Gryphon is released on the Injective How to get new features and airdrops?

5 min readDec 7, 2023

Glad to see you here again, crypto enthusiasts. Another big news! Griffin has officially launched on the Injective mainnet. Now everyone can access greater capital efficiency and flexibility through the Gryphon platform, built specifically for the Injective ecosystem. In this article, I will show a step-by-step action plan so that everyone can participate in this event and have the opportunity to receive AIRDROP.

Helpful information

Gryphon is a decentralized LSD (Liquid Staking Derivatives) staking protocol built on Injective. It features integrated borrowing and lending features that allow users to optimize their staking strategies while providing access to unlock the liquidity potential of staked assets. Other Tier 1 ecosystems often suffer from capital inefficiency. When you create a position in your staked assets, your funds are typically locked up for a minimum period of time. Their usefulness is limited and they cannot be used in any way. Because of this, the amount of unused liquidity increases.

Griffin, unlike the one described above, has an innovative approach.
It has a built-in lending and borrowing feature that allows users the flexibility to customize their balance sheet rates and provides access to increased liquidity options for deposited assets.

Yesterday (December 6th) Gryphon officially launched its network on Injective.

How to access

As soon as you enter the site for the first time, the next page opens in front of you. You need to enter a referral code to access the platform and participate:

You can use my referral code: CW8YXX. However, please note that the invitation code can only be used 8 times (at the time of writing, my code can be used 6 more times). You will learn very soon how to get a code for an unlimited number of referrals.
Let’s move on to practical research:

HOME

We come to this section after gaining access to the platform. In the left pie chart, the total volume of blocked funds (in the future, the specific ratio of blocked tokens will be displayed). And in the right chart you can see the total volume of your tokens:
- nUSD: Total number of stablecoins stored;
- Deposit: The total amount of stablecoins deposited and interest received;
- Borrowing: The total value of the collateral minus the loan amount;
- Holding: Total value of assets held;
- MyPoint: The number of points that will be awarded to you for various actions, which we will discuss a little later.

AIRDROP

Here is very important information necessary for interacting with the site:
Leaderborard — This is a list of users who actively interact with the site and participate in events held by the Gryphon platform. The list displays users, their nicknames and points earned in real time. This ensures transparency and fairness.
Rewards will also be provided for attracting new users:

Requirements and rules:
- The leaderboard is formed based on the number of points the participants have.
- Users earn 100 points for topping up their account with 100 U TVL (Your TVL is a metric that measures the amount of all assets locked in Gryphon) every 24 hours. Promotion rewards include 16% from direct referrals (those who used your referral code when registering) and 8% from second-level referrals (those who logged in using your referral code).
- The number of points is updated daily.
- User TVL is calculated based on the number of nINJ, nATOM, nUSD.
- A referral code is required to gain initial access to the platform’s functionality. To get it and be able to invite friends you must mine 1 nINJ (in the nASSET section; equivalent to 1 INJ).
- If you link 100 INJ or 200 ATOM, you will receive an unlimited code, allowing you to receive even more rewards from your referrals.
- The point multiplier increases by 0.01 daily when the TVL (your assets) remains stable. If the TVL level drops, the multiplier is restored to 1
- Daily points are calculated by multiplying your base points by a multiplier.

nASSET

In this section we can burn some tokens and mint others, these include:
- INJ/nINJ;
- ATOM/nATOM;
- In the future nSOL/webSOL and others will appear.

Also available are claimable rewards(staking rewards from minted bAssets that were not provided as collateral) and withdrawable INJ(nINJs that were burned and exceeded the de-delegation period can be withdrawn. Since write requests are processed in three-day batches, requests that not yet included in the package, are shown as pending.)

My Points

On the left will be your referral code after burning nINJ.
Above it is the number of your points. And on the right you can see the referrals who used your code and the date of their connection.

How to burn INJ to get nINJ?

Having previously connected the Keplr wallet, we go to nASSET->select mint/burn INJ/nINJ -> enter the desired number of tokens and press “MINT”:

Then we confirm the transaction in the window that opens:

If everything went well, then Inj will be removed from your balance and a notification will appear in the lower right corner:

And in the HOME section you can see the accrued nINJ tokens and their cost:

Now points will be added to your account every 24 hours. All you have to do is move up the leaderboard. Invite your friends to join and use your code. Wondering if you have burned enough INJ and of course expecting an AIRDROP!