Writer: **Anshu **
Updated: 15th September
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 time to get 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.
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.
Altaris was only made possible due to the community's recognition of the Injective Improvement Proposal 420 (IIP-420). This proposal recorded one of the highest participation from the governance participants in the Injective platform whereby more than one billion dollars’ worth of INJ tokens were staked to support the proposal.
The principals of the Altaris upgrade included major improvements that significantly increased Injective’s horizontal scalability, network throughput, and compatibility. Major releases came up to enable the chain to run faster and improve how it handled data, and its utilization of resources thereby increasing its operational efficiency. Together this resulteddecreased the dropped block time from 0. 9 seconds to 0. 65 seconds. See below to understand where that puts Injective in here and among peers.
Apart from these performance upgrades, one more optimization with the Wasm 2. 0 grew Injective’s smart contract capacity. This helped free the developers to create the next generation of decentralized applications in a much more refined and optimized manner. Altaris also leveled up Injective’s cross-chain structures through the enhancement of IBC hooks, as well as Packet Forward Middleware (PFM). These features improved compatibility so that the ecosystem could interact with other blockchain networks and create more opportunities for cross-chain solutions and integration.
Perhaps, one of the major changes with Altaris was the implementation of the Real World Asset (RWA) Oracle. This sophisticated oracle network increases Injective’s ability to provide tokenized asset offerings by ensuring that the data feeds for these assets are both precise and impermeable to manipulation. Being a link between digital and physical assets, the RWA Oracle awakens potential opportunities in applications linked and built using blockchain technology and the existing financial market.
To improve the copy’s economy, Altaris unveiled the forthcoming Universal Burn Auction and the Stake Grants. Likewise, Injective also lowered the maximum fee rate by 50% across all markets on the chain. All these features enhanced Injective’s token utility promoted community engagement and asked for a more active contribution to the network.
For the full breakdown of Altaris in detail, click here.
August was not only an event that revolved around the chain. Injective was busy preparing for a very busy September for the coming months of the year. The biggest upcoming conference includes KBW which Injective is going to be closely involved in. The event will be held from the 1st to the 7th of September and community members could expect two Injective meetups in the course of the event.
Be there, in Seoul on Tuesday, September 3rd to Join Injective! Taking place in partnership with A41, this invite-only event will be a lively gathering that will unite those who develop blockchain, as well as its fans and major players in this sphere.
An exciting time is anticipated as some tasty hors d’oeuvre and beverages are fixed in one of Seoul's trendiest locations. For the audience, such an opportunity to meet with the leaders and founders of projects in the sphere of blockchain technology makes this event a must-watch for all those interested in the development of decentralized finances.
Attendances are also very limited, as the objective of this event is to provide people with an environment to have impactful conversations in a small house. This is a rare event and one should ensure they book for the position early enough so that they do not be left behind.
Hydro is the most advanced LSD architecture based on Injective, and to continually develop, the injective community will be hosting an online developers and project teams networking event aimed at connecting members of both the injective and the hydro community.
The Hydro Meetup provides useful information exchange, the discussion of the overall concept of the Injective Ecosystem, and the possibility of finding new directions for cooperation and elaboration. People will be allowed to participate in constructive debates and share information with others as to how Hydro has built a sophisticated liquidity layer that will transform dFin in the Injective ecosystem.
Whether you are an experienced DeFi community member or a person interested in expanding your experience, Hydro Meetup will be helpful for you. Even though it is within the context of networking, it’s more than that: it’s also about co-creating the future of decentralized finance. So if you will be at KBW, please register at this time.
As September unfolds, Injective is set to make waves at Token2049 in Singapore with a special event: the Injective Function Something that may be injected is the ability or the power that one body grants to another to accomplish something on its behalf. This evening of Innovation and inspiration is planned for September 18th, which is an evening co-hosted by Google Cloud.
The Injective Function is designed to bring together blockchain enthusiasts willing to network and share further ideas and is held at the ultramodern Mo Bar. The participants will be able to discuss the current trends with the representatives of the industry, viewers will be served matching cocktails, and guests will learn the news in the sphere of the Injective Ecosystem.
August brought further improvements to the Ninja Ambassador Portal on BonusBlock allowing it to become even more effective in using people’s efforts to grow the Injective Ecosystem.
Of all of these features, on-chain missions were perhaps the most exciting. Ambassadors who were previously only able to execute orders on the Injective network can interact with different dApps more directly now and on a closer level. The portal also featured real-time updates which help the ambassadors to see the outcome of the tasks that they are performing.
To encourage ambassadors to engage more and share more content, a new update was made to the leaderboard part to display rankings even from the previous months and selected time intervals only. This enhancement also brings out the competitive aspect and enables to identification of the contributors within the community over time.
After that, the Injective train goes on with its express journey through the integrations across the Injective ecosystem. Both aim to bring the requested expansion of several assets, dApps, and functionality improvements that the community wants. It is traders and institutions that have been the most significant beneficiaries of these developments this month.
It is important to note that the TON blockchain has connected with Injective and $TON is now in the Injective ecosystem while $INJ is in the TON ecosystem. Now, for the first time, $TON can be integrated within Injective’s ecosystem of DeFi dApps, providing extra trading markets and liquidity. Some of the potential key application includes trading, tokenization of the assets, and on-chain lending.
Elliptic which is a blockchain analytics firm has now integrated Injective into its solutions. It could be noted that a wide range of enterprises and institutions focus on the use of the platform provided by Elliptic. Elliptic’s products enable the users and developers to monitor the fund flows within the Injective network. This functionality is necessary for institutions to be able to run in Web3 as well as conform strictly to the needed regulations on their particular solutions.
Cross-Chain DeFi dApp has been deployed by BalancedDAO on the Injective Protocol. Balanced also comes with their overcollateralized bn USD stablecoin to be implemented within the Injective DeFi ecosystem. Balanced enables users and traders to lend, swap, and interconnect their assets between different blockchains. This integration also proves the higher chain performance of Injective since users expect fast and cheap transactions with the finality of the process.
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 apps.
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 entropy for its game “The Great Escape”.
The Injective Altaris Chain Upgrade has been launched on the main net, 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.
Injectives 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 perpetual.
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 the Injective Altaris Chain Upgrade.
The Injective community introduced an Injective meme generator for anyone to create their memes easily.
Now that August drew to a close, it is safe to say that Injective is not just following trends, but it is setting them. This month alone, the major advances in the types 2/3 game altering were affirmed with the release of Altaris, the methodical integration veins hinted with the event agendas.
Thank you to all the Ninjas on board, you are the ones making Injective go forward with so much passion. As we move into September and future months, your support will remain integral to defining the work of decentralized finance. Thus, staring at the horizon and keeping hands on the wheel is the best recommendation for those who believe that the best is yet to come.
Please look forward to more groundbreaking features, and let’s keep creating the future of finance,.
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.
Website | Telegram | Discord | Blog | Twitter | Youtube | Facebook | LinkedIn | Reddit | Instagram | Orbit Newsletter
