Hydro set the pace!
Good to see healthy competition emerging from Gryphon.
Hydro and Gryphon are Liquid Staking Derivative platforms built on Injective.
As the name implies, this platforms enables you to mint your native asset ($INJ ) on a 1:1 ratio for a derivative of $INJ of which $hINJ is the ticker in the case of Hydro.
This derivative is liquid and can be used for various purpose like trading and lp farming and can be swapped back to $INJ
Liquid Staking will open a lot of opportunities and attract a lot of users to the Injective chain.
With Hydro hitting a TVL of $100M in 10 days, Gryphon has the possibility of attaining similar feats as it's still in an incentivised testnet phase.
At this point, if you're not bullish on Injective, you'll be back to the chain in the future when it has established it's status as the Hub of Decentralized Finance.
