⚔️ The Path to Injera’s Full Launch

6 min readJul 15, 2024

Hi nINJas,

A little over 3 months ago, we embarked on a joint effort with Injective to create the first high-yielding Synthetic Dollar Protocol with CDP money markets that will bring and unify liquidity across Injective, and the DojoSwap ecosystem. To do this, we plan to position Injera as the entry point for liquidity entering into the IBC connected chains.

For every chain and dApp, liquidity is king. Bringing liquidity to to Injective and the wider IBC ecosystem boosts TVL which attracts more high-quality builders, creating a flywheel between builders and users. This is key and beneficial not only for Injective but also for other IBC connected chains as it continues to scale. However, achieving this ambitious goal is not as simple as it sounds.

Despite being an idea only about 3 months ago, Injera and the first season of GEM farming is already underway in open-alpha and has more than $2M in TVL. Today, we are excited to finally move out of stealth and unveil the path towards Injera’s full launch. To start, we reflect on the milestones already achieved and detail what’s left to deliver as we head steadily into full launch within the next 30 days.

Milestones Achieved

Platform Development and Launch

Our platform’s Minimal Viable Product (MVP) became operational on 6th June 2024 which came with the core pillars of what’s required for building out the money market, minting of USDi, and bridging/wrapping assets. That said, most of the on-chain development work is already done and the team is currently working on getting the off-chain milestones detailed below in order.

GEM Farming Launch

GEM farming has been enabled and deployed alongside a leaderboard and referral mechanic that tracks GEMs and referral points farmed on a per-wallet basis.

Launched Multipliers on DojoSwap Ecosystem Assets

Multipliers on assets such as $DOJO, $SUSHI, $BABYDOJO, and $DAOJO accrue based on criteria detailed here. With $OMA already accruing in the background and $BABYDOJO naturally accruing multiplier based on the holding period, we have recently enabled $DAOJO staking to ensure that DojoSwap ecosystem assets continue to hold an advantage in GEM farming.

Note: All DojoSwap ecosystem assets accrue the most GEMs per dollar. This is specifically designed to ensure that the DojoSwap community benefits the most from Injera.

Milestones Moving Towards Full Launch

To fully launch a project like Injera, milestones outside of development work can be broadly split into 3 buckets — security, infrastructure partnerships, and ecosystem growth initiatives. While these typically take time, the team already has a headstart on most of these milestones and is well on track to the full launch of Injera. Most of the milestones here are already completed or are reaching completion and will be detailed and announced over the next 2 weeks as we lead up toward full launch.

Milestone Category 1: Security

As the protocol is intended to hold a large amount of TVL, security is at the top of our priority list. As such, protocols such as Injera must be audited multiple times to ensure that funds are safe. In our case, we have contracted SCV, a trusted third-party security audit provider. In the case of Injera, we’ll need to pass two of such audits. Injera has passed the first audit and is undergoing the second audit.

Milestone Category 2: Integration Partnerships

Being secure and having a set of minimal viable product features is not enough. It’s also important that different users can access and utilise the stablecoin safely and with ease. 3 types of integration partners are core to this — Custodians, Centralised Exchanges and Market Makers:

Custodians

To get institutional money and high-networth individuals into the platform, it is key that Injera is onboarded and integrated with digital asset custodians. This is not only a stamp of credibility but also a distribution channel for getting the word out on Injera. Partnerships here have progressed well and will be announced in the coming days. There are two main reasons for using custodians. First, they help us safeguard funds, ensuring that funds are protected at all times. Second, custodians enable us to mirror assets on exchanges, allowing us to create trades like delta-neutral positions with zero risk of asset loss, as the assets remain in the custodian accounts and not on the exchanges themselves.

Centralised Exchanges

To efficiently run Injera, we must have sub-accounts across large exchanges. These sub-accounts are designated as trade-only, ensuring zero access to withdrawals or funds. Holding a high-access corporate account also grants us priority support from exchange teams. Over the last few weeks, we have established corporate accounts, which include lengthy KYC processes, on leading exchanges, with sub-accounts allowing us to collaborate with multiple market makers simultaneously.

Market Makers

Market makers are key to Injera as they will be responsible for implementing delta-neutral market strategies to profit from market inefficiencies, delivering yields directly back to the USDi holders. We have engaged with one of the top market makers on Injective which will be announced this week and have connected with an additional seven market makers, whom we will engage as we increase our TVL.

Milestone Category 3: Liquidity Partners

As we all know, to ensure the launch is successful, more than infrastructure and integration is needed. Distribution is key. In this case, our goal is to ensure we are not only unifying liquidity across IBC but also attracting fresh liquidity into the wider ecosystem. We aim to be the staging point of liquidity into IBC.

Unifying the Fragmented Liquidity in IBC

To unify liquidity across the IBC ecosystem, the strategy revolves around consolidating various stablecoins into a centralized hub using USDi. This will be achieved by pairing these stablecoins with USDi, which will serve as the central stablecoin for routing transactions. Given USDi’s potential to become the highest yielding stablecoin within the network, it aims to establish itself as the default stablecoin across the Cosmoverse. This plan leverages IBC’s interoperability to enhance liquidity flow and integration within the ecosystem. In addition, leverages DojoSwap significantly and essentially adds the use-case of DojoSwap being a hub of stableswaps for Injective and IBC. An example of how this might work is pairing USDi with other stable coins such as usdc.noble, USK and more.

Attracting Fresh Liquidity into the Ecosystem

The launch of USDi on the Injective Chain will attract new liquidity by enabling users to deposit major assets such as BTC, ETH, and USDT. Users can then loan USDi against these assets, allowing them to benefit from the high-yielding interest rates offered by USDi. This approach not only brings additional liquidity to the Injective Chain but also provides a compelling incentive for users to leverage their existing assets for greater returns.

A Key Role in DojoSwap’s Path to Sustainability

The launch of Injera has been a huge undertaking by the DojoSwap team and naturally is highly synergistic with the entire DojoSwap ecosystem. As covered in the DojoSwap 2.0 roadmap, upon the full launch of Injera, you can also expect the following synergies between DojoSwap and Injera to be in full swing:

Protocol Revenue Share > 5% of Injera’s Protocol Revenue will contribute to DojoSwap’s DAOJO treasury, sourced from performance fees on market-making collateralized assets.
Commissions from LSD Accrued to the Treasury > To date, a large percentage of $INJ is natively staked. We project Liquid Staking Derivatives, which is key to any healthy DeFi ecosystem to continue to grow in adoption. All commissions from dINJ will be accrued into the DAOJO treasury of DojoSwap upon having an active validator.
Hypercharged Staking Yield from USDi and DojoSwap Ecosystem Assets > Staking of DojoSwap ecosystem assets on USDi, enabling ecosystem holders to stake $DOJO for hypercharged yields.
GEM Accrual on Daojo Treasury > DojoSwap’s DAOJO Treasury is also accruing GEM and is eligible for a portion of the airdrop, increasing liquid backing of $DAOJO, creating a positive price action flywheel.
Hub of StableSwaps > To complement Injera’s operations, DojoSwap aims to add the utility of enabling swaps between stablecoins into USDi. This will further bear proof DojoSwap by increasing DEX volumes and fees as people enter in/out and within IBC which can then be used to support the ecosystem via DERF.

Stay Updated With Us

Website: https://dojo.trading/
Telegram Channel: https://t.me/dojoswapann
Telegram Group (English): https://t.me/dojo_swap
Telegram Group (Chinese): https://t.me/dojoswapcn
Price Discussion: https://t.me/dojoprice
Twitter: https://twitter.com/Dojo_Swap
Gitbook: https://docs.dojo.trading/