Hi everyone, in today’s article I’m going to tell you about Injective’s inEVM Ecosystem. I’ll break down what these projects are, how they benefit the ecosystem, and how inEVM benefits these projects. And also at the end we will discuss why inEVM is a promising technology. To keep this article from being too big, I’ll divide it into several parts. In this part, I will discuss 3 dApps
Here’s the plan we’re going to follow for this article:
- What is inEVM?
- How to get funds on inEVM
- inEVM Ecosystem
3.1 Rhino.fi
3.2 Thetanuts
3.3 Dackie Swap - Why inEVM is a promising technology?
1. What is inEVM?
inEVM is the first-ever Ethereum Virtual Machine capable of achieving true composability across Cosmos and Solana. The inEVM network was developed as a collaboration between Injective and Caldera.
With inEVM, applications designed for the EVM environment can be seamlessly integrated into the Injective ecosystem, benefiting from Injective’s low fees and fast transaction speeds. Two-way data messaging exists between Injective’s WASM smart contracting layer and inEVM, enabling EVM-based applications to interact with WASM-based applications on the Injective chain. Additionally, it facilitates interaction with IBC chains, making inEVM applications interoperable with both Injective and other IBC chains. This interoperability allows developers to leverage the powerful features and financial primitives provided by Injective, creating a more interconnected and efficient blockchain landscape.
To learn more about its technology, please visit docs.inevm.com
2. How to get funds on inEVM
In order to use the ecosystem, you need funds in the inEVM network. To get them, you can simply use the inEVM Bridge created by the Injective team. It is 100 percent secure and proven.
Link to the bridge: https://bridge.inevm.com/
Here you can choose from which network to transfer tokens to the inEVM network. There are 2 networks available: Injective and Ethereum, choose the one you like best or the one you have funds in.
For now you can only transfer INJ token, but probably in the future they will add support for new tokens for bridging
3. inEVM Ecosystem
3.1 Rhino.fi
What is Rhino.fi?
Rhino.fi is a frictionless multi-chain defi aggregator that gives you access to all the best decentralised finance (DeFi) opportunities in one place securely and safely. Most importantly, it is self-custodial meaning you are always in control of your funds.
Benefits of implementing inEVM: Supporting inEVM rollup marks the first Rhino.fi’s steps towards full integration with the Cosmos ecosystem.
Overview
Once you have connected your wallet to rhino.fi and deposited your tokens you can:
- Bridge tokens seamlessly between all major L2s and non-evm chains
Choose any tokens and chain, the interface is very simple and user-friendly so you won’t have any troubles with bridging.
- Buy & sell tokens with ease across multiple different blockchains via Swaps, without having to worry about gas-tokens or different wallets;
A good note: when selecting a token and network, a graph of the token’s exchange rate will appear if possible.
And it will also show a description of the token you want to exchange and the token you want to receive. This is very unusual, because this is how you can learn information about tokens if you didn’t know it before. Respect for such a feature!
- Invest gas free in interest-earning opportunities from across DeFi
Basically, it’s clear that you can put your tokens here at interest using the Rhino.fi platform. Since it is an aggregator, your deposit will not be on Rhino, but on the platform you have chosen. But you will be able to manage your deposit through Rhino.fi. For example, if you choose the “Lido Staked Matic” Pool, you will receive 4.23 percent per annum and the funds will be held on Lido. It is the same with other pools.
- Track your tokens portfolio across different blockchains, all in one place
Unfortunately, I don’t have any funds in rhino.fi. But if you want to manage and watch your portfolio, you can transfer your funds into rhino.fi. For example, you can transferINJ and do something inside the platform. All your statistics will be displayed in Portfolio.
- Transfer your tokens to other rhino.fi registered addresses within the rhino.fi platform instantly.
The INJ token has not been added here yet, but for now you can transfer your ETH to another Rhino.fi user. I don’t think it’s a special feature, but I’d rather have it than not
3.2 Thetanuts
What is Thetanuts?
Thetanuts Finance is a decentralized on-chain options protocol focused on altcoin options, allowing users to go long or short on on-chain options.
With inEVM integration, the platform can attract new ecosystem users. The users, in turn, will be able to use convenient features.
Overview
Thetanuts currently supports very few features by interfacing with inEVM.
These are Vaults, which are represented by INJ-C and INJ-P. You can see what percentage they yield, Strike Price, Current Price, Expiry Time and Maximum Capacity. In order to make a deposit, you need funds in the inEVM network, which you can get by transferring funds to inEVM on the official bridge
What is Vaults in Thetanuts?
$XYZ-C (Call Basic Vault LP Token) and $XYZ-P (Put Basic Vault LP Token) represent fungible and transferrable tokenized Basic Vault positions — and form the backbone of all trading strategies on Thetanuts Finance v3.
Users that have deposited into the Basic Vaults will mint a Basic Vault LP Token, and can redeem the Basic Vault LP Token by initiating a withdrawal of collateral from their Basic Vault position. This Mint / Redeem mechanism also gives rise to a “Mint Price”, defined as the price of a Basic Vault LP Token when minted or redeemed from a Basic Vault.
These Basic Vault LP Tokens may be used to:
- Provide Liquidity on Lending Market: Basic Vault LP tokens can be deposited into the Lending Market to generate additional lending interest.
- Provide Liquidity on AMM: Basic Vault LP tokens can be deposited into the AMM to generate additional AMM trading fees.
- Go Long: Users interested in a long volatility position may borrow the Basic Vault LP Tokens from the Lending Market and sell them on the AMM, representing a long call or long put position.
- Close Basic Vault Position Instantly: A Basic Vault LP Token holder may sell the position on the AMM, representing an instant close of the short call or short put position without having to wait for the end of the Basic Vault epoch.
Since Thetanuts does not yet support most of the features in the inEVM network, you will not be able to fully utilize your Basic Vault LP-Tokens, the use-cases for which are provided above.
3.3 DackieSwap
What can we say about DackieSwap? It is The Premier User-friendly Multi-chain DEX. DackieSwap also added support for inEVM. And I, as an active user and ambassador of the ecosystem, am satisfied.|
The introduction of inEVM will allow ecosystem users to exchange tokens seamlessly, and the platform will be able to earn on commissions.
Overview
- Swap
The basic feature is Swap. This is where you can swap assets in the inEVM on-chain network. Currently INJ, WINJ, USDC and USDT are supported. Just select the asset you want to swap and then sign the transaction.
- Pools
At the moment, only WINJ/USDC Pool is available, which has a very small TVL. For depositing your funds you will receive a small commission from swaps on the platform
No other features, so far, unfortunately. But they will obviously appear as inEVM and the DackiSwap Platform itself develops.
4. Why inEVM is a promising technology?
inEVM is set to reshape how Ethereum developers interact with the broader blockchain universe. Using the same Solidity language as that on Ethereum, developers in a sandbox setting can harness Injective’s advantages — e.g., unparalleled transaction times, lower costs, connection to the IBC network — while opening their dApps simultaneously across layers and protocols, including Ethereum and Solana.
Developed in collaboration with Caldera, inEVM is the first-ever EVM capable of achieving true composability across Cosmos and Solana. This is achieved via Injective’s ability to sustain multiple virtual machine environments under one integrated network. For the first time in history, builders are no longer siloed to just one VM but rather can develop alongside and create new synergies across a myriad of VM layers on Injective.
Thanks for reading!
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