Injective is the first fully decentralized smart contracts platform optimized for building finance applications such as exchanges, derivatives protocols, prediction markets, and options. The ecosystem's leading exchange, Injective Pro, has witnessed rapid growth this past year, reaching over $7 Billion in volume.
Injective is backed by some of the most prominent investors in crypto including Pantera, Binance and BH Digital. Many of today's leading institutions, including Jump Crypto, have already integrated with Injective's institutional grade API, bringing new opportunity to collaborate with new projects launches and the broader Cosmos ecosystem.
The Dedicated Market Making (DMM) program is structured to help new market participants and emerging market makers. The program was carefully designed with our institutional partners in order to ensure fairness and an optimal environment for trading. DMMs in the program have already generated over $3.3 Million which is one of the highest reward rates in the market today.
The document here will highlight the program benefits and structure while also delving into the specific criteria used to assess reward payouts. You will also be able to find helpful links to the Injective APIs alongside a list of FAQs towards the conclusion of the document.
⭐️ Program Benefits
- Earn unmatched DMM program incentives, maker fee rebates and trading fees
- Obtain market making opportunities for new projects and token launches
- Easily integrate with Injective via a diverse array of institutional grade APIs (no need to interact with smart contracts directly)
- Access the broader Cosmos universe via Injective
📊 Reward Program Structure
Rewards allocated to all qualified dedicated market makers are based on their individual liquidity contribution scores. To ensure that the rewards foster real and valuable growth of exchanges built on Injective, specific formulas have been designed by the Injective community to obtain effective liquidity.
Effective Liquidity Contribution Score (ELCS)
The Effective Liquidity Contribution Score (ELCS) is an essential metric to measure market maker performance. The ELCS is determined by the total notional value of the quote asset (USDT or USDC) used in market making orders in proportion to the total size of market orders within a specified price band.
A Market maker’s ELCS score calculation includes a series of multipliers based on a market maker’s order price distance from the best market price. This means that the closer a maker order is to the top of the book, the higher score you could expect to earn. Every 1-10 mins, a random snapshot will be taken of all market orders in order to ensure fairness in the process.
DMM Vesting Schedule
50% of INJ token rewards will be allocated at the end of current epoch, and the remaining 50% of INJ token rewards will be distributed at the end of the fourth epoch.
Last Elimination System
If any DMM participant is inactive for two consecutive epochs, we reserve the right to eliminate them from participating in this DMM program, thereby also forgoing any unvested rewards.
🔗 Helpful Links
DMM Dashboard: Link
An analytics page for viewing DMM rewards is available for all users. Please note that some market makers may choose to use aliases to protect their identity.
Trading Fee Discounts: Link
Receive some of the lowest trading fees in the market by staking INJ.
API Docs: Link
A comprehensive set of docs covering Injective’s exchange related APIs.
Institutional Email: Institutions@Injective.com
What is the length of an epoch?
Each epoch is 4 weeks long.
How much can DMMs earn?
DMMs in the program have already generated over $3.3 Million. We have designed the program to ensure fairness across the board so that new participants can enjoy leading reward rates.
How long does the integration process take?
Most firms are able to complete the integration in just a few days.
What are the advantages of integrating?
There are three primary advantages to integrating with Injective:
- Earn unmatched rewards from the DMM program alongside the Trade & Earn programs
- Acquire new token market making opportunities (we work with a number of projects launching new tokens which require MM support)
- Enter the Cosmos ecosystem (some of the best projects are migrating over to Cosmos and integrating with Injective allows you to access projects across the ecosystem)
Who else is integrating?
Some of the largest names in crypto such as Jump Crypto have integrated already. At Injective, we cater to firms of all sizes and ensure that everyone is able to participate fairly. As a result, we have created a system that helps to prioritize new firms that integrate with bespoke support in place.
Who are Injective’s backers?
Injective has raised multiple rounds from leading investors including Pantera, Binance, Jump Crypto, BH Digital, Hashed, Cumberland, BlockTower, Mark Cuban etc.
Can you describe the integration experience?
The API support is akin to that of centralized exchanges. Integrations have historically been seamless with the help of your responsive support team.
What are the fee discounts and rebates?
You can earn fee discounts by staking INJ and by reaching specific volume thresholds as described here. Markets on Injective can also offer negative maker fees which essentially act as a rebate for market makers.
What are the available clients?
Python, Go and TypeScript clients are available.