The July Monthly Community Update

Welcome to the July Community Update! July was another massive month, not only for the platform and ecosystem, but also for finance at-large. If there's one through line to draw from these monthly updates, it's that Injective is reducing friction in every facet: friction for builders, friction for users, and friction for institutions. Building the future of finance demands this.

This month hit on all three aspects. Institutions saw the launch of AINJ, the Injective Staking ETP, and witnessed the integration of Ondo Finance and Mountain Protocol, providing access to yield-bearing stablecoins USDY and USDM, respectively. At the end of the day, these products benefit all Injective users, offering greater access to dynamic financial instruments. This, of course, would not be possible without Injective signalling a readiness and proficiency to institutional entrants worldwide.

The introduction of StreamSwap and Start.cooking exemplified the ecosystem’s growing diversity, demonstrating its capability to support a wide range of applications. These integrations, alongside the reinforcement of network security with Galaxy, showcased Injective’s dedication to providing a versatile, secure, and user-centric blockchain platform. As Injective continues to attract innovative projects and reliable partners, it is clear that the ecosystem is poised for even greater growth.

The excitement didn't stop there. The community came together for the inaugural Builder House event, which was a huge success. This gathering brought together industry leaders, developers, and enthusiasts to share insights, collaborate on projects, and celebrate the vibrant Injective ecosystem.

In true Injective fashion, the ecosystem growth and activity continued to flourish in the month of July. As we round up the key takeaways, keep this in mind and check out the resources section to dive deeper into anything that catches your eye. In the meantime, Injective will keep shipping, keep stacking win after win, and keep raising the bar—transforming decentralized excellence into a new standard of success.

Injective is Built for Finance, Finance is Built for Injective

Injective is pioneering the seamless integration of traditional finance with blockchain technology. This vision is embodied in every aspect of its ecosystem, consistently reducing friction to create a unified financial landscape. In July, this was on full display, week-in and week-out.

AINJ: The Injective Staking ETP Launch

July heralded the launch of AINJ, a groundbreaking Injective Staking Exchange-Traded Product (ETP) by 21Shares. AINJ offers a transformative way for users to gain exposure to INJ via major traditional finance venues while capturing staking rewards. AINJ is backed 100% by underlying INJ and kept in cold storage by an institutional-grade custodian, ensuring a direct correlation to its underlying asset while reducing operational costs. By combining the benefits of staking with the convenience and efficiency of an ETP, AINJ offers a comprehensive and dynamic instrument for benchmarking INJ.

Supported by 25 banks and brokerages, including Interactive Brokers, Saxo Bank, Swissquote, and eToro, AINJ exemplifies Injective’s relentless drive to bridge traditional financial markets with the dynamic world of DeFi. Recently, 21Shares spearheaded efforts for the Bitcoin ETF alongside Cathie Wood’s Ark Invest, managing over $3 billion in assets for this product offering alone. Their experience and reputation ensure that AINJ is backed by a reliable and established partner.

Tokenization, Tokenization, Tokenization

Tokenized treasuries have brought a remarkable $1.2 billion on-chain in the last four months, showcasing the transformative potential of tokenized assets. BlackRock’s BUIDL Fund alone amassed over $527 million, highlighting the burgeoning interest and Injective’s role in this financial evolution.

This month, Ondo Finance launched USDY on Injective. USDY, a tokenized note secured by short-term U.S. Treasuries and bank demand deposits, merges the stability of a USD-backed asset with the lucrative benefits of yield generation. Following this, Injective onboarded USDM, issued by Mountain Protocol. USDM is the first permissionless yield-bearing stablecoin, backed by U.S. Treasury Bills. This asset not only offers secure, regulated access to a stablecoin but also incorporates BUIDL into its reserves, currently providing a 5% annual yield* through a daily interest rebasing mechanism, at the time of publishing.

Injective’s advanced capabilities, as the only L1 built specifically for finance, including the world's first RWA module, make these integrations possible. The RWA module uniquely enables institutions and users to launch new tokenized offerings with custom rule sets and parameters, facilitating the creation of some of the most liquid on-chain products for commodities, FX, and more.

Injective’s unwavering dedication to reducing friction between traditional finance and blockchain technology is evident in these developments. By providing robust, yield-bearing assets and leveraging innovative modules, Injective is setting a new standard for financial convergence, offering unparalleled opportunities and flexibility.

*For the most accurate and up-to-date information, please refer to the Mountain Protocol website.

Builders in Brussels

The inaugural Injective Builder House was a resounding success, marking a significant milestone for the Injective community. Held in a stunning industrial building by the Canal de Bruxelles during EthCC, the event brought together industry leaders, developers, and community members from all corners of the Injective ecosystem.

Attendees were greeted with exclusive Injective merchandise and a day packed with insightful panels, hands-on workshops, and vibrant networking opportunities. Highlights included:

Panels and Talks: The main stage featured discussions on long-term value in crypto, scaling institutional capital in Web3 finance, and the integration of RWAs. Notable speakers included Eric Chen from Injective Labs, Robinson Burkey from Wormhole Foundation, and Matt Sorg from Solana.
Hands-On Workshops: Upstairs, sessions focused on Injective’s developer toolkit, rollup interoperability, and leveraging real-time data with Pyth. Workshops provided practical guidance on launching dApps, scaling tech stacks, and bridging traditional finance with blockchain technology.

The event concluded with a lively closing party, where attendees celebrated the day's achievements. The first Injective Builder House successfully connected industry leaders and community members, setting the stage for future impactful events.

For a detailed recap, check out the recap.

New dApps Enter the Ecosystem

StreamSwap

StreamSwap, a cutting-edge addition to the Injective ecosystem, offers a unique approach to token swaps. Unlike traditional Automated Market Makers (AMMs), StreamSwap facilitates time-based token swaps, allowing tokens to be exchanged over a fixed period rather than instantly. This method promotes fair and transparent price discovery, providing a balanced and predictable flow of liquidity.

StreamSwap's innovative model enables token issuers and traders to lock tokens in streams, which are gradually swapped, ensuring both price and liquidity are determined transparently and efficiently. This integration significantly enhances the trading experience within the Injective network, supporting a more dynamic and fair DeFi environment.

Start.cooking

Start.cooking joined the Injective ecosystem, empowering users to create tokens on the Cosmos network using the Token Factory Module. This platform focuses on delivering an exceptional user experience through its intuitive interface, allowing anyone to launch tokens with minimal fees and no initial liquidity requirement.

Tokens can begin trading instantly on a bonding curve, and as milestones are reached, automatic liquidity pools are set up on Dojo Swap. This seamless process boosts trading volume and engagement, making it easier for all users to innovate and participate in the ecosystem.

Galaxy

Galaxy, one of the largest Web3 institutions, officially joined Injective as a validator. The addition of Galaxy is yet another example of Injective working with the industry’s best. Known for its robust performance, Galaxy's involvement ensures a more secure and reliable blockchain, enhancing user trust and confidence in the ecosystem.

Full List of Injective Updates

Ecosystem Updates

USDY is now available on Helix, providing users with additional yields on stablecoin holdings.
The Injective Staking Exchange Traded Product (ETP), AINJ, was launched by 21Shares. The news is featured by major media outlets such as CoinTelegraph.
Mountain Protocol has launched on Injective, introducing USDM into the Injective ecosystem.
StreamSwap has launched on Injective, introducing a new paradigm of time-based token swaps.
Start.cooking has launched on Injective, enhancing meme coin culture within the Injective ecosystem.
Zen Card has supported Injective, enabling effortless interaction with the Injective chain for users.
Galaxy Exchange has supported Injective, facilitating easy cross-chain asset transfers.
Dojo Swap has unveiled Dojo Swap 2.0 to scale liquidity and support builders.
Galaxy, one of the largest Web3 institutions, has joined Injective as a validator.
Tria is live on Injective to redefine chain abstraction enabled UX across the ecosystem.

Injective Updates

Injective released the Altaris Chain Upgrade governance proposal.
Injective processed over 80 million blocks.
Injective surpassed 800 million on-chain transactions. Notably, it recorded 3.9 million transactions in a single day on July 4th, 2024.
Injective reached over 222,000 unique delegates.
Injective has over 60 million INJ staked.
A total of 75,232 INJ was burned through weekly burn auctions in July, and a total of 6.08 million INJ has been burned to date with over 160 burns.
The INJ staking APR on Injective is 13.51% with over 60 million INJ staked.
Injective SDK has over 135,313 monthly downloads.
The total trading volume on exchange dApps on Injective reached $1.6 billion in July, with its peak daily volume on July 4th reaching $163.9M volume. The most liquid markets are BTC and ETH perpetuals.

Community Updates

The Injective ambassadors launched a mascot design campaign to collect creative ideas from the community.
Thirdweb, a full-stack Web3 development platform, featured Injective for their Onchain Olympics campaign.
Four Pillars created an Injective Research Dashboard for users to get all the information about the Injective ecosystem in one place.
Injective validator WhisperNode created a deep dive video about Injective burn auction and how to add assets to the auction basket.

Conclusion

Thank you to the incredible community of Ninjas for their continued support and engagement. Stay tuned for more exciting updates next month. Together, let’s build the future of decentralized finance.

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.