October was filled with new foundational updates across the chain, ecosystem, and community sectors of Injective.
Tap in on the important developments that happened in October and explore how each update provides a building block to bring TradFi and DeFi together. Only on Injective.
Transaction Milestone Reached
One billion. One followed by nine zeroes. That is the amount of transactions that has been validated on the Injective blockchain. Only a handful of blockchains, like Bitcoin, Ethereum, TON, Arbitrum, Solana, and BSV have hit that milestone, and Injective is one of them. This highlights its robust infrastructure and ability to support large-scale usage.
This milestone underscores Injective’s commitment to providing a scalable, secure, and efficient blockchain environment for DeFi and beyond.
Introducing AUSD: The First Native Stablecoin on Injective
October saw the launch of AUSD, notching another upgrade to the Injective ecosystem. As the first native stablecoin on the platform, AUSD introduces new possibilities for traders, investors, and developers. Key features of AUSD include:
Fully collateralized by U.S. dollars, treasury bills, and repurchase agreements
Backed by VanEck ($100B asset management firm) and custodied by State Street ($4.1T assets under management (AUM) firm)
This addition enhances liquidity, provides a stable medium of exchange, and opens doors for innovative DeFi applications within the Injective ecosystem.
Paxos Launches Wrapped USDL on Injective
In a move that further bridges traditional finance with DeFi, Paxos has introduced wrapped USDL on the Injective blockchain. This integration brings a licensed and regulated stablecoin to the Injective ecosystem, attracting more institutional players and enhancing the platform's appeal for large-scale financial operations. Notable features of wUSDL include:
Fully collateralized by US dollars, US Treasuries, and other cash equivalent assets
Currently offering approximately 4.7% annual yield (subject to change)
Allows users to earn yield while using it across Injective's DeFi protocols
Injective Summit 2024: Uniting the Community
The countdown has begun for the Injective Summit, set to coincide with Devcon on November 15th. This highly anticipated event will bring together developers, community members, and industry leaders for a gathering featuring unique displays and discussions from ecosystem projects and the broader web3 ecosystem of speakers. The summit offers a unique opportunity to meet Ninjas in person, discuss the latest ecosystem developments, share insights, and builder competitions to challenge the Injective community.
Attendees will gain access to exclusive panels, swag, strategic updates from Injective Labs, and get a peek into trending topics like Cosmos vs. Ethereum and the VM wars. All of this is designed to build connections and inspire new ideas, with an aim at further solidifying the Injective ecosystem’s collaborative stance. In fact, the Summit will feature speakers from competing ecosystems which shows Injective’s collaborative vs. competitive stance. In turn the aim of each discussion is to reach across the blockchain aisle, to have opposing voices heard so that builders and users can make decisions that are best suited to their goals.
Meme Monday and the Quants Airdrop
Injective’s vibrant community engagement continued with the launch of Meme Monday and the Quants airdrop.
The inaugural Meme Monday had the likes of Kira, Quants, Xii, Ninja, and Hobos teams join the space for an insightful discussion about the meme culture on Injective and how each project came to be. Further, creativity and consistency were some of the key themes that these projects displayed to get their memes to become the top-of-mind memes of the Injective blockchain.
The Quants airdrop distributed approximately 85M $QUNT ($750,000) tokens to active community members and creators, rewarding participation and amplifying engagement across the network. Together, these initiatives helped build a stronger sense of community, while also promoting the collaborative nature the Injective ecosystem projects have with one another.
Kalshi Data Now Available to Injective Developers
On October 28th, Stork Oracle announced that they are now supporting Kalshi on their Open Data marketplace. This development gives developers access to reliable, low-latency prediction market data. Kalshi is the largest regulated provider of election markets, with over $100M in bets on just their US Presidential election market alone.
This update further expands the available data for new financial markets and use cases on Injective leveraging Kalshi’s deep liquidity and community base.
NTT Digital Joins as a Validator
The addition of NTT Digital, part of Japan's largest telecom company, as a new validator on the Injective network enhances the blockchain's security and decentralization. Validators play a crucial role in upholding network integrity, and NTT Digital’s addition strengthens Injective’s validator ecosystem.
With this validator onboard, Injective is positioned to support growing transaction volumes and ensure continued network reliability. This development also increases Injective’s presence in the Japanese market, signifying a global user base.
Paradyze Public Testnet Goes Live
The Paradyze public testnet launched in October, offering early adopters an opportunity to test various prediction markets before they go live on mainnet. This testnet provides a sandbox for experimenting with new decentralized applications, fostering creativity and enabling the community to contribute feedback directly to Paradyze.
By supporting early-stage testing and feedback, the Paradyze testnet ensures that new dApps on Injective meet high performance standards, reinforcing Injective’s reputation as a developer-friendly blockchain.
Helix: Rejecting Modernity, Embracing Tradition
Helix, Injective’s flagship decentralized exchange, celebrated the conclusion of its Like a G trading competition. Grand prize winners won brand new Mercedes G-wagons and runner ups earned everything from new iPhones to new Mac Books. The Like a G competition added excitement and engagement, drawing in thousands of participants and spotlighting Helix as a top-tier DEX in the industry. This competition exemplifies Helix’s focus on rewarding its user base and strengthening its standing in the DeFi space.
Additionally, in October Helix reached $40B in cumulative trading volume. Further, Helix also ranked third in 24 hour trading volume among perpetual DEXs according to Coin Market Cap, underscoring its growth and popularity within the trading community. New milestones are being hit often and new users are showing up to use Helix due to its superior UX and diverse trading pairs.
Full List of Injective Updates
Ecosystem Updates
Leap now supports Ledger for Injective, allowing users to manage INJ tokens on the Ledger device on the phone.
Upbit, the largest centralized exchange in Korea, has supported Injective natively. Millions of new users can now access native INJ tokens using the Korean fiat pair KRW.
The official on-chain government proposal to integrate Fetch and Injective is live with 100% of participants voting yes so far, making one of the highest approval rates in history.
Learn more about the data providers on Injective, featuring Stork, Artemis, and The Garph.
Learn more about the major yield projects deployed on Injective, featuring USDY, USDM and USDe.
Learn more about the liquid staking on Injective, featuring Hydro Protocol, Stride and DojoSwap.
Injective Updates
Injective processed over 93 million blocks.
Injective surpassed 1.1 billion on-chain transactions.
Injective reached over 224,000 unique delegates.
Injective has over 60.8 million INJ staked.
A total of 51,520 INJ was burned through weekly burn auctions in October, and a total of 6.28 million INJ has been burned to date with over 173 burns.
The INJ staking APR on Injective is 10.55% with over 61.4 million INJ staked.
Injective SDK has over 91,383 monthly downloads.
The total trading volume on exchange dApps on Injective reached $1.2 billion in October, with its peak daily volume on October 2nd reaching $96M volume. The most liquid markets across Injective DEXs are BTC and ETH perpetuals.
Starting in the first week of October, INJ 3.0 entered its first phase which aims to dramatically reduce the Injective token supply.
Injective has the highest revenue-to-FDV ratio which indicates its strong network utilization, growth and a sound token economy.
Community Updates
Injective Labs CEO and co-founder Eric Chen caught up with Benzinga to discuss the impact of stablecoins, and how they’re converging DeFi and TradFi sectors.
Injective Foundation CEO Jenna Peterson joined a panel of officials from The European Commission to speak about Injective’s developer-centric approach, robust infrastructure and multi-VM capabilities.
Conclusion
October’s updates have strengthened the foundation of Injective’s ecosystem, positioning it for even greater achievements in the months ahead. From record-breaking transaction milestones to new stablecoin offerings and validator additions, each development contributes to Injective’s vision of uniting traditional and decentralized finance.
Stay tuned as Injective continues to innovate, leading the way toward a more accessible, efficient, and secure financial ecosystem.
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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