The February Community Update

As February unfolds, Injective continues to break new ground in the decentralized finance landscape, demonstrating relentless progress and innovation. This past month has been a whirlwind of activity and milestones, marking another chapter of remarkable achievements for the Injective ecosystem.

A standout moment in February was the Helix announcement of the first-ever on-chain Japanese Yen (JPY) market, setting a new precedent for fiat integration within the crypto space. This pioneering development not only expands the trading horizon for Injective users but also enhances the accessibility and diversity of the platform’s offerings.

The ecosystem expanded significantly with Mito's launch on the Injective mainnet, introducing an innovative automated trading vault platform and launchpad.

During the month of February, Injective also hit a major milestone, surpassing 450 million on-chain transactions, highlighting its network's robustness and scalability, along with its growing popularity.

Highlighted Ecosystem News

Mito Mainnet Launch

The launch of Mito on Injective's mainnet marks a significant moment in the evolution of decentralized finance. This development brings forth an advanced trading vault platform and an innovative launchpad, taking the ecosystem's capabilities and attractiveness to new heights. Mito aims to diversify Injective's offerings, facilitating the seamless fusion of sophisticated trading tools and financial products within DeFi.

The mainnet release is notable for its deployment of complex algorithms aimed at refining trading efficiencies, having a broad selection of investment options catering to diverse investor risk profiles, and a simplified mechanism for engaging with new token launches. These innovations are designed to accommodate both experienced DeFi enthusiasts and beginners, simplifying the path to DeFi engagement and bringing greater financial inclusivity.

Mito's deployment on the Injective mainnet expands the landscape of decentralized finance, not only reinforcing Injective's mission in the decentralized finance but also lays the groundwork for a more interconnected and streamlined financial ecosystem.

Omnichain Domain Name Service

Injective's recent launch of the omnichain domain name service is a significant leap towards enhancing blockchain interoperability and simplifying user experiences across different networks. This innovative service allows users to manage a single, recognizable domain across Injective and Solana, streamlining the way digital identities and transactions are processed in Web3. It stands as a monumental shift in reducing the complexity of navigating through various blockchain ecosystems, facilitating a unified, seamless interaction.

This breakthrough integration reinforces Injective's pioneering role in blockchain technology, aiming to bridge the gaps between isolated networks by offering a solution that enhances security, efficiency, and ease of use. Injective is not only advancing the blockchain industry but also paving the way for a future where decentralized web is more accessible and user-friendly, encouraging broader adoption and technological innovation.

Dojo Swap’s CW404 Launch

In February, CW404 was introduced and it is designed as a cutting-edge smart contract standard, specifically tailored for creating a more secure, efficient, and interoperable blockchain ecosystem. This innovation will revolutionize how developers build and deploy smart contracts, offering enhanced capabilities for creating dApps. 

By focusing on security, scalability, and ease of integration, CW404 sets a new benchmark for smart contract development, promising to streamline blockchain interactions and foster a more robust and versatile DeFi ecosystem. 

First-ever on-chain Japanese Yen (JPY) market live on Helix 

This new initiative introduced a fiat-linked market into the blockchain ecosystem, enabling direct and efficient trading with JPY on Helix, the first native orderbook DEX on Injective. By integrating the stability and familiarity of a major world currency like the Japanese Yen into the blockchain, Helix is expanding the accessibility and utility of DeFi services. 

This move not only bridges traditional finance with the innovative potential of blockchain technology, but also opens up new avenues for investors and traders looking to diversify their portfolios with fiat currencies. Helix's introduction of the JPY market underscores its commitment to pushing the boundaries of what's possible in DeFi, creating a more inclusive and versatile financial landscape.

Full List of Injective Updates

Ecosystem Updates:

DeFi

• Exotic Markets, the options and derivatives infrastructure protocol built on Injective launches on mainnet
• Helix, a decentralized exchange on Injective, introduced for the first time ever, the on-chain Japanese Yen (JPY) market
• Hydro Protocol,  an Injective-native LSD Protocol, achieved over 13,000 wallet participants one week after the mainnet went live. After going live on mainnet, Hydro also hit $107M TVL
• Hydro Protocol also announced their investment round with esteemed industry leaders
• Dojo Swap, the first native AMM DEX on Injective announced their premier Injective Airdrop platform
• Dojo Swap launched the CW404 token standard
• Filament, a perp DEX on Injective launched their Shinobi Testnet
• MoonApp, a Layer0 and launchpad on Injective burned over 121K $APP
• Gryphon, the decentralized liquid staking protocol on Injective, reopened its INJ/nINJ vault for 36 hours 
• Dojo Swap hit a TVL milestone of $40M 
• Mito, a automated trading vault and launchpad listed 5 new vaults 

NFTFi:

• xNinja, a SocialFI dApp built on Injective launched on mainnet 

Chain Updates:

• Hex Trust, the leading institutional digital asset custodian, has joined Injective as a validator
• Decentrio, the Cosmos software developers & infrastructure provider, has joined Injective as a validator
• Galxe integrated with Injective, the fastest L1 built for finance

Injective Stats:

• Injective processed over 485 million on-chain transactions.
• Injective produced over 62 million blocks on mainnet.
• Injective reached 415,000 active addresses.
• Injective reached 200,000 unique delegates.
• Injective has over 50,600,000 $INJ staked. 
• The INJ staking APR on Injective is 15.23%, with over 50.6 million INJ staked.
• A total of 25,143 INJ was burned through weekly burn auctions in February, and a total of 5.85 million INJ has been burned to date with over 138 burns.
• The total assets on Injective Chain reached over $3.4 billion.
• The total gas fees paid by users on Injective to date is zero.
• Injective hit over 503K followers on Twitter and 237K members on Discord.
• The total trading volume on exchange dApps on Injective reached $4.4B in February, with its peak daily volume on February 2nd reaching $269.7M volume. The most liquid markets are BTC and ETH perpetuals.
• The markets on Injective exchange dApps performed well this month, with Bitcoin (BTC) increasing from 43,348 to 63,264, marking a 45.9% surge. Injective (INJ) showed significant growth, rising from 36.65 to 42.49, indicating a substantial 15.1% increase.

Community Updates:

• Injective changed handles on Twitter to @injective.
• Injective hosted a project review call on Discord on Timeworx.
• Injective joined an Atlas3 Spotlight Spaces.
• Injective joined a Twitter Space session with the Ninja Blaze team.
• Over 20K members joined Mito’s Discord server in just a few hours. 
• Mito hosted its first ever community call to celebrate the mainnet launch and initial launchpad.
• Eric Chen joined Coinbureau for an interview.
• Everstake’s Injective annual on-chain data analysis report went live.
• Injective hit half a million Twitter followers.
• Injective had a booth at ETH Denver and hosted 2 side events, a happy hour and a builder brunch.
• Eric Chen participated on a panel about the next generation of L1s alongside other Web3 founders during Penn Blockchain Conference.
• Shane Moore gave a presentation during ETH Denver on ‘Building in a Multi-VM environment’.