert: Thank you. What does Injective Protocol plan to do to attract more users in the upcoming time?

Eric Chen: Prior to mainnet, we have many events and competitions for users to get to know how Injective works. Right now we have an on-going derivatives market design competition where everyone can submit their derivatives market proposal and compete on thoughtfulness and creativity!

https://medium.com/injective-labs/derivative-market-idea-competition-presented-by-injective-protocol-dfa7db0092d6

After the derivatives market competition concludes, we will immediately follow up with an even bigger competition so stay tuned ;)

Hubert: The last question is already done. Thank you @ericchen for bringing the above useful information.

Next, the Vietnam Coin Market team (VCM) will open a chat for the community to ask questions to the project. We will have 3 min to ask. The Injective Protocol project will then choose 10 questions to answer.

Let’go!

Now!

Let’s give some mins for @ericchen to choose 10 questions to answer.

@ericchen, you may proceed now.

Question 1. How will Injective exchange solve the liquidity problem? By what criteria will Injective choose cryptocurrencies to support with on the exchange?

Market creation is open and permissionless. But for our official open source client, we will only display a selected few markets with the best liquidity. However, nothing stops people from forking our client and display all markets available (we also encourage the behavior :D)

Beyond our institutional market making partners who have a long track record of provided liquidity for top exchanges like binance and okex, we also have strong incentive system for liquidity introduction like make order rebate, referral fee rebate, and market creator incentives! It ties closely to our token economics and you can check it out here:https://docs.injectiveprotocol.com/overview/token-economics

Question 2. When will users stop being afraid to use DEX?

How will Injective want to be a leader in the mass distribution of DEX?

I think right now with uniswap daily volume breaking 270mm with extremely high gas cost, users are clearly no longer afraid of using DEX ;)

But to bring DEXs to the next level, we not only support advanced instruments like derivatives but also scale all transactions onto layer-2 to provide a fast, scalable, and much lower slippage trading experience than our on-chain counterparts

Question 3. 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?

Verification during propagation is continuous and the consensus process only need to perform verification on the proof with the highest iteration. 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.

Question 4. I’m really looking forward to the beta release, where can I get it? What tips or information can you offer to facilitate the management of users?

The testnet will be revealed to the public along with a major competition after the conclusion of the derivatives market competition :D

For the second part I’m not 100% clear what you’re referring to, feel free to join the telegram chat at https://t.me/joininjective and we can answer this question with more elaboration

Question 5. What are the use cases of your token, and how are we as users motivated to buy and hold long term? Will new use cases come along time?

Our token has an inflationary as well as deflationary mechanism to balance the incentive of all stakeholders. All exchange fees net of node incentives will be bought back via a decentralized auction and burned periodically. By staking into the proof of stake validator pool, stakers will also earn block rewards. So needless to say, the value of the token reflects directly to the value of the ecosystem and exchange :D.

You can also learn a lot more cool information about our token on https://docs.injectiveprotocol.com/overview/token-economics

Question 6. What really is the mission and vision of this project? just develop an exchange platform that provides you with better tools and low fees?

We aim to truly facilitate borderless finance and become a global CME/CBOE in the future. This means that we may extend our derivatives offering beyond crypto native assets and explore traditional instruments that has routinely faced frictions from geopolitical borders, regulatory issues, or trust issues from achieving global access. That’s our ultimate vision :D

Question 7. How do you think of other layer-2 dexs such as loopring? How will traders want to circumvent the Loopring and use Injective Protocol because they have the same infrastructure for avoiding trade collisions as well? What do you have a plan to grow rapidly in terms of users, global market and partners?

Loopring uses zkrollup, which still requires a centralized server for the users to interact with off-chain. Beyond this, our core focus is derivatives, which is very difficult and costly to be done through zkrollup

Question 8. Does the Injective Protocol team have a training and guidance system for newcomers to cryptocurrency? How do you attract and reach them?

We will be working on a basic interface to minimize the friction for new users who are unfamiliar with either derivatives or cryptocurrency in general :D. Expect the basic interface to be extremely simple and easy to use

Question 9. From a long-term perspective, because of its great technology, I have no doubt about the future of blockchain technology and #Injective protocol

However, in the short term,

How will the Injective protocol team balance the conflict between investor profits and the health of the project ecosystem, as well as pump dump mechanisms?

We are extremely selective when it comes to which investor we should work with. All investors are well-aligned with our long term vision and committed to provide strategic value add either through market making, marketing, or development!

If any conflict were to arise, we will always prioritize the health of the ecosystem over the short-term needs of few investors

Question 10. Ethereum has some issues and limitations why did you choose this Network? Will you develop your own network in the future?

That’s why we have our own native chain as well as a layer-2 scaling solution to isolate the operation of our network from the potential or ongoing limitations of Ethereum! We believe that Ethereum is still and will be the go-to for liquidity and DeFi projects in general, so it is highly unlikely that we will abandon Ethereum integration for the foreseeable future

Hubert: Thank you @ericchen for replying to the community.

Hubert: Tks sir

We will go to Segment 4, the Injective Protocol project will ask the question. All correct answers will be eligible to win. I will spin after AMA with these cases. Choose the luckiest one of these to receive a reward / each question.
Each person can only answer 1 time / 1 question

Please join Injective Protocol Vietnam group to join segment 4: https://t.me/injectiveprotocolvietnam

Please @ericchen to ask Quiz questions.

Quiz 1. What is the advantage of Injective Protocol operating on a Layer 2 protocol and being fully decentralized?

a. Layer 2 has 2 layers of security

b. Fully trustless transactions

c. Layer 2 provides for faster transactions and alleviates users from the vulnerabilities of centralized exchanges

d. It has both Layer 1 and Layer 2

Quiz 2. What kind of trading will be available on the Injective Protocol DEX?

a. Spot trading

b. Futures

c. Derivatives Trading

d. All of the above

Quiz 3. What is the token of Injective Protocol?

a. IPT

b. INJ

c. IJT

d. INT

Quiz 4. Which of the following are the partners of Injective Protocol?

a. Pantera Capital

b. QCP

c. Axia8

d. All of the above

Quiz 5. Which of the following details about the Market Idea Competition by Injective Protocol are correct?

a. Eric is the only judge for the competition

b. Open only to those with a background in finance and blockchain

c. It is an international competition for submitting creative derivatives market ideas

d. There is only 1 prize

So the AMA Injective Protocol at Vietnam Coin Market (VCM) is also coming to an end. Hopefully in this direct exchange, the community has a basic understanding of the Injective Protocol project. I am the moderator today. Congratulations to the Injective Protocol.

Thanks @ericchen for joining AMA with the VCM community today. Wish you much health and success.

Again, don’t forget to join the Injective Protocol community for further assistance. Thanks everyone.

https://t.me/joininjective

https://t.me/injectiveprotocolvietnam

https://twitter.com/InjectiveLabs

Website: https://injectiveprotocol.com

VIETNAM COIN MARKET COMMUNITY INFORMATION:

Website: http://vcmcommunity.online

Medium: https://medium.com/@chocoin_VN

Youtube: https://www.youtube.com/c/vietnamcoinmarket

Twitter: http://twitter.com/chocoin_VN

Facebook: http://facebook.com/chocoin_VN