INJECTIVE NEWS: inEVM, CW20, USDe & MORE!!

Hi Ninjas!
Welcome to the Injective ecosystem news roundup, here are the top stories in Injective in the 1st half of March:

inEVM MAINNET LAUNCH: What does inEVM bring to the Injective ecosystem? Learn all the details in this episode

CW20 TOKEN STANDARD: Which new token types, use cases and properties are now available?

ETHENA’S USDe: First expansion of Ethena outside of Ethereum, a new type of stable asset, what is USDe?

INJECTIVE ECOSYSTEM UPDATES: Helix, Hydro, Out App, Thetanuts, Black Panther and more

New Injective dApps, tech updates, milestones, events and much more in this episode, and now for today’s top stories:

Tech

Injective announced the mainnet launch of inEVM, which is the first ever Ethereum Virtual Machine with true composability across both Cosmos and Solana. The InEVM is the first Ethereum aligned rollup designed to supercharge concurrent VM development. The inEVM follows the recent release of inSVM which is the first Solana rollup integrated with the Cosmos IBC ecosystem and facilitating Solana developers to easily migrate their dApps to Injective. Thanks to inEVM, Ethereum developers can now build applications leveraging Injective’s blazing fast speed and near zero costs, while achieving composability across the WASM and EVM ecosystems. In summary, thanks to inEVM and inSVM, Injective is the only L1 combining the interoperability of Cosmos, the speed of Solana and the developer access of Ethereum. For Ethereum developers, inEVM provides the following advantages: they can use the same Solidity language but can benefit from Injective’s speed, near zero costs, IBC connection, user base and global network. Also, dApps launched on the inEVM will compose directly with Cosmos and Solana applications. In summary, developers can now leverage the strengths of different VMs while also ensuring composability with existing smart contracts standards and infrastructure. Some top projects deploying already on inEVM include TimeSwap, a major lending protocol, Thetanuts, an advanced on-chain options protocol or Apebond, a multi-chain bonding protocol.
inEVM was developed in collaboration with several projects. Caldera is the rollup provider for inEVM. Hyperlane provides interoperability to interact with WASM-based injective dApps and assets, for example a developer could build a solidity dApp that allows users to create transactions directly on Injective’s WASM apps. LayerZero provides horizontal composability for the creation of omnichain apps or OApps. These OApps can interact not just within the Injective’s ecosystem but also across all connected networks. Celestia will serve as the data availability layer for inEVM, meaning a mechanism for the inEVM execution and settlement layers to monitor in a trust-minimised manner whether transaction data is indeed available. inEVM will also benefit from Celestia’s data availability sampling (DAS) which enables abundant throughout. Pyth is the oracle provider for inEVM, with over 450 institutional grade price feeds and over 95 major market participants contributing data to the network.
inEVM is truly trailblazing so huge congrats for the inEVM mainnet launch!

Injective and DojoSwap recently launched the CW404 token standard with over 10 projects having already launched different variants of CW404. A new CW20 token standard has now also been released. The CW20 reflection standard allows new forms of tokens to be built. This token standard already existed in the EVM ecosystem but it was absent until now in the Cosmos ecosystem. The CW20 standard facilitates the creation of new financial primitives that meet the demands of users and markets. These are some of the properties of CW20 tokens. Customizable protocol fee sharing parameters with users or a pure taxed token with each token transfer incurring a tax that can be either burnt or sent to a treasury contract for withdrawal. Also, the collected tax can be used to obtain a target token via DojoSwap DEX for example and then these tokens can be distributed back to the CW20 token holders. The tax parameters are customizable and some addresses can be whitelisted to prevent the taxes as well. The transfer taxes of CW20 tokens can also be removed by converting the tokens into a bank version, and hence allowing the tokens to be used on orderbook DEXs like Helix and also in CEX exchanges.

Helix news

The USDe/USDT market went live on Helix, and now Helix is the cheapest option for traders to obtain USDe at near zero fees and blazing fast speed. Shards are Ethena’s point system and from March 11th Helix users have been able to receive shards for holding USDe in their Injective wallets.

Ecosystem news

Ethena is focused on the creation of yield-bearing synthetic tokens and in less than a month it achieved almost 1 billion in TVL. Injective has become the first expansion of Ethena outside of the Ethereum ecosystem, and thanks to this the Injective and broader Cosmos and IBC ecosystem now have access to Ethena’s USDe.
USDe is Ethena’s synthetic dollar, and relies on cutting-edge technology like delta-hedging and established assets like ETH to maintain its peg to the dollar. USDe leverages staked ETH and derivatives markets to ensure the stability of the USDe peg while also generating yields. This new type of stable asset is called the synthetic dollar. Holders of USDe on Injective have been able to participate in the Ethena Shards Campaign and earn Shards from March 11th. Users holding USDe in their Injective wallets will receive 5 times more Shards or points on the Ethena protocol.
Moreover, thanks to Injective’s near zero costs, dApps on Injective are now the cheapest option to earn Ethena shards. Ethereum users can obtain USDe and other assets on various Injective dApps like Helix at lightning fast speed and near zero costs using native Ethereum wallets and tools like Metamask. This integration is possible thanks to the previous Injective’s implementation of Ethereum standard EIP712, which allows Ethereum wallets such as MetaMask to seamlessly connect to the Injective network and generate an Injective wallet address that is automatically linked to an Ethereum wallet address.

Hydro Finance’s HDRO token launched via the Mito launchpad. In less than 24 hours there was already an over 200% oversubscription and the goal of $4.5 million was reached in less than 10 minutes. Hydro is focused on liquid staking for INJ with the LST nINJ.

The OKX wallet in now integrated across several Injective products and dApps, allowing to use INJ and native Injective tokens, staking INJ and more.

Out App is progressing and achieving new milestones such as 14k users, 240k posts and 3.8 million interactions. During March, Out app will focus on onboarding several communities, improving the UI/UX, additional new features and more.

Thetanuts will become the first options protocol to deploy on the recently launched inEVM. Thetanuts announced that epochs on inEVM are 3 weeks and deposits opened with the epoch starting on the 15th March. Thetanuts Finance users can access INJ call and put basic vaults to generate premiums in the 30%-40% range. Thetanuts is focused on decentralized on-chain options, with LSTs, altcoins and Liquid restaking tokens or LRTs as underlying assets.

Black Panther announced the LST blackINJ and they are aiming to become the preferred LST within the Injective ecosystem.

Community news

During the ETH Denver event, Injective hosted two great side events, the Injective Builder Brunch and the Happy Hour, here you can see some photos of the side events. The Injective booth also had some fun and interactive activities as you can see here. Furthermore, Injective had again the best billboards of ETH Denver. Shane also gave a talk about building in a Multi-VM environment with WASM, inSVM and inEVM.

The Hydro season 1 airdrop will be claimable from the 19th March at 13h UTC, and airdrop claims will remain open for seven days from the start date. Unclaimed airdrops will be added to the following upcoming airdrop season 2. Some of the criteria to qualify for the airdrop include INJ staking, INJ testnet participation or early access farming. Injective is also eligible for Wormhole’s W airdrop and you are eligible if you have interacted with Injective or Injective dApps. The snapshot to determine eligibility was taken on the 6th February 2024 at 23:59h UTC. A total of 81% of the airdrop will be for on-chain users of the different eligible networks and 19% for the eligible communities. Black Panther also announced the POINT airdrop for those staking with their validator, and claimable points were shown after the 1st March. POINT tokens will be used to unlock rewards when they launch their BLACK token, meaning that POINT token holders will be able to earn Black Panther’s protocol revenue.

Conclusion

And that is all for today’s Injective ecosystem bi-weekly review so if you enjoyed it Ninjas remember to click that like button, subscribe button and bell icon too. Ninjas, you can support our Injective content by staking INJ with Cosmic Validator. Thank you so much for reading and I’ll see you Ninjas very soon in the next episode!

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