Welcome to Injective’s May update!

It’s hard to believe that another month has flown by and we’re excited to bring you another dynamic roundup of accomplishments.

May has been abuzz with mainnet prep as we’re beginning the first phase on our road to deployment. Our developers have been working element by element to test our protocol performance, while simultaneously fine-tuning the parameters of Injective’s governance and insurance fund. Our business development team has been working around the clock, closing a number of strategic partnerships in the afterglow of our $10 million funding round.

Read below for a full breakdown of our most recent achievements.

May Highlights

  1. We announced the commencement of the first phase of our mainnet launch
  2. We launched Injective governance for derivatives markets and released the Equinox governance walkthrough
  3. We rolled out the Injective Insurance Fund
  4. We selected Burnt Finance as the first Injective-incubated project and hosted an AMA to discuss our collaborative efforts
  5. Partnerships & Integrations: We collaborated with DVision Network to launch NFTs in the metaverse. We unveiled the INJ-BNB vault with our partner Ramp DeFi. We became the first decentralized derivatives exchange to support the RAI stablecoin
  6. INJ listed on Crypto.com and we participated in an exclusive campaign to reward exchange users
  7. Gemini Spotlight: Injective Protocol (INJ): A Cross-Chain Trading Powerhouse
  8. Injective Learn: Decentralized Exchange Designs: Order Book Model Vs. Automated Market Maker (AMM)

1. Road to Mainnet: Phase One

After nearly three years of hard work, our stellar team is ready to begin deploying the initial phase of the Injective mainnet.

Phase one of the Injective mainnet begins with the release of the native Injective Peggy bridge which is a decentralized, highly gas-efficient bidirectional bridge for transferring ERC-20 tokens from Ethereum to the Injective Chain.

In addition to the Peggy bridge, phase one includes the initial protocol governance setup (explained further below) so that our community can help dictate the genesis state parameters such as which markets will be first listed, validator rewards, exchange fees, etc. This helps to ensure that our protocol is community-governed from day one.

We are incredibly excited for the journey ahead and look forward to building a new financial paradigm that is freer and more decentralized.

2. Injective Governance

This month we launched Injective governance for derivatives markets. With this milestone, users participating in Equinox staking will be able to propose new derivatives market listings for both perpetuals and futures contracts.

The governance process is a core component of our decentralized protocol and will serve an important role in our upcoming mainnet release. In addition, participating in market proposals via governance will enable users to earn additional APY boosts on Equinox Staking.

In conjunction to this update, we published the official Equinox governance walkthrough which can be viewed here.

3. Injective Insurance Fund

This month we released the Injective Insurance Fund, enabling our community to stake and start earning rewards. To accompany the insurance fund launch, we published a guide to walk users through insurance fund concepts and how to use the Injective Staking Dashboard interface to start staking in insurance funds.

Unlike most exchanges, the insurance fund on Injective is market-specific. That is, there is no common pool of Insurance capital collected, but rather a new fund exists for each derivative market launched on Injective. This way, the risk for underwriting insurance is isolated to each individual market. Community-owned insurance funds are a critical part of creating a fully decentralized exchange protocol and we are excited to have our users be a part of it!

4. Burnt Finance Incubation

We were thrilled to unveil the first-ever Injective-incubated project: Burnt Finance.

Burnt Finance is the first fully decentralized auction protocol built on Solana. After collaborating with Injective on the Burnt Banksy NFT earlier this year, the Burnt team came to realize that there was much more to be done in order to take NFTs, synthetics and DeFi mainstream. Such was the basis for the conception of Burnt Finance, launched within the Injective ecosystem. At the helm of this project is our good friend Burnt Banksy with whom we are excited to deliver a truly revolutionary auction protocol for synthetics and NFTs.

We hosted an AMA with Burnt Finance on our YouTube channel to discuss decentralized auctions, Solana and DeFi.

5. Partnerships & Integrations

This month we locked in exciting new collaborations while delving deeper into existing ones.

We collaborated with DVision Network to explore the opportunity of launching NFT future contracts for items created in the metaverse. This enables users to capitalize on NFT sale prices, thereby allowing them to take part in NFT prediction markets. Moreover, we will provide a new way of interacting with our users through the gamified metaverse experience via the Injective Protocol Center in the Dvision Network.

We unveiled the INJ-BNB vault with our existing partner Ramp DeFi. This allows INJ-BNB asset owners to unlock liquid capital from their farming assets by collateralizing their LP tokens on the RAMP platform, even as they continue to enjoy APY of up to 129%. Previous projects with Ramp have included a surprise token drop and our development of cross-chain staking derivatives.

Finally, Reflexer integrated the RAI stablecoin with Injective, making us the first decentralized derivatives exchange to support RAI. This is a significant milestone for Injective as we further bolster our collaboration with stable assets in order to truly showcase the limitless capabilities on our protocol.

6. INJ Listing on Crypto.com

Injective (INJ) has listed on Crypto.com, enabling access to over 10 million users .All users of Crypto.com will be able to trade INJ using a diverse array of fiat pairs while also being able to spend INJ with over 50 million merchants globally through the Crypto.com VISA card.

In celebration of this listing we participated in an exclusive campaign to reward Crypto.com app users. Anyone who trades or deposits INJ between now and June 4th has the chance to win a share of the USD 50,000 prize pool.

7. Gemini Feature

On the heels of our landmark Gemini listing, we were featured on their Cryptopedia platform in an in-depth article about our cutting-edge technological innovations. The piece is titled “Injective Protocol (INJ): A Cross-Chain Trading Powerhouse”.

Gemini is one of the largest and most prominent exchanges in the United States. We look forward to working alongside Gemini and increasing Injective visibility through its renowned exchange.

8. Injective Learn

We published an Injective Learn article titled “Decentralized Exchange Designs: Order Book Model Vs. Automated Market Maker (AMM)”. This piece provides the reader with a breakdown of both of these trade execution models and examines the key differences that can impact trading experiences. It also explains the unique advantages of Injective’s unique Frequent Batch Auction (FBA) model.

Looking Ahead

After a year spent adapting to pandemic challenges, we are grateful that the coast is clearing for us to resume in-person conferences and community events. This week we’re headed to Miami to meet with investors and host our first networking opportunity of 2021 (which will include plenty of surprises to boot). Stay tuned for exciting announcements over the coming days!

We’re also excited to announce that Injective is hiring and looking to fill roles across all aspects of business. Check out current vacancies and apply here!

About Injective Protocol

Injective is the first decentralized multi-chain exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective enables access to unlimited decentralized markets for futures, perpetuals, spots, synthetics, and much more. Injective is backed by a prominent group of stakeholders including Mark Cuban, Pantera Capital, and the leading cryptocurrency exchange, Binance.

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