This week, major players in the blockchain and DeFi space revealed strategic moves aimed at strengthening their ecosystems. Most notably, Injective introduced its INJ 3.0 proposal focused on a deflationary token economy. Second, Tier boosted its Bitcoin ($BTC) reserves with a $705 million acquisition. Third, Binance launched the Solv protocol for storing Bitcoin. Fourth and fifth, Hyperliquid launched $HYPE storage on its mainnet, and OKX Ventures invested in Haedal to bolster Sui’s DeFi ecosystem.
These initiatives represent significant steps towards innovation, growth, and sustainability in the crypto world. Keep reading as we tell you more about these five selected news items in this five-minute read.
Injective INJ 3.0 proposed to support the deflationary token economy
Injective, a leading blockchain for DeFi applications, has submitted a governance proposal for the launch of INJ 3.0. The proposal aims to establish $INJ as a leading deflationary asset in the crypto market.
The plan includes enhanced token burning mechanisms, reduced circulating supply, and incentives for long-term staking, in line with Injective’s mission to build a sustainable ecosystem. If approved, the deflationary model will be implemented in phases, starting this year. Injective expects this initiative to benefit traders, developers, staking, and ecosystem partners, fostering growth and innovation through 2025.
Tier Buys $705 Million in Bitcoin, Total Reserves Rise to $7.7 Billion
Tier, the issuer of USDT, has purchased 7,629 BTC worth $705 million, bringing its Bitcoin holdings to $7.7 billion. The move cements Bitcoin as a primary reserve asset and is in line with Tier’s strategy to diversify its reserves, which include cash and U.S. Treasuries.
The purchase, tracked from a Bitfinex hot wallet, highlights transparency and reflects Bitcoin’s growing role in the Terre reserve framework. Analysts see the deal as a stabilizing force for Bitcoin amid market volatility and increased institutional interest. By boosting its reserves, Terre aims to boost the trust and stability of USDT, cementing its position as a major player in the digital asset ecosystem.
Binance Launches Solv Protocol for Bitcoin Storage Under Megadrop Program
Binance has introduced Solv, a Bitcoin storage platform, as part of its Megadrop program. The protocol integrates Binance Wallet and Simple Earn, providing a streamlined storage and drop experience.
The Solv protocol has a total token supply of $9.66 billion SOLV, with 86.96% allocated as an initial supply. The Megadrop program offers $588 million SOLV as rewards, allowing users to gain early access to Web3 projects. Participants can earn rewards by locking $BNB tokens and completing tasks, with rewards distributed based on cumulative points.
Hyperliquid Launches $HYPE Staking on Mainnet to Reward Token Holders
Hyperliquid introduced $HYPE staking on its mainnet, allowing token holders to earn rewards while contributing to the growth and security of the network. The platform uses distributed validators to validate blocks, ensuring a decentralized and efficient ecosystem.
Participants can stake $HYPE tokens to earn rewards and are advised to select validators based on metrics such as reputation and uptime to boost the network. The Hyper Foundation has also announced plans for a delegation program to support high-performing validators, with the goal of promoting decentralization and adoption. More details are expected soon.
OKX Ventures Invests in Haedal to Transform Sui’s DeFi Ecosystem
OKX Ventures has joined the seed investment round of Haedal, Sui’s native liquid storage protocol. The partnership aims to boost Sui’s DeFi landscape by improving the liquid storage architecture and increasing capital efficiency.
Haedal enables holders of $SUI tokens to earn rewards by staking Liquid Tokens (LSTs), enhancing network security and decentralization. The protocol integrates LSTs into DeFi, opening up yield opportunities for retail and institutional investors.
This week’s developments mark a transformative time for the blockchain and DeFi industries. With strategic moves from leading players like Injective, Tether, Binance, Hyperliquid, and OKX Ventures, efforts are focused on fostering innovation, enhancing network security, and expanding DeFi options. As these initiatives evolve, they are expected to drive growth, adoption, and the long-term sustainability of the blockchain ecosystem. Stay tuned for more as we continue to track these developments and their impact on the crypto space.