The January Community Update: The Injective Volan Mainnet Upgrade Issue

February 02, 2024

In January, Injective underwent a mainnet upgrade, multiple dApps saw their deployment and Helix, the premier decentralized exchange built on Injective, reached over $19 billion in trading volume. Additionally, iLend , a native money markets protocol, went live on the Injective mainnet with early access availability for community members. Injective , the Volan Mainnet Upgrade proposal passed with a 99.98% approval rate. , the Volan Mainnet Upgrade proposal passed with a 99.98% approval rate. Binance , one of the largest centralized exchanges, has supported Injective’s mainnet upgrade.

To set the tone for 2024, Injective kicked the new year off with a flying start. In January,  Injective underwent a mainnet upgrade, multiple dApps saw their deployment and Helix, the premier decentralized exchange built on Injective, reached over $19 billion in trading volume. 

All these new achievements helped Injective celebrate two significant milestones: surpassing 400 million on-chain transactions and reaching 350,000 active wallets. 

With each of these new innovations, the Injective ecosystem continues to grow, reaching new heights and pushing past boundaries as it continues on its goal of creating a democratized future through decentralization. 

For a full January recap, check out this highlight reel 👇

Highlighted Chain News

Volan Mainnet Upgrade

Injective has released its largest mainnet upgrade to date, Volan, ushering in a new age of RWAs, institutional adoption, scalability, and Web3 finance 🚀

The upgrade enables the Injective ecosystem to grow faster than ever before.https://t.co/woKwYcS2kg

— Injective 🥷 (@Injective_) January 11, 2024


The Volan Mainnet Upgrade marked a significant development in blockchain finance. This upgrade introduced the innovative Real World Asset Module, significantly enhancing blockchain scalability and interoperability. It marked a strategic step towards integrating real-world financial assets into the blockchain ecosystem, expanding the platform's reach and capabilities.

Additionally, the upgrade encompassed advanced oracle designs for more accurate and diverse financial data, optimized token economics for enhanced market stability, and new token burn mechanisms for better token value management. These features collectively aim to attract institutional investment and merge traditional finance with Web3, reinforcing Injective's role as a leader in financial blockchain innovation.

Gas Compression

1/ Injective today is introducing one of the largest technical breakthroughs to date with the release of gas compression, making transaction costs on Injective the lowest in all of crypto.https://t.co/yy4kNm6S6u

— Injective 🥷 (@Injective_) January 19, 2024

The Gas Compression update introduced one of the largest technical breakthroughs to date, making transaction costs on Injective the lowest in all of Web3. This ensures that any transaction such as staking, trading, and governance participation become more cost-effective, almost eliminating fees. This development not only enhances user experience, but also solidifies Injective's position as a cost-efficient blockchain platform.

Highlighted Ecosystem News

Helix’s Volume Surge, New Pre-Launch Futures Markets and Trading Competition

⚡Helix Pre-Launch Futures trading competition is now live!

A prize pool of $30,000 will be split between the participants with the highest amount of volume traded.

🏆 Competition details: https://t.co/IL7nwvkAkk
💻 Trade now: https://t.co/t4rqF1UqxX pic.twitter.com/d51186vmtV

— Helix 🧬 (@HelixApp_) January 29, 2024

In January, Helix witnessed tremendous growth. Not only did Helix’s cumulative trading volume soar past $19 billion, it also secured the 4th position on CoinMarketCap for DEXs based on trading volume.

The second notable highlight was the significant improvements made to the Spot Grid Trading Bots. Grid sizes expanded from 50 to 100 grids, allowing users to engage in trading that capitalizes on smaller price fluctuations. Additionally, bot capabilities were enhanced to accommodate narrower price ranges and reduced intervals between orders. Advanced stop loss and take profit controls were also introduced, enabling users to specify their exit conditions.

To celebrate the perp listings of LayerZero (ZRO) and Jupiter (JUP), Helix kicked off a Pre-Launch Futures trading competition with a prize pool of $30,000. Traders on Helix can now leverage trade $ZRO and $JUP before the tokens’ official launch and also participate in Helix’s trading competition, set to close on Feb 19th. 

For more information, visit Helix.

New Ecosystem dApp Mainnet Launches

In January, Injective saw a number of dApps launching on mainnet.

Neptune, a peer-to-peer lending protocol on Injective, achieved significant milestones since its mainnet launch. It’s TVL surged to $3.8 million and the total amount supplied approaches $3 million at the close of this month. .

Additionally, iLend, a native money markets protocol, went live on the Injective mainnet with early access availability for community members. To view its full roadmap, visit iLend. 

Out also launched in January and became the first SocialFi project on Injective. Designed to reward users for the quality of their input and foster community interaction.

Finally, Hydro Protocol, an Injective-native LSD project, also went live in January. In less than 24 hours, Hydro surpassed $80M in TVL, 1,100,000 INJ staked and 8,000 unique users. 

DeFi:

  • Aeroscraper, the next generation lending protocol, released an explainer guide on how to navigate through Aeroscraper.
  • MoonApp, a launchpad on Injective, introduced its desktop trading and launchpad terminal.
  • NinjaKits, an Injective native portfolio management tool, announced its Beta launch.
  • Hydro Protocol, an Injective-native LSD Protocol, has released its Mainnet details.
  • Ninji Wallet, the first native Injective wallet, released a Mobile App.
  • Filament, a perp DEX on Injective, is getting ready to launch its testnet.
  • Dojo Swap, the first native AMM DEX reached 16M TVL.
  • Helix, a decentralized exchange on Injective, rolled out significant updates to its Spot Grid Trading bots and expanded its markets by listing new tokens. Notable additions include MoonApp (APP) and Gryphon’s tokenized derivative of staked INJ (nINJ).
  • Kage Finance, an all-in-one trading platform on Injective, integrated with DojoSwap and reached over 10,000 INJ in trading volume.
  • Neptune Finance,  a peer-to-peer lending protocol on Injective, launched on mainnet.
  • Gryphon, the decentralized liquid staking protocol on Injective, released a new home page.

NFTFi:

  • Trust Wallet, a leading crypto wallet, has joined Injective as a validator.
  • Injective, the Volan Mainnet Upgrade proposal passed with a 99.98% approval rate.
  • Binance, one of the largest centralized exchanges, has supported Injective’s mainnet upgrade. 
  • Omni, an interoperability network for the Ethereum ecosystem, onboards Injective by making INJ the first asset integrated into its Open Liquidity Network. 
  • ICON, a platform focused on connecting unique blockchains, has integrated with Injective via the Cosmos Inter-Blockchain Communication.

Injective Stats: 

  • Injective processed over 432 million on-chain transactions.
  • Injective produced over 58 million blocks on mainnet.
  • Injective reached 350,000 active addresses.
  • Injective reached 10,000+ unique delegates.
  • Injective has over 50,000,000 $INJ staked. 
  • The INJ staking APR on Injective is 15.28%, with over 50 million INJ staked.
  • A total of 22,022 INJ was burned through weekly burn auctions in January, and a total of 5.82 million INJ has been burned to date with over 134 burns.
  • All exchange dApps built on Injective have achieved a cumulative trading volume of $19.4 billion since mainnet.
  • The total assets on Injective Chain reached over $2.8 billion.
  • Injective’s .inj domain ranked 1st place in registrations ahead of ENS.
  • Injective has become the fastest blockchain in the Cosmos ecosystem, with 0.8s block time on mainnet and 25,000 TPS.
  • With Gas Compression, Injective now has the cheapest transaction cost in crypto.
  • The total gas fees paid by users on Injective to date is zero.
  • Injective hit over 489K followers on Twitter and 220K members in Discord.
  • The total trading volume on exchange dApps on Injective reached $3B in January, with its peak daily volume on January 25th reaching $226.7M volume. The most liquid markets are BTC and ETH perpetuals.
  • The markets on Injective exchange dApps have experienced notable fluctuations, with Bitcoin (BTC) decreasing from 42,698 to 39,979, marking a 5.8% drop. Sei (SEI) showed significant growth, rising from 0.48 to 0.62, indicating a substantial 25.8% increase.
  • Eric Chen joined CoinDesk TV for an interview on the Volan Upgrade and RWAs
  • Injective announced 2 side events during this year’s ETH Denver conference
  • Injective hosted a Twitter Space on RWAs and Institutional Adoption with guests from Pantera Capital and Ondo Finance
  • Injective hosted 2 community calls, with Gryphon and Hydro Protocol
  • Injective hosted a Twitter Space with Neptune to discuss achievements accomplished since the mainnet launch and discussed future plans for the lending protocol
  • Nois ‘randropped’, a randomized airdrop where 1 in 3 users win went live to all $INJ stakers
  • Injective announced the winners of the Illuminate hackathon
  • NinjaKits won the Community Award at the Injective x Google Cloud Illuminate Hackathon
  • Mirza Uddin, Head of BD at Injective Labs, joined Inspect’s Space about the growing Injective NFT ecosystem.
  • Injective joined a Space with Omni Network and moderated by Messari
  • An infographic by nitinverma.eth on the Volan Mainnet Upgrade
  • A thread by Iryna from Everstake explaining what gas compression is

🥳 Keep track of future updates on the Injective Discord, Twitter and Telegram.

About Injective

Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.

Website | Telegram | Discord | Blog | Twitter | Learn | Youtube | Facebook|LinkedIn | Reddit | Instagram | Orbit Newsletter

The source of this news is from Injective

Popular in Development

1

Apr 3, 2024

Coming Soon: MEWUSDT Perpetual Swap Listing with Up to 10x Leverage

2

Apr 3, 2024

Satoshi’s 2014 Email Hack

3

Apr 3, 2024

TaxBit Expands Digital Asset Accounting Services

4

Apr 4, 2024

IBM Announces North America Geography Winners of the 2024 IBM Partner Plus Awards

5

Apr 3, 2024

Now Live: WUSDT Perpetual Swap Listing with Up to 10x Leverage

TaxBit’s Aaron Jacob: New FASB Guidance Encourages Digital Asset Adoption

2 days ago

The Implications of Bitcoin’s Fourth Halving - April 2024

2 days ago

BitMEX Alpha: Trading Opportunities for the RBN and AEVO Convergence

Apr 3, 2024

Crypto Options Trading Strategy: Using Options to Protect Your PnL

Mar 27, 2024

If you invest in digital assets like bitcoin, do this on your taxes

12 hours ago

Senators Float Review Act Threat for Lagging Tax Regs

2 days ago

How To Find A Bitcoin ATM That Is Not A Scam

Mar 23, 2024

How To Find A Bitcoin ATM That Is Not A Scam

Mar 23, 2024