ICON recently revealed that its cross-chain decentralized exchange (DEX) and lending platform, Balanced, is now integrated with the Injective blockchain.
This integration enhances the interoperability capabilities of ICON’s ecosystem, allowing for seamless interaction between Balanced and Injective’s infrastructure.
ICON Enhances Liquidity with Injective Integration
Balanced, a decentralized protocol central to the Balanced Dollar stablecoin, bnUSD, has expanded its operations by integrating with the Injective blockchain. This integration enables Balanced to serve all blockchains connected to the ICON Network, promoting interoperability and facilitating cross-chain transactions.
Following the integration, ICON has announced its intention to regularly acquire Injective’s native token, INJ, for its network’s liquidity pool (NOL). The NOL is essential for providing liquidity on Balanced DEX, ensuring smooth cross-chain transactions with minimal impact on prices.

As part of the adjusted NOL allocation, INJ will receive the largest share. An interface for trading the INJ-bnUSD pool will be launched soon, allowing users to effortlessly transfer their INJ tokens from ICON to Injective. Currently, users are advised to conduct Injective trading directly on the ICON platform. ICON’s ecosystem operates on a unified governance structure, facilitating seamless integration and collaboration between different blockchain networks.
Earlier this year, Balanced and ICON collaborated to enhance the functionalities of their cross-chain DeFi protocol. This partnership introduced an economic enshrinement strategy, utilizing network-layer inflation to incentivize desired behavior within the application. As a result, 50% of the application’s revenue is allocated to purchasing and burning the network token, thereby enhancing its value and sustainability.
Injective Proposes Reduction in INJ Token Creation Parameters
Injective, known for its interoperable blockchain platform for creating advanced Web3 financial applications, offers developers various customizable modules like a decentralized orderbook, binary options, and a real-world asset (RWA) module. These modules empower developers to craft a wide range of complex applications.
In a recent update, Injective has suggested reducing the on-chain parameters linked to the creation of new INJ tokens. This proposal aims to make the INJ token more deflationary by lowering its inflation rate bounds. Injective aims to position the INJ token as one of the most deflationary cryptocurrency assets, potentially rivaling Bitcoin in this aspect. This proposal resembles Bitcoin’s halving events, known to affect its supply dynamics and price trends.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Injective #INJ

Hello!👋



Do you know that many centralized web service providers do monetize your activity, data and patterns without your consent🤔

Here is a small example of that.

Do you remember that when you use something like eBay, that website will prefer you with similar products or services and so on? That’s because they use special algorithms to study your activity😮

So, that’s enough on tracking data, let’s jump to the topic.

Have you ever heard of Web 3.0?

Web 3.0 aims to be the ultimate decentralized web space in which no central authority can handle or control things around it. And to solve that above said massive centralization issue, a solution is here and mark my words, it’s here to stay.

Introducing Galxe. It is the biggest data infrastructure to power credential data on Web3.0 with more than 1500 credentials and over 4 million active users.

The project gives exposure & the ability to Web3.0 developers to use credential data to build better products and communities. At the same time, data curators contribute to the credential data network built by Galxe while earning an income once the data is utilized.

That’s a small brief introduction to the project. Now, it’s time for the deep dive.

What are digital credentials and what is wrong with them as of now?

Credential data are separated via closed databases that are owned by different kinds of applications, governments and various kinds of organizations.

This has become a questionable problem as the end-user solely own their data, but they are not owning the data as they are supposed to.

So, is there any solution for this? Yes, there is. This is why Galxe comes on hand.

They are aiming to solve this very problem by building an open and collaborative data credential network which will help web 3.0 developers to use them to build more efficient products along with a more driven community.

So, what is so special with Galxe?

Apart from being the biggest web3.0 data credential network, there is something special that not only the developers can benefit from but also protocol users can too

While the developers can leverage user credentials to build much more good products, the data curators are rewarded when their credentials are used in Galxe’s Application Modules, Credential Oracle Engine, and the Credential API.

Thanks to the rewarding system, both parties can benefit from their required information, which is a plus point.

As of press time, there are more than 100 partners and 300 brands who have built their projects on Galxe.

Some major Players include #BNBChain , #Solana ,#Injective and #Filecoin .

Also, many services use Galxe for marketing purposes along with identifying the target audience and rewarding them with NFTs and tokens on #Solana .

In addition, Galxe does have the following features as well.

A bootstrapping community

A customized voting system

A loyalty program

A growth hacking community.

How does the credential data network work at Galxe?

For on-chain credentials, curators can contribute via static snapshots or subgraph queries, while for off-chain contributors the protocol has already integrated with sources like http://snapshot.org, Twitter and GitHub which is much easier way to support the network.

A deeper dive into the technical aspects We learnt that Galxe provides developers with Application modules, A credential data engine and a Credential API a little moment ago.

So, here are the use cases for each of those modules. If we consider the application modules, Developers get the ability to access the following benefits.

Galxe On-chain achievement tokens

NFT loyalty programs

Growth hacking communities and customized governance.

In addition, developers can use the Oracle Data Engine for usages such as building your on-chain resume and Building Guilds, to allow users in INOs and IDOs. The Credential API is used for Mining Boost, Credit Scores and analyzing Sybil attack prevention algorithms as well.

Is there any Identification Module inside the project?

If so, how can we interact with it?

Yes, there is one. Introducing the Galxe Passport.

With the Galxe Passport, users will be able to interact in a web3.0 Decentralized ID system, which will not only give you a multi-chain identity and will also let others know a bit more about you through your past achievements or credentials. Simply, it is your Web3.0 LinkedIn.

Check below for some of the benefits you will get by using the Galxe ID, which is exclusively for Galxe users.

It’s your universal username in Web3.0 which connects with your multi-chain or multi-wallet identities.

You can easily show the credentials you’ve collected in Web3 and show your past achievements.

As it's a metaverse DID, developers can use it for other developments.

Now, Let’s look around Galxe’s Ecosystem. So, there are many things around Galxe, but I will be discussing the major 2 players out there namely, The Galxe OAT and their native token, GAL.

1. The Galxe OAT. This is the ultimate lightweight solution for event organizers and community managers which uses the power of Galxe’s NFT infrastructure and on-chain credential data network to build and distribute NFT badges to their communities.

Your Galxe OATs (On-chain achievement tokens) are a digital record of all your life achievements. So, what can I do with my Galxe OATs? Just think about some concert tickets or an F1 ticket you just bought for the event. This one is simply digitalized.

Here are some of the use cases of the Galxe OATs as of now.

Event organizers can create their own, dedicated pages on http://galxe.eco, and create events and credentials just by submitting their parameters and the design of the badge.

Event participants can claim their NFTs with a zero-gas fee experience.

OATs are natively on the Polygon network, so they will have native support to OpenSea and most of the dApps.

All metadata related to the NFTs will be stored on http://NFT.storage which is powered by Filecoin and IPFS.

Now, let’s look into Galxe’s native token,

The GAL token plays a major role in the Galxe Ecosystem as the governance token and the primary payment method. There is a total supply of 200,000,000 GAL tokens where 54,267,333 GAL tokens (27% of the total supply) are in circulation as of press time.

Here are some utilities of GAL

1. Governance

GAL holders can control the amount of the platform fee which is collected by the protocol and also the funds which are held by the community treasury. also, they can participate in voting & governance in Galxe DAO.

2. Paying for application module fee

Developers who aim to utilize Galxe's credential data through an application module will be charged a Fee in GAL. Mostly, this fee will go to the curators of the protocol, while the Galxe community treasury will collect the rest.

3. Paying for Galxe oracle engine and Galxe credential API

Developers will pay a fee in GAL to query credential data through the Galxe Oracle Engine and Galxe credential API.

4. Curating Digital credentials.

Curators can utilize GAL tokens to give credential data set’s a value. Every credential data will include a revenue stream which will be split between credential stakeholders proportionally.

Also, the more credential data in the system, the more GAL tokens will be locked. Thanks to this component, curators who help to identify valuable data are rewarded for their attention. Please note that this part of the ecosystem is yet to come.

More Interesting things inside the Galxe Ecosystem

The verified space program- The Ultimate space for influencers

The Galxe brain-The proponent members which are selected to guide the community across the globe.

The Galxe Pathfinder-The avid supporters of Galxe who are found on various platforms such as Discord.

The Galxe Ecosystem space- The magical name for Galxe’s official Discord.

==Final thoughts on Galxe===

->Galxe paves the way for users to monetize their credentials.

->The next infrastructure gem on web3.0.

->They are minting more than 500k Credential NFTs.

->You don’t want to be tech-savvy to use Galxe.

->It's An Interoperable protocol.

->They are building the biggest web3.0 credential network.

->Is going to be one of the most useful services on web3.0.

->Their credential system rewards contributors with different kinds of rewards such as NFTs, AOTs and GAL tokens.

So here we come to the end. Hope you enjoyed my detailed explanation on Galxe.

Stay tuned for more research topics like this!

Disclaimer: This very article does not provide any kind of investment advice. Please do your own research before investing.