Welcome to the June Community Update! This month was chock-full of groundbreaking developments for both Injective and the Injective ecosystem. Suffice to say, June gave the community a lot to get excited about. So much so, it’s important to revisit each and take stock of the significant progress achieved.
On the chain side, Injective had a big month. This included the release of INJ: A Programmable Token Economy for Deflationary Acceleration, Injective’s first public facing paper since 2018, comprehensively detailing the token economic design of INJ. Additionally, Injective hit a massive milestone, crossing the 6,000,000 INJ burned mark. This was celebrated worldwide with billboards appearing in NYC, Bangkok, Lagos, Ho Chi Minh City, Seoul, and Hong Kong. To top it off, Injective announced something to get the community ready for a big July – The Builder House. If you’re heading to EthCC this month, you won’t want to miss this. Mark your calendars for July 10th!
Adding to this momentum was the relentless building within the Injective ecosystem. Mito's introduction of Permissionless Vaults empowered users and projects to leverage its platform autonomously, marking a massive upgrade for DeFi on Injective. Making a big splash in the Injective DEX sector, Bitoro announced its integration with the ecosystem. Meanwhile, the Graph revealed its integration with Injective, providing developers with yet another powerful tool to add to their arsenal. To round it all out, Injective announced another thing for their community to get excited about for the months to come – the Ronin role. Not a technical writer, but hugely interested in and engaged with the Injective community? This is the role you’ve been waiting for.
Again, a lot happened this month. Each event on its own could take up this entire post. As the key takeaways of each are rounded up, keep this in mind and check out the resources section to dive deeper into anything that catches your eye. In the meantime, Injective will keep shipping, stacking win after win, continually raising the bar for decentralized excellence.
Celebrating 6M INJ Burned & The INJ Tokenomics Paper
At the beginning of the month, Injective published INJ: A Programmable Token Economy for Deflationary Acceleration. This comprehensive analysis details the economic design of INJ, outlining its utilities, supply mechanics, and the expansive token burn system. The paper highlights how the INJ 3.0 upgrade perpetuates deflationary characteristics, providing deep insights into Injective’s token economy. The following week, Injective crossed the 6,000,000 INJ burned mark. Alongside this, billboards across the globe lit up with news of the milestone, and the online community came out in numbers to join in the celebration.
If you want to fully understand the impact of this achievement, reading through the token mechanics of INJ in the tokenomics paper is highly recommended. Not convinced? Let’s consider just the last six months of Burn Auction activity.
In this time, the amount of INJ burned on a weekly basis has nearly quadrupled, growing by 274%, increasing by 5.85% week-over-week on average. The tokenomics paper puts this into context, demonstrating how Injective’s Burn Auction is just one part of a carefully constructed token economy that encapsulates a sustainable and thriving Web3 ecosystem.
For the Ninja Community
This month, Injective announced two initiatives designed to excite the community and provide greater opportunities: the Injective Builder House and the introduction of the Ronin Role. Every single person is vital for driving forward the future of Injective, and these initiatives are designed to recognize and empower all involved. Whether you’re a builder or a dedicated community member, Injective delivered this June.
The Injective Builder House
The Builder House is a dedicated space for developers and innovators within the Injective ecosystem. It aims to provide resources, support, and collaboration opportunities for those looking to build on Injective. Events such as this are a testament to Injective’s hands-on approach to support and engagement with projects building on it. This commitment speaks for itself, as developer activity on Injective has grown by 319.14% in the last two months alone! With that in mind, this event could not be happening at a better time for the community.
The Injective Builder House will be held as a one-day event on July 10th at EthCC in Brussels, providing an exciting opportunity for developers to connect and innovate. Be sure to stop by and witness Injective’s energetic community in action if you’re in the area!
The Ronin Role
The Ronin Role is a special designation for community members who actively support and contribute to the ecosystem. This role is awarded to the most engaged members and comes with several exclusive benefits.
Access to an exclusive Telegram group with Injective Labs core team members
Opportunities for virtual hangouts with team leaders
Early access to new projects and dApps
Grants the prestigious Ronin role on the Injective Discord server
You can earn the Ronin role by engaging in quality discussions, participating in community events, testing new dApps, and helping new community members. Check out the Injective Discord for more information on this exciting opportunity!
Injective’s Relentless Ecosystem
The trend of nonstop building continued this month within the Injective ecosystem. Several key integrations and upgrades occurred, each of which are poised to uniquely benefit users and developers alike. For chains, it’s essential to deliver on agility, as developers need to have access to best-in-class tooling so they can focus on customers. Injective recognizes this, exemplified by its persistent integration of new dApps and infrastructure. The resulting trickle-down effect is superior solutions built by projects on Injective. In June, this agility was again demonstrated, with notable events in each category: infrastructure onboarding, new dApps, and superior solutions.
The Graph Integration – Infrastructure
Injective has integrated with The Graph, enhancing data querying capabilities. This integration allows developers to access and analyze blockchain data more efficiently, fostering a more robust and user-friendly development environment. The Graph's integration supports a wide range of applications, from DeFi protocols to NFT projects, enhancing the overall functionality and accessibility of data within the Injective ecosystem.
Bitoro Integration – dApps
Decentralized derivatives trading platform Bitoro joined the Injective ecosystem, announcing the launch of BitoroPro. With BitoroPro, users can leverage institutional-grade liquidity across perps, spot and swaps, including futures on RWAs – all powered by Injective.
This integration exemplifies the importance of continually growing the ecosystem of dApps on Injective. In the case of Bitoro, additional liquidity and trading opportunities being brought to the platform will enrich the trading experience for all users, expanding the ecosystem’s diversity and functionality.
Mito Permissionless Vaults and Ethena Sats – Superior Solutions
This month, Permissionless Vaults went live on Mito, empowering users to create and manage their own vaults without any intermediary. To support the efforts of those interested, Mito delivered a tutorial on how to create a permissionless vault, as well as documentation to assist developers in integrating with these vaults from their own dApps.
Additionally, Ethena launched its Sats program, providing stakers of $USDe-$USDT LP to be rewarded with 15x Sats (Ethena points). In tandem, Ethena Labs retroactively rewarded these LPs with Sats since genesis. In this case, Mito exemplified what providing superior solutions to end users should look like — better products, better support.
Full List of Injective Updates
Ecosystem Updates
DEGA went live on Injective to enable buidlers to rapidly design and publish games.
Tria launched on Injective to enhance UX for dApps and users.
Hallswap, an innovative DEX aggregator, has processed over $300 million in volume on Injective.
Paypal’s stablecoin, PYUSD, has integrated with Injective.
Helix started an exclusive campaign on Drops with a $10,000 prize pool.
New GameFi platform, Jutsu World, launched on Injective.
Injective Updates
Injective released the first ever comprehensive tokenomics paper on the Injective (INJ) token.
Injective processed over 75 million blocks.
Injective surpassed 739 million on-chain transactions. Notably, it recorded 3.1 million transactions in a single day on June 17th.
Injective reached over 220,000 unique delegates.
Injective has over 58.8 million INJ staked.
A total of 48,316 INJ was burned through weekly burn auctions in June, and a total of 6.02 million INJ has been burned to date with over 155 burns.
The INJ staking APR on Injective is 14.09% with over 58.5 million INJ staked.
Injective SDK has over 22,000 weekly downloads.
The total trading volume on exchange dApps on Injective reached $2.3 billion in June, with its peak daily volume on June 11th reaching $137.1M volume. The most liquid markets are BTC and ETH perpetuals.
Community Updates
Injective will host its first Injective Builder House in Brussels on July 10th, 2024.
Eric Chen, Injective Labs Co-Founder & CEO, gave a keynote address at Consensus by CoinDesk on the future of finance.
Mirza Uddin, Head of Business Development of Injective Labs, joined the Chain Abstraction online panel.
Injective celebrated the 6 million INJ burn milestone by taking over global major cities, including New York City, Seoul, Hong Kong, Ho Chi Minh City, and Bangkok.
DoraHacks published a comprehensive Injective ecosystem deep dive report.
Injective ambassadors BK and Vitalli were promoted to Injective Master Ambassadors, the highest ninja rank.
A brand new Ninja Masters Referral Program has been introduced within the Injective ambassador program.
Conclusion
Thank you to the incredible community of Ninjas for their continued support and engagement. Stay tuned for more exciting updates next month. Together, let’s build the future of decentralized finance.
About Injective
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.
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