September already? This summer flew. Fortunately, while everyone was soaking up the sun, Ninjas were heads down, grinding, and most importantly — shipping.
The past month was big for Injective on nearly every front. A massive chain upgrade was implemented without a hitch, a jam-packed conference schedule was unveiled, and pivotal integrations were rolled out.
It’s the August Community Update, and it’s time to get down to business. With that said, drop what you’re doing, pop in your headphones, and take 7 minutes to understand what Injective accomplished in just the last 31 days.
Better, Faster, Finance: The Altaris Chain Upgrade
Altaris didn’t just improve the network; it redefined it, bringing forth a host of new capabilities that position Injective at the forefront of the Layer 1 landscape.
Background
Altaris was made possible by the overwhelming community support for Injective Improvement Proposal 420 (IIP-420). This proposal saw one of the highest levels of governance participation in Injective’s history, with over $1 billion worth of staked INJ backing the upgrade.
Superior Scalability, Performance, and Interoperability
At the core of the Altaris upgrade were substantial enhancements that significantly boosted Injective’s scalability, network performance, and interoperability. Key optimizations were introduced to accelerate chain speed, improve data handling, and enhance resource management, resulting in a more robust and responsive system. Together, this dropped block time from 0.9 seconds to 0.65 seconds. Understand the impact of that here, and look below to see where it places Injective amongst its peers.
In addition to these performance upgrades, the integration of Wasm 2.0 expanded Injective’s smart contract capabilities. This empowered developers to build the next generation of decentralized applications with greater sophistication and efficiency. Altaris also strengthened Injective’s cross-chain capabilities through the integration of IBC hooks and Packet Forward Middleware (PFM). These features enhanced interoperability, enabling seamless interactions with other blockchains and opening new possibilities for cross-chain applications and collaborations.
Bolstering Tokenization
One of the most transformative additions with Altaris was the integration of the Real World Asset (RWA) Oracle. This advanced oracle network expands Injective's capacity to offer tokenized asset offerings, ensuring that data feeds for these assets are both accurate and tamper-proof. By bridging the gap between digital and traditional assets, the RWA Oracle opens up new possibilities for financial applications that connect blockchain technology with the traditional financial system.
Economic Enhancements
Altaris introduced several economic improvements, including the upcoming Universal Burn Auction and the release of Stake Grants. Likewise, Injective reduced the maximum fee rate by 50% across all markets on the chain. These features optimized Injective’s token economy, fostered community collaboration, and encouraged greater participation in the network.
For the full breakdown of Altaris in detail, click here.
Korea Blockchain Week (KBW)
August wasn’t just about the chain. Injective was hard at work prepping for a busy September. One of the biggest conferences on the horizon is KBW, where Injective will be heavily engaged. Taking place from September 1-7, community members can look forward to two Injective meetups during the event.
Injective Seoul Night
Join Injective on Tuesday, September 3rd in Seoul! Held in collaboration with A41, this exclusive gathering is set to bring together blockchain innovators, enthusiasts, and industry leaders for a vibrant evening of networking and celebration.
The event promises a dynamic atmosphere, complete with delicious hors d'oeuvres and beverages, set in one of Seoul's most stylish venues. Attendees will have the unique opportunity to engage with thought leaders and pioneers in the blockchain industry, making this a must-attend occasion for those passionate about the future of decentralized finance.
Spaces are limited, as the event is designed to foster meaningful conversations and connections in an intimate setting. Be sure to secure your spot early to not miss out on this exclusive experience.
Hydro x Injective Ecosystem Meet-Up
Hydro, the premier LSD protocol built on Injective, will be hosting a networking event designed to bring together developers, project teams, and members of both the Injective and Hydro communities.
The Hydro Meetup offers a unique opportunity to share insights, discuss the broader vision for the Injective Ecosystem, and explore new opportunities for collaboration and development. Attendees will have the chance to engage in meaningful discussions about how Hydro’s advanced liquidity infrastructure is poised to revolutionize decentralized finance within the Injective network.
Whether you're an active participant in the DeFi space or someone looking to get more involved, the Hydro Meetup promises to be an invaluable experience. It’s not just about networking—it’s about shaping the future of decentralized finance through collaboration and innovation. If you’ll be at KBW, be sure to register now.
Token2049 Singapore: Injective Function
As September unfolds, Injective is set to make waves at Token2049 in Singapore with a special event: the Injective Function. Scheduled for September 18th, this evening promises to be an immersive experience of innovation and inspiration, held in collaboration with Google Cloud.
Hosted at the sophisticated Mo Bar, the Injective Function is crafted for blockchain enthusiasts eager to connect and collaborate. Attendees will have the opportunity to engage in stimulating conversations with industry leaders, enjoy curated cocktails, and discover the latest advancements within the Injective Ecosystem.
Upgraded Ninja Ambassador Portal
August saw significant enhancements to the Ninja Ambassador Portal on BonusBlock, making it an even more powerful tool for community engagement and contribution within the Injective Ecosystem.
Most exciting was the addition of on-chain missions. Ambassadors can now complete tasks directly on different dApps within the Injective network, allowing for a more integrated and hands-on experience. The portal also introduced real-time updates, enabling ambassadors to track their progress and see the results of their efforts as they complete tasks.
To further incentivize participation, the leaderboard feature was upgraded to allow ambassadors to view rankings from past months and over custom time periods. This enhancement adds a competitive edge and helps recognize the top contributors over time within the community.
Big Integrations, Bigger Impacts
The Injective train continues down the track with new integrations across the Injective ecosystem. Each sets out to deliver the expansion of key assets, dApps, and functionality improvements that the community has been asking for. This month, the most significant beneficiaries of these developments are traders and institutions.
TON Blockchain Integration
The TON blockchain has integrated with Injective, bringing $TON to the Injective ecosystem and $INJ to the TON ecosystem. $TON can now be utilized across Injective’s suite of DeFi dApps, bringing additional trading markets and liquidity to the ecosystem. Key use cases include trading, asset tokenization, and on-chain lending.
Elliptic Analytics Platform Integration
Elliptic has integrated Injective into its blockchain analytics platform. Elliptic’s platform is used by many top enterprises and institutions. Elliptic’s products unlock users and developers to track fund flows within the Injective network. This functionality is crucial for institutions to operate in Web3 and meet strict compliance regulations for their specific solutions.
BalancedDAO dApp Integration
BalancedDAO has launched their cross-chain DeFi dApp on Injective. Balanced also brings their overcollateralized bnUSD stablecoin to be used across the Injective DeFi ecosystem. Users and traders alike can utilize Balanced to borrow, swap, and bridge assets cross-chain. This integration further showcases Injective’s superior chain performance with instant transaction finality and low fees that traders demand.
Full List of Injective Updates
Ecosystem Updates
Utila, a leading institutional MPC Wallet, has natively integrated Injective, offering asset tokenization capabilities for institutions.
Injective’s native token, INJ, is now available on TON’s leading DEX, STON.fi, allowing users across the network to access it through various dApps.
Injective’s native lending protocol, Injera, has launched Phase 2 of its Money Markets and GEM farming event.
Helix, a major DEX powered by Injective, reduced its base taker fee to 0.05% with the recent chain upgrade.
SA World, one of the largest Web3 gaming platforms, has granted INJ holders and stakers 5% Booster and bonus xEntropy for its game “The Great Escape”.
Injective Updates
The Injective Altaris Chain Upgrade has been launched on the mainnet, delivering the most powerful upgrade to date.
Injective launched its Remix Web IDE plugin, a new web-based integrated development environment (IDE) to allow developers to write, test, and deploy smart contracts directly from their web browser.
Injective processed over 83 million blocks.
Injective surpassed 900 million on-chain transactions.
Injective reached over 223,000 unique delegates.
Injective has over 59.6 million INJ staked.
A total of 86,099 INJ was burned through weekly burn auctions in August, and a total of 6.17 million INJ has been burned to date with over 164 burns.
The INJ staking APR on Injective is 13.74% with over 59.6 million INJ staked.
Injective SDK has over 128,093 monthly downloads.
The total trading volume on exchange dApps on Injective reached $1.8 billion in August, with its peak daily volume on August 5th reaching $267M volume. The most liquid markets are BTC and ETH perpetuals.
Community Updates
The Injective Altaris Chain Upgrade was featured on CoinDesk.
Everstake published an Injective report of the first half of 2024.
Four Pillars published a comprehensive report on Injective Altaris Chain Upgrade.
The Injective community introduced an Injective meme generator for anyone to create their own memes easily.
Conclusion
As August comes to a close, it’s clear that Injective is not just keeping pace with the industry—it’s leading the charge. From game-changing upgrades like Altaris to strategic integrations and a bustling event schedule, the foundation laid this month sets the stage for even greater achievements ahead.
To all the Ninjas out there, your dedication and passion are what drive Injective forward. Moving into September and beyond, your contributions will continue to shape the future of decentralized finance. So keep your eyes on the horizon and your hands on the wheel—because the best is yet to come.
Stay tuned for more groundbreaking updates, and let’s continue to build the future of finance, together.
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.
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