Welcome to Injective’s April update!
It’s been another huge month for us, and we’re excited to give you the lowdown on what we’ve been up to here at Injective.
Thanks to a funding round from Pantera, Mark Cuban, and a number of other major investors, Injective was catapulted into unicorn status. We reached a great milestone soon afterwards with $50 million staked on Equinox.
We also listed INJ on Gemini, locked in eight new collaborations, and hosted panels with six of them. This is just a small sampling of our latest accomplishments, but here is an ever-expanding list of some of our biggest wins yet.
- We raised $10 million from Mark Cuban, Pantera, and other big-time investors. This milestone received widespread media attention from publications like TechCrunch, Cryptobriefing, and The Block
- We locked in a major INJ listing on Gemini
- We reached a new milestone of over $50 million locked on Equinox Staking. We also published a major Equinox Staking update and announced surprise token drops from Ethereum, PARSIQ, and Ramp DeFi. Staked onboarded as our latest genesis validator to enable institutional access to staking
- We collaborated and integrated with Big Data Protocol, Persistence, Litentry, Band Protocol, Harmony, API3, Klaytn, and UMA
- We published Injective’s official governance proposal procedure and launched Injective governance for spot markets
- Community Initiatives: We hosted live YouTube panels with Orion and 1inch Protocol, Harmony, and API3, DIA, and Band Protocol. We also participated in AMAs with Harmony and Alpha Finance, and hosted our first community quiz on Telegram. We teamed up with Binance to commit $50,000 in INJ tokens as rewards for our users. Alpha Finance now supports leveraged yield farming pools of BNB/INJ.
1. $1 Billion Valuation After $10 Million Growth Funding Round
We are extremely proud to have experienced our biggest funding round to date, generating over $10 million dollars and catapulting to over $1 billion valuation as a network.
A group of prominent investors contributing to this round included billionaire NBA team owner and Shark Tank judge Mark Cuban, Pantera Capital, BlockTower, Hashed, Cadenza Ventures, CMS, QCP Capital, and Cumberland, the crypto arm of one of the largest trading firms DRW.
2. INJ Listing on Gemini
We are proud to announce INJ has been selected for an exclusive listing on Gemini, one of the largest and most prominent exchanges in the United States.
Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is the first exchange to enable USD fiat rails for INJ. This new listing opens up avenues for old and new Injective users to trade INJ with USD, GBP, EUR, CAD, AUD, HKD, with trading support for SGD to come. We look forward to working alongside Gemini and increasing Injective visibility through its renowned exchange.
In addition to our major listing on Gemini, Alpha Homora vBSC now supports leveraged yield farming pools of BNB/INJ (2.5x) on PancakeSwap, which enables users to make the most of their INJ.
3. Equinox Staking Updates
Thanks to sky rocketing demand within our community, we are blown away to report that over $50 million has been staked on our Equinox to date. This milestone comes just weeks after the launch of Equinox Staking.
We also published a major Equinox Staking update, addressing new technical parameters that will bring a heightened user experience for everyone. This includes but is not limited to a new staking rewards calculator and formula, enhanced re-delegation, and other improvements across the board.
Over the past month, we have announced surprise token drops from Ethereum, PARSIQ, and Ramp DeFi to help ramp up and reward our community. We also onboarded Staked as our latest genesis validator. Staked is one of the most prominent authorities on cryptocurrency staking with a long history of working with premier funds, exchanges, and custodians to facilitate institutional-grade staking.
The tremendous amount of progress we’ve seen in such a short amount of time on our staking rollout is thanks largely to the laser focus of our hardworking team and the invaluable input of our community.
4. Partnerships & Integrations
We locked in eight new strategic collaborations over the past month.
We collaborated with Klaytn to bring decentralized trading to millions of users within the Klaytn ecosystem. Now Klaytn users will have access to our diverse financial markets, while users on Injective will be able to create new ones using assets built on the Klaytn blockchain.
We linked up with UMA to launch innovative synthetic products. By integrating with our decentralized derivatives exchange, synthetic assets on UMA can be made available to Injective users moving forward.
We delved deeper into our existing partnership with Band Protocol to operate validator nodes on one another’s networks. Moving forward, this dual validator arrangement will serve to align and strengthen long term goals for both parties.
We joined forces with Harmony to launch a diverse array of interoperable derivatives. Looking ahead, these forms of interoperability can allow our users to trade a number of new derivative products that utilize Harmony-based assets.
We integrated API3 into our growing oracle ecosystem. We expect this partnership to add value by providing external, real-world data feeds from API3’s network of first-party oracles.
We rolled out a collaboration with Big Data Protocol to create and launch structured data token products. Injective and BDP users can soon create and trade data derivatives based on the BDP Data Market.
We explored new synergies with Persistence after integrating their staking arm Audit.one as a genesis validator. Our next goal is to not only support Persistence-native assets on our platform for perpetual futures trading, but work together to launch liquid staked assets (facilitated by Persistence’s pStake application) as a derivative product on Injective.
We integrated Litentry to unlock optimized on-chain data, addressing salient on-chain governance issues in the DeFi space. The process will entail aggregating decentralized identity (DID) data sets across multiple networks.
5. Governance Updates
This month has also been a time for cross-departmental reinforcement of our mission, which has always been to create a new financial paradigm that is wholly owned, operated, and governed by the community.
Our business and engineering teams collaborated closely to write and publish Injective’s official governance proposal procedure. This describes the nature of on-chain governance on the Injective Chain and provides a detailed overview of a governance proposal’s lifecycle.
We were also proud to launch Injective governance for spot markets. With this development, users who are participating in Equinox staking will be able to propose and vote on new spot market listings. The governance process is a core component of our decentralized protocol and will serve an important role in our upcoming mainnet release.
6. Community Initiatives
While this month has been heavy on technical progress, we haven’t lost sight of the significance and driving force of our community.
To further engage our new partnerships, we hosted a number of livestream YouTube panels with our friends at Orion and 1inch Protocol, Harmony, and API3, DIA, and Band Protocol. With these talks we hope to offer our community a fly-on-the-wall perspective of our internal conversations and keep everyone in the loop about exciting projects to come.
DeFi and DEXs: Orion Protocol, 1inch Exchange, and Injective
Cross-Chain Derivatives and Interoperability in DeFi: Injective Protocol and Harmony
DeFi and Oracles: Injective Protocol, Band Protocol, DIA and API3
Our public appearances have spanned numerous platforms, including a Reddit AMA hosted by Harmony and a Telegram AMA hosted by Alpha Finance. To further interact with our own Telegram community, we hosted our first Injective quiz, titled “Know Your Protocol”, awarding top scorers with exclusive Injective gear.
To thank our users for their continuous support, we teamed up with Binance to commit $50,000 in INJ tokens as rewards for our users.
As we inch closer to mainnet, the reality is not lost on us that without the support of our community, we wouldn’t lay claim to each of these incredible milestones along the way. Our top priority is to give back to our followers who have propelled us on this journey, and we can’t wait to bring you even bigger and better updates in the coming weeks.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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