August has passed and the summer has passed by so fast. Fortunately, while everyone is soaking up the sun, Ninjas are working hard and most importantly - washing out the construction.
The past month has been huge for Injective in almost every way. A massive chain upgrade went off without a hitch, meetings were jam packed, and key integrations were rolled out.
It’s August’s Community Update, and it’s time to get down to business. With that said, put down what you’re doing, put on your headphones, and spend 7 minutes learning about what Injective has accomplished over the past 31 days.
1️⃣Altaris mainnet upgrade
- Improved network performance: block generation time reduced from 0.9 seconds to 0.65 seconds.
- Introducing Real Asset (RWA) Oracles: Injective will support advanced oracle networks, significantly expanding the types of tokenized assets that the platform can provide.
- Smart Contract Upgrade: Support CosmWasm 2.0 to build more powerful and flexible smart contracts on Injective.
- Security upgrade: Comprehensively improve the safety and performance of the Injective bridge.
- Enhanced operability: Integrate IBC hools and PFM to improve cross-chain capabilities.
- Developer tool upgrades: Python, Go, and TypeScript SDKs have updated their versions to support Altaris, enhancing usability for developers.
- Enhanced trading experience on the Altaris Network: Simplified native DEX processes, support for cross-DEX partial liquidation, and more efficient position management.
- Significantly reduce Gas cost, 3000 transactions can be conducted with $1.
- Launched Remix Web IDE to simplify the development process.
2️⃣Injective ecosystem updates
- Hydro Protocol integrates wUSDM stablecoin: Hydro Protocol integrates Mountain Protocol's stablecoin wUSDM, bringing an important core component to the RYA strategy.
Tria modular chain abstraction protocol integrates Injective: users can seamlessly use assets in the Injective ecosystem.
- Integration with Elliptic: Provides fund flow tracking capabilities to meet global regulatory standards and improve compliance for institutional users.
- Utila fully supports Injective: providing plug-and-play financial infrastructure, supporting decentralized trading, lending and other functions, and simplifying asset management and trading operations.
- Injective and TON chain integration: $INJ and $TON can be used for cross-chain transactions, asset tokenization, and on-chain lending between the Injective and TON ecosystems
- Balanced integrates Injective: BalancedDao has been launched on the Injective mainnet, providing users with cross-chain DeFi functions.
- Owlto Finance is integrated into inEVM: allowing users to seamlessly cross-chain USDT from inEVM to more than 14 networks.
- Chainlink Data Stream and INJ integration: Bring more efficient data flow and application scenarios to the Injective ecosystem.
3️⃣ Milestone data
- Injective processed over 83 million blocks.
- Injective chain transaction volume exceeded 900 million.
- Injective has more than 223,000 independent representatives.
- Injective has staked over 59.6 million INJ.
- In August, a total of 86,099 INJ were destroyed through weekly destruction auctions, and to date, a total of 6.17 million INJ have been destroyed over 164 times.
- The INJ staking APR on Injective is 13.74%, and the staked amount exceeds 59.6 million INJ.
- Injective SDK has over 128,093 downloads per month.
- In August, the total exchange dApp trading volume on Injective reached $1.8 billion, with a peak daily volume of $267 million on August 5. The most liquid markets are BTC and ETH perpetual contracts.
4️⃣ Community Update
- Injective Altaris chain upgrade has been demonstrated on CoinDesk.
- Everstake released its Injective report for the first half of 2024.
- Four Pillars published a comprehensive report on the Injective Altaris Chain Upgrade.
- The Injective community launched the Injective meme generator, which allows anyone to easily create their own memes.
- Ninja Ambassador portal upgrade, adding on-chain tasks and real-time updates.
- Participation in Korea Blockchain Week (KBW), including Injective Seoul Night and Hydro x Injective Ecosystem Meetup.
- A special event called Injective Function will be held at Token2049 in Singapore.
- Governance Proposal IIP-429: Dynamically reduce $INJ supply, update inflation parameters to 63,072,000, and reduce INJ inflation rate.
🔸Summary
In August, the Injective ecosystem made significant progress on multiple fronts. The Altaris chain upgrade was successfully implemented, significantly improving the network’s scalability, performance, and interoperability.
In addition, the Injective ecosystem update has also achieved many achievements. The integration of TON blockchain with Injective, as well as the integration of multiple new ecosystems, such as BalancedDAO and Elliptic, have further expanded Injective’s functionality and market coverage.
August also witnessed many breakthrough milestones for Injective, including on-chain transactions exceeding 900 million, continuous deflation destruction totaling 86,099 $INJ, on-chain ecosystem transactions exceeding US$1.8 billion, and a single-day peak record of US$267 million.
Meanwhile, Injective has actively participated in multiple industry conferences and is well prepared for upcoming events in September, including appearances at Korea Blockchain Week (KBW) and Token2049 Singapore Conference.
On the community side, the Ninja Ambassador Portal has undergone a major upgrade, introducing on-chain tasks and real-time update features to enhance community engagement.
Overall, August was a super busy month for Injective. All the efforts of Ninjas laid a solid foundation for the future development of Injective, and they will continue to work hard in September to meet greater challenges and opportunities.
