This proposal intends to create and launch the on-chain S&P 500 Index market.

This proposal, if passed, will launch the SPY/USDT PERP Market across Injective Exchange dApps. Users will be able to trade this market with up to 25X leverage. The initial margin for this perp will be 0.033333, and the maintenance margin will be 0.02, in line with other perps launched in the past.

Actions:

• By voting YES on this proposal, you support launching the SPY/USDT PERP Market as described above.
• By voting NO on the proposal, you do not support launching the SPY/USDT PERP Market as described above.
• By voting NO WITH VETO, you find this proposal to be spam/irrelevant/malicious, and support burning the 100 INJ deposit, if No With Veto votes are greater than ⅓ of the total voting power.
• By voting ABSTAIN, you wish to contribute to quorum while formally declining to vote either for or against the proposal.

Disclosure: I am a member of the Injective Labs team.