Injective December Update
Happy New Year Injective Family!
2021 was a landmark year for Injective and the community didn’t let the ball drop (pun intended) throughout the final month. December marked multiple milestones such as the start of INJ burn auctions, gas free deposits and Terra/UST perpetual markets alongside record-shattering trading volumes. Read below for a full digest of the community’s latest achievements and goals as we kick off the new year.
- Injective Burn Auction launched with over $700,000 worth of INJ burned in less than a month
- Product: Injective Pro crossed $1 billion in total volume traded in less than a month. Injective Chain reached over 15 million transactions processed since going live in November. Injective launched an all-new gas fee deposit program as well as a DMM Program. Injective Improvement Proposal 93 passed to carry out a major mainnet enhancement that added a staking requirement to Injective Astro rewards among other upgrades.
- Integrations & IBC: Injective listed Terra UST pairs and the first ever decentralized LUNA perpetuals which reached $50M in volume in just a week. The Injective Bridge onboarded the Terra blockchain via Cosmos IBC, Injective crossed 100,000 price feed requests through IBC.
- Ecosystem: Picasso Exchange introduced a swap interface, the Terra community built Lunatics Exchange on top of Injective, Unlimited Exchange introduced a new interface and Huobi Pool started to build a Huobi relayer on Injective.
- Community Updates: Injective hosted a PS5 trading party and two Christmas treasure hunts, new Injective Stargazers were introduced, and the second reward drop wrapped up for Injective Astro. AMAs for the month included the Chainlinked Podcast and a Market Maker AMA with LedgerPrime. Injective validator Orman created a Injective stats dashboard. GuildFi became the first Injective premier metaverse listing.
1. Injective Burn Auction
The Injective Burn Auction launched with a mission to burn 60% of exchange fees every week, managed by a community-led auction. Two burn auctions took place in December, leading to one of the largest token burning ratios in the entire crypto industry, with over $700,000 worth of INJ burned in less than a month.
The Burn Auctions will continue to take place on a weekly basis and the community can participate here.
Injective Pro crossed $1 billion in total volume traded in less than a month, cementing itself as one of the fastest growing decentralized exchanges of all time. The Injective Chain reached over 15 million transactions processed since going live in November, demonstrating the power of the first custom interoperable blockchain built for decentralized trading & DeFi apps.
Injective launched the all-new gas fee deposit program. All new users who transfer and trade on Injective can earn a rebate for any gas transfer fees that they may have paid when bridging assets to the Injective Chain from Ethereum. This program will ultimately provide new users with a seamless onboarding process without any initial cost concerns.
The Injective DMM (Dedicated Market Maker) Program also went live, serving as the second major component of Injective Astro. The DMM program will ensure that the market makers are providing liquidity at tighter spreads which is overall better for healthy financial markets.
Injective Improvement Proposal #93 passed to carry out a major upgrade to the canonical Injective Chain. The proposal aimed to streamline the INJ burn process further while also improving INJ tokenomics and backend exchange logic. Injective Labs CEO Eric Chen presented a deep dive on the proposal’s impact, which can be found here.
3. Integrations & IBC
Decentralized Terra ecosystem markets went live on Injective, enabling users to trade LUNA & UST spot/perpetual markets while earning rewards with every trade. Over $50 million was traded in the first ever decentralized LUNA/UST perpetual market in one week alone.
The Injective Bridge also onboarded the Terra blockchain via IBC. This involves a Terra Station wallet integration, native LUNA and UST transfers to Injective, and sub $0.40 transfer fees. Users can try out the bridge connection here. Injective is establishing itself as a hub for UST derivatives and Terra markets, which signals a new era of cross-chain derivatives trading.
Injective crossed 100k Band Protocol oracle price feed requests through IBC. Injective is perhaps the first chain to use IBC so extensively on mainnet, creating price feed requests every 10 seconds.
One of the leading DApps built on Injective, Picasso introduced a swap interface, which enables users to trade LUNA, UST, and INJ in just one click. The Terra community built Lunatics Exchange on top of Injective to facilitate LUNA/UST spot and perpetuals trading. Unlimited Exchange introduced a new interface to revamp the user trading experience.
Injective validator Huobi Pool started to build a Huobi relayer on Injective. This will enable Huobi Pool to provide a new avenue for INJ staking while also enabling the Huobi community to seamlessly access Injective Protocol.
5. Community Updates
The Injective community delivered in spades last month. Here are just a handful of highlights:
- To ring in the holiday season, Injective hosted a PS5 trading party and two Christmas treasure hunts to reward savvy community members.
- The Injective Stargazers were selected and are hard at work now to serve as ambassadors who propel the Injective mission forward.
- The second reward drop wrapped up for Injective Astro with more than $700,000 in INJ up for grabs.
- Injective Labs CEO Eric Chen was featured on Chainlinked podcast to explain how Injective’s custom layer-2 solution uses Chainlink Price Feeds.
- Injective Labs hosted the second Market Makers AMA featuring LedgerPrime CIO Shiliang and Portfolio Manager Daqing along with Injective Head of Financial Markets Max.
- Injective validator Orman created an Injective stats dashboard.
- GuildFi became the first Injective premier metaverse listing, and users can now buy GF on Injective for rewards and zero gas fees.
And that’s a wrap for 2021! To read in greater detail about Injective past, present, and future check out Injective’s 2021 Year In Review. And don’t forget to follow Injective on Twitter, Telegram, and Discord for more updates in the year ahead!
Injective is a custom interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by Pantera Capital.