Welcome to Injective’s December update!
This month saw as astonishing pace of progress as we launched a brand new institutional exchange, processed over 1 million trades, released our first ever native trading competition alongside our partner Binance Smart Chain, and carried out a number of major listing such as on UpBit. From day one, we have maintained laser focus on the power of integrating the best features from centralized exchanges while retaining a dynamic decentralized backend, and it’s thrilling to see our hard work bear fruit.
We also received a great degree of support as we were added to Coinbase Custody.
Our team has been working nonstop to carry out major product upgrades while our business team worked to cement new partnerships with industry titans. This led to a surge in community support as we continue to grow our global footprint.
- Solstice V2 release and public rollout. Upgrades include a massive UI revamp as well as the integration of multiple digital asset and synthetic markets. Our Solstice Pro launch also introduced a number of institutional features as well.
- We were listed on major exchanges such as UpBit while also being added to Coinbase Custody. We also listed on unique markets such as TokoCrypto and SushiSwap.
- We launched the world’s first yield farming derivative.
- We launched the world’s first decentralized stock futures trading. This was done in collaboration with our latest partners Band Protocol and Terra. This major milestone also received coverage on CoinDesk, NASDAQ, and Crypto Briefing.
- We partnered and integrated with a number of major projects in the space such as Binance Smart Chain and Matic.
- We released our first ever Trading Competition with our partner Binance Smart Chain.
- We hosted a number of community-bulding initiatives such as technical conversations with the likes of Alpha Finance and Axie Infinity.
1. Solstice V2 and Solstice Pro Launch
Thanks to our team’s successful stress testing and rapid iterations, Solstice V2 was released, first on a limited basis and on December 21st —the winter solstice — to the public. Now users from all around the world can access our exchange here.
Solstice V2 was instantaneously met with tremendous demand, with our user caps being reached under one hour on a daily basis.
We then went on to carry out a number of infrastructure upgrades and frontend changes that culminated in the release of Solstice Pro. We had been working in stealth for quite some time on UI and infrastructure upgrades that specifically caters to institutions since we saw a massive lack of development in that arena to date. This launch helped to bring unrivaled institutional grade products to our DEX. This includes expiry futures, reduce only orders, optimized leverage, among many other upgrades.
After the success of our early access testnet release, we opened up a Discord channel to compile user feedback. Our developers went above and beyond to not only integrate metrics from these invaluable user requests but also to perform upgrades in record time.
2. Major Listings and Coinbase Custody
We were added to Coinbase Custody which will now support INJ deposits and withdrawals.
We also received listings on a number of popular exchanges. This includes the largest Korean exchange UpBit as well as popular local exchanges such as Binance-backed TokoCrypto. This ultimately aids in expanding the global reach of INJ through the penetration of niche markets.
We were also added to SushiSwap, which means that traders can now liquidity mine SUSHI tokens by locking up INJ. SushiSwap currently stands as one of the most popular DEXes in the market today with locked assets totaling over $1 Billion according to DeFi Pulse. This helps to dramatically expand the avenues for DeFi traders and enthusiasts to lockup INJ for yield.
In the coming months, we plan to carry out more listings in order to further grow the ways in which individuals can trade INJ.
3. World’s First Yield Farming Derivative
We are proud to add to our list of accomplishments that we created the world’s first yield farming derivative. Our goal was to tap into this increasingly popular industry, while serving as the first and only protocol to address mounting problems within yield farming, such as surging gas fees.
Now anyone can earn chain agnostic yield with zero gas fees and a simple trading interface. We have specifically selected to begin with yield derivatives focused on Yearn since the platform is entirely decentralized and any changes to the ecosystem are always carried out via on-chain proposals and voting. So in this manner, the Yearn and Injective ethos are closely aligned.
We believe that the introduction of yield farming derivatives puts us one step closer to our goal of democratizing the finance sector by offering a new avenue for anyone to be able to benefit from innovations in the industry, regardless of their experience level or financial status.
4. Decentralized Stock Futures Trading Launch
We are launched decentralized stock futures trading on Injective. This means that our users on the Solstice Testnet will soon be able to securely access the $90 trillion stock market without any centralized control.
Stock trading on Injective is made possible by partnerships with cross-chain data oracle, Band Protocol and Terra’s synthetic DeFi platform, Mirror Protocol.
5. Partnerships and Integrations
We established some great partnerships over the past few weeks. Here is a quick look at some of them.
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Users will be able to transfer tokens between the Injective Chain and BSC with ease. This enables limitless possibilities for various derivative products to be brought over to BSC. In addition, it allows for new DeFi protocols built on top of BSC to have accessible interoperability with the Injective Chain.
Injective Partners with Binance Smart Chain to Accelerate Derivatives Adoption on BSC
We are excited to announce our partnership with Binance Smart Chain (BSC) to further accelerate derivatives adoption on…
Matic Network is a layer-2 scaling solution backed by Binance and Coinbase that aims to provide a generalized layer-2 platform, enabling Ethereum developers to scale their DApps for large-scale usage. We have strategically partnered with Matic to expand layer-2 derivatives trading globally.
6. We Released Our First Ever Trading Competition
We released our first ever trading competition on Injective! This competition was launched in collaboration with our partner Binance Smart Chain.
We have already begun to experience a surge in users as thousands of new traders continue to vie for a top spot.
7. Community Events
We took part in a number of community-building initiatives this month in order to accelerate our growth.
Techcrunch led the way with an exclusive feature on Injective titled As crypto comes back, Binance-backed Injective Protocol launches Testnet for its DeFi trading platform.
Cointelegraph also shone the spotlight on Injective in their article on Injectve’s Synthetic Asset Launch.
Binance IEOs, Yield Farming, and NFTs Talk with Alpha Finance and Axie Infinity
Other Community Events
We took part in a number of other global community-building initiatives this month in order to accelerate our growth, including AMAs with Gains, Infinity Capital (Vietnamese), The Dude, Daku, Blockchain Core, Tokocrypto (Indonesian), Crypto Needle (Korean), and many others.
And that’s a wrap for 2020! We can’t thank our community enough for supporting us along this journey. We have much more exciting news in the coming weeks so stay tuned.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.