Welcome to Injective’s June update!
June was a groundbreaking month for us. We’re proud to share some of our biggest milestones.
We launched the first two phases of the Injective mainnet, revamped our Equinox exchange, locked in key collaborations with major projects, and much more.
Read below for a full breakdown of our most recent achievements.
- We commenced both phase one and phase two of the Injective mainnet. We also onboarded SCB 10X to join our leading cohort of mainnet validators.
- We released full spot and perpetuals trading on a fully revamped Injective exchange.
- We launched Equinox Epic Tasks to stress test the DEX and boost staking APY by 3%
- We locked in strategic collaborations with top projects such as NEAR Protocol, MDEX, Stacks, and Formation Fi.
- We achieved a number of community initiatives including hosting events at Bitcoin Miami, participating in a YouTube AMA with FungBros, becoming verified on Twitter and Telegram, as well as announcing an Injective NFT drop with SuperFarm.
- We launched weekly crypto news, helping our community stay on top of the most important industry news.
1. Mainnet: Phase One and Two
First and foremost, we were extremely proud to have launched both phase one and phase two of the mainnet. Users can now transfer any ERC-20 token into the Injective Chain using the Injective Peggy Bridge. They can also stake, participate in all governance processes (e.g. creating and voting on new markets) and underwrite insurance funds.
Please Note: Users must unstake their INJ from the Equinox staking dashboard here. You can then stake your mainnet INJ in the mainnet staking dashboard found here. The mainnet and Equinox staking dashboards are separate.
The Injective Canary Chain kicked off the official start of phase two, and was officially deployed on June 30 at 1:00 PM UTC with the genesis state found here.
We also onboarded SCB 10X to join our star-studded cohort of validators on the mainnet. SCB is one of the largest commercial banks in Southeast Asia and its digital technology investment technical arm, SCB 10x, already has an impressive track record of securing Proof-of-Stake blockchains.
2. Equinox Spot and Perpetuals Trading Release
This month, we introduced an entirely revamped Injective exchange. As a result, you can now test spots and perpetual contracts for a wide array of markets on Injective in preparation for the next mainnet phase. Additionally, anyone who has staked INJ is able to both propose new markets and vote on new listings, allowing the entire listing process to be governed by a decentralized community of stakeholders.
This release marks the culmination of a number of major improvements across the frontend user interface as well as core backend logic for Injective’s orderbook model.
Coverage of the exchange upgrade was also featured on BSC News.
3. Equinox Epic Tasks
The Equinox Epic Task will remain live until the release of the canonical chain in phase three! Users can earn a staking APY boost by submitting 50 separate trades across 5 different markets, and earn a net positive PNL. Users have time until phase three of the mainnet to complete this task.
4. Partnerships & Integrations
Other wins this month included locking in four new strategic collaborations, adding to our ever-expanding ecosystem.
We closed a partnership with NEAR Protocol to expand our multi-chain trading universe.
We integrated with Stacks to bring fully decentralized Bitcoin derivatives to Injective.
Even while juggling a high volume of intense technical developments, we didn’t drop the ball on community building.
We hosted old and new friends at Bitcoin Miami, bringing everyone together for a night of networking and crypto conversations.
6. Weekly Crypto News
Beyond the Injective Ecosystem, here are the main headlines that moved the markets in June:
Bitcoin globalization: This month El Salvador made Bitcoin Legal Tender. To spin up country-wise adoption and usage, the government is giving out $30 in Bitcoin to any adult citizen who downloads and verifies their identity via the official government E-wallet. If claimed by everyone, that would equal 3,440 BTC or $117M.
De-chinafication of Bitcoin: In response to an accelerating mining ban in China, “hashrate migration” is real. Miners are moving to western nations and states such as Texas in droves. Our read of the month is Nic Carter’s “Go West, Bitcoin!” Article, where he unpacks the greatest shakeup in the geographic makeup of bitcoin mining.
Steady institutional interest: Micro-Strategy is tripling down on Bitcoin, issuing $1B of its Class A shares to spend on “the acquisition of bitcoin; Cathy Wood’s ARKInvest partnered with 21Shares to create another Bitcoin ETF; A16Z raised $2.2bln for its third crypto fund.
Steady Elon’s interest: As overheard on Twitter, Elon is planning to meet Jack Dorsey to have “THE talk” on the future of Bitcoin in July.
Closing the curtain on Equinox Staking marks the end of an era, but ushers in our biggest one by far to date as we launch the Injective mainnet.
We could not be more excited for the final phase in our journey. Our users inspire us continually on a daily basis and we are truly grateful to have your support moving forward. The coming weeks will be monumental for our community as we showcase an unmatched decentralized exchange protocol to the world.
There’s so much more to come over the next few weeks, so don’t miss out on real-time updates through our Twitter, Discord, and Telegram channels. Also, don't forget to subscribe to our all-new Injective Orbit Newsletter for weekly and monthly updates!
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 is backed by a prominent group of stakeholders including Mark Cuban, Pantera Capital and Binance.