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Summary

This proposal launches three spot orderbook markets on Injective:

1. INJ/WBTC — a cross market between INJ and WBTC
2. WBTC/USDC — WBTC against native USDC
3. NEXO/USDC — NEXO against native USDC

All three are submitted by the same address that proposed the NEXO/WBTC spot market in Proposal #708, which passed on 15 October 2026 (proposer: inj1m85vvtf2jdcrl99usuyq8zddzxuc8yev8fcme8). This proposal continues the same initiative.

Background and motivation

We have developed a universal algorithmic spot trading strategy and trading bot. It can be applied to any market, but it has shown its best results on cross-rate markets, i.e. markets where one crypto asset is traded directly against another rather than against a stablecoin (NEXO/WBTC is one example). Centralized exchanges list very few such cross pairs, which limits where this approach can be used. On Injective, any trading pair can be launched as an on-chain orderbook market through governance, as long as both tokens are available on the chain, and bringing a token to Injective is itself achievable. This opens up far more markets for this approach.

Our goal is not simply to add trading pairs. We want to bring an existing trading use case, new users and real trading activity to the Injective ecosystem, and to make the same approach accessible to other traders on Injective.

We believe that orderbook trading of new cross markets can become a meaningful driver of Injective's growth.

Why these three markets

A cross market works best when it is connected to the rest of the ecosystem. These markets complete two arbitrage triangles, all settled on Injective and all using the same native USDC denom (erc20:0xa00C59fF5a080D2b954d0c75e46E22a0c371235a) as the existing INJ/USDC market:

• INJ/WBTC <-> WBTC/USDC <-> INJ/USDC (existing)
• NEXO/WBTC (Proposal #708) <-> WBTC/USDC <-> NEXO/USDC

When prices across a triangle diverge, market makers and arbitrageurs can rebalance them entirely on-chain, without bridging assets between networks. This creates natural incentives to provide liquidity in all connected markets, including the cross markets.

The USDC pairs also act as an entry point: native USDC arrives on Injective cheaply via Circle CCTP, so traders can convert USDC directly into the assets they need for cross-market trading, without paying for transfers back and forth between chains.

Potential benefits for Injective

• New users: traders interested in cross-rate strategies, trading any asset against any other, gain a reason to come to Injective, as such markets are rare on centralized exchanges.
• Liquidity and arbitrage: connected triangles encourage market making and on-chain arbitrage across INJ, WBTC, NEXO and USDC markets.
• Use of INJ: all trading activity requires INJ for gas, and a portion of exchange fees from these markets flows into Injective's burn auction.
• Ecosystem adoption: more activity on Injective's orderbook infrastructure can lead users to explore other Injective applications and services.

We present these as potential benefits only. No outcome, liquidity level or trading volume can be guaranteed.

Market parameters

All markets are spot only (no leverage) and have no admin and no special administrative permissions.

INJ/WBTC

• Base: inj (18 decimals); Quote: WBTC peggy0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599 (8 decimals)
• Min price tick: 0.00000001 WBTC (the smallest tick representable for these decimals)
• Min quantity tick: 0.01 INJ
• Min notional: 0.000001 WBTC
• Fees: maker -0.005%, taker 0.05% (same as the NEXO/WBTC market approved in Proposal #708)

WBTC/USDC

• Base: WBTC peggy0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599 (8 decimals); Quote: native USDC (6 decimals)
• Min price tick: 0.01 USDC
• Min quantity tick: 0.00001 WBTC
• Min notional: 1 USDC
• Fees: maker 0.0001%, taker 0.0001%

NEXO/USDC

• Base: NEXO peggy0xB62132e35a6c13ee1EE0f84dC5d40bad8d815206 (18 decimals); Quote: native USDC (6 decimals)
• Min price tick: 0.0001 USDC
• Min quantity tick: 0.01 NEXO
• Min notional: 1 USDC
• Fees: maker 0.0001%, taker 0.0001%

The USDC pairs use the same fees as Injective's main spot markets, such as INJ/USDC (Proposal #695), to keep conversion and on-chain arbitrage across the triangles as inexpensive as possible.

Our commitment

If this proposal passes, we intend to support these markets with our trading software and to encourage interested traders to participate. We recognize that sustainable liquidity depends on real market participation and cannot be promised in advance. We welcome feedback from validators, delegators, developers and the wider Injective community.

Voting options

• YES: you support launching the INJ/WBTC, WBTC/USDC and NEXO/USDC spot markets with the parameters above.
• NO: you do not support launching these markets.
• NO WITH VETO: you consider this proposal spam, irrelevant or malicious, and support burning the deposit if NoWithVeto votes exceed one third of the voting power.
• ABSTAIN: you contribute to quorum while formally declining to vote for or against.