Welcome to Injective’s monthly update!
This month gave brand new meaning to the term March Madness, and we have more updates to bring you than ever before.
We gained notoriety by collaborating with Burnt Banksy on one of the most groundbreaking NFT initiatives in history. We then came full circle at the end of the month by launching exclusive Injective NFTs.
We officially rolled out Equinox Staking, allowing users to interact directly with the Injective Chain for the very first time. The reaction from our community was amazing with over $20,000,000 staked in less than two days! Along the way, we debuted a star-studded cast of genesis validators we could not be more proud of.
All of these accomplishments — and more — are bolstered by the rock-solid support of our peerless community. Read below to learn more about what we’ve been up to this month, and where we’re headed next.
- We helped carry out an unprecedented NFT initiative that made headlines on Forbes, CBS, Bloomberg, BBC News, TechCrunch, and many more mainstream publications.
- We launched Injective NFTs.
- Following a successful pre-staking period, with over $20,000,000 staked on our Equinox Testnet, we rolled out official Equinox Staking to the public. To aid our users in this major development we published a Staking Walkthrough on our YouTube channel.
- We spotlighted prominent genesis validators including Figment, HashQuark, Citadel.One, and Audit One.
- We fully upgraded our Injective exchange using a frequent batch auction model.
- Our CTO Albert Chon received the prestigious Tendermint Fellowship.
- We partnered and integrated with PARSIQ, Tidal, Cartesi, KardiaChain, Kylin Network, and Razor Network.
- We ramped up the community with a number of events. First, we launched a full revamp of our Discord server. INJ was added to the Monolith Wallet. We hosted panels with Moonbeam, Acala, Parity, Polygon, Conflux, and Fantom. We participated as a panelist at an AMA with Staking Hub, Polka DeFiance Conference, Chainlink Spring 2021 Hackathon, and Korean DeFi Roadshow 2021.
1. NFT Collaboration
We took part in the now widely acclaimed Burnt Banksy NFT event, in which a group of tech and art enthusiasts banded together to burn an original Banksy print, then recreate and auction it off as an NFT. This collaborative project went viral in mainstream media globally and garnered major discourse across art, tech and finance industries.
The event was covered by a number of news publications, including TechCrunch, CBS, Forbes, CoinDesk, BBC News, CoinTelegraph, The Guardian, Business Insider, Fast Company, Bloomberg, and GQ, to name just a handful.
2. Injective NFTs Launch
In keeping with the momentum surrounding Burnt Banksy, we cemented a partnership with SuperFarm to launch exclusive Injective NFTs.
Users are now able to farm Injective NFTs which will provide them with unique benefits such as increased odds of receiving surprised token drops when staking on Equinox. We will also explore the creation and trading of NFTs on the Injective Chain which can allow for the creation of NFTs with unparalleled transaction times and zero gas fees given our unique layer-2 structure.
3. Equinox Staking
At the beginning of the month, we rolled out Equinox Pre-Staking as the first step of the Injective Equinox Staking Competition. Pre-staking enabled users to transfer their ERC-20 INJ tokens into Injective and start earning yield. To further reward our community’s patience, we also raised the baseline APY to 15%.
This alone was no small feat. Within just two days of launching Equinox Pre-Staking, a mindblowing $20,000,000 had been staked.
On the heels of this remarkable debut, we officially launched the highly-anticipated Equinox Staking to the public. This landmark milestone marks the first time that users can interact with the native Injective Chain which offers limitless capabilities such as zero gas fees and rapid transaction times.
Stake Your INJ: Link
Equinox Staking Walkthrough: Link
4. Three New Genesis Validators Join Equinox Staking
We onboarded three new genesis validators to Equinox Staking. These validators will serve a crucial role in testing the parameters of our network before our mainnet launch, such as reward distribution and network security. Read more about them below.
Figment is one of the world’s largest blockchain infrastructure providers with 30+ years of experience providing secure data center, cloud, and software solutions. They have extensive experience supporting networks such as Celo, Flow, and Chainlink.
HashQuark is the largest Asian validator and a part of the HashKey group, a digital asset management company that acts as a major validator for projects such as Polkadot, Klaytn, and Kusama.
Citadel.One is a next-generation non-custodial staking platform that supports a number of major projects including Cosmos and Tezos.
Audit One is a prominent Proof-of-Stake infrastructure provider and validator that boasts an extensive roster of PoS networks and a mastery of Tendermint-based chains.
5. Injective Exchange Upgrade
After closely examining pervasive market challenges in the DEX sector, we carried out a major upgrade to our order matching mechanism that utilizes a frequent batch auction model.
In doing so, we managed to create an entirely new exchange model that in addition to sustaining rapid transaction times is able to tighten spreads with higher liquidity closer to the market price.
6. Tendermint Fellowship Welcomes Injective
This month, Injective CTO Albert Chon was awarded with the prestigious Tendermint Foundation Fellowship. The program was founded by Tendermint Inc. in 2020 “as a means of identifying and supporting talent and vision within individuals who are building with Cosmos”.
On joining forces with the Tendermint team, Chon stated that he is “excited to push the frontiers of what can be accomplished on self-sovereign, interoperable blockchains.”
7. Partnerships & Integrations
This month we locked in a number of key collaborations.
We partnered with PARSIQ to enable fully automated decentralized trading.
We collaborated with Tidal Finance to provide insurance for decentralized derivatives.
We partnered with Cartesi to enable mainstream developer adoption.
We worked with KardiaChain to expand our cross-chain trading universe.
We began to explore an integration with Kylin Network to integrate with the Polkadot data economy.
We partnered with Razor Network to expand our oracle system.
We brought Big Data Protocol into our ecosystem to launch new data derivative products.
8. Community Initiatives
This month was heavy on community engagement. We gave our official Discord server a major facelift, featuring brand new channels devoted to events, educational resources, worldwide communities, and more.
INJ was added to Monolith, the world’s first DeFi wallet and accompanying Visa debit card made for spending crypto assets anywhere.
We hosted a number of AMAs with prominent projects building in the space.
The Polkadot Ecosystem: Moonbeam, Acala, Parity, and Injective (Link)
Ethereum Scaling Solutions: DeFi, Layer-2, and Ethereum (Polygon and Injective Protocol): Link
DEX and Layer-1: Conflux, Fantom and Injective (Link)
At Injective, community building is by no means a one-way street. This month we were delighted to learn that our amazing supporters took it upon themselves to build Injective Universe, a community-run website dedicated to Injective news and accomplishments.
We’re blown away by such heartfelt examples of support and we look forward to paying it back even more to our community in the coming months.
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.