Injective Protocol Monthly Review — June 2021

5 min readJul 19, 2021

Introduction

June 2021 will be remembered as the month of launch of the Injective Protocol mainnet, that put into execution not only phase 1, but also phase 2 of its Injection Chain, called Canary. In addition, the SCB 10X was announced as the latest company to join Injective’s mainnet validator group.

With regards to Equinox releases, Injective has made full spot and perpetual trading available, as well as Equinox Epic Tasks to allow users to test these new features.

New partnerships, community events and a weekly tweet thread with crypto news were also some of the highlights this past month.

Below is a more detailed summary of these achievements.

Injective Canary Chain

On June 26, Injective Protocol announced the end of its Equinox Staking testnet and the start of the Injective mainnet phase 1.

Phase 1 consisted of Peggy Bridge and initial deployments. The Injective Peggy Bridge is a decentralized and non-custodial bridge operated by Injective validators and that allows users to transfer any ERC-20 token into the Injective Chain. Peggy Bridge consists of three main components:

Peggy Contract: It was deployed on Ethereum here. The Peggy contract is the core of the Peggy Bridg, providing efficient and bidirectional cross-chain transfers of ERC-20 tokens from Ethereum to the Injective Chain.
Peggo Orchestrator: It is an off-chain relayer that every Injective Chain validator operates which has the function of transmitting ERC-20 token transfer data from Ethereum to the Injective Chain.
Peggy Module: The Peggy module mints new tokens on the Injective Chain upon an ERC-20 deposit from Ethereum and burns tokens upon withdrawing a token from the Injective Chain back to Ethereum. It has a another important role on the Injective Chain, managing the economic incentives to ensure that validators act honestly and efficiently, through several mechanisms including slashing penalties, native token rewards, and withdrawal fees.

A few days later, on June 30, the Injective Protocol deployed its Canary Chain, which announced the beginning of phase 2 of its Injective Chain.

With Canary Chain, users can now stake their INJ with genesis validators on Injective Chain (https://staking.injective.network), as well as bridge any ERC-20 token on Injective Chain using the Peggy Bridge mentioned above. In addition, users can also participate in all governance processes and underwrite insurance funds.

Security is a keyword for Injective Protocol and the Canary Chain will work with some limitations to prevent its users from getting any issue. When everything is fully tested and ready, the next phase of the Injective Chain, called the Canonical Chain will be deployed, and it will work in exactly the same way as the Canary Chain, but without any form of limitation, allowing unrestricted trading for a diverse array of new markets with full-fledged governance capability maintained entirely by the community.

Equinox Releases

On June 18, Injective Protocol, made available on Equinox, test spots and perpetual contracts for a wide array of markets on Injective. Users who have staked INJ are able to both propose new markets and vote on new listings, allowing the entire listing process to be governed by a decentralized community of stakeholders

These aren’t the only new features added to Equinox, in fact a completely revamped infrastructure has been deployed, including: enhanced UI capabilities, metamask and ledger support, refactored Injective codebase, upgraded oracle module and a novel order matching model.

All of these new implementations aim to provide the most efficient, fastest and most secure environment with new and useful front-end and back-end features for Injective’s users.

Partnerships

To be a widely used DEX, in addition to offering a useful, agile and unique platform with several features, it is also necessary to carry out several partnerships and integrations.

The month of June featured the following partnerships announced by the Injective Protocol:

NEAR Protocol: On June 2nd, Injective Protocol announced an integration with NEAR Protocol, a decentralized application platform designed to make apps usable on the web, that will allow Injective’s users to launch derivatives products based on the NEAR token or on native assets built on the NEAR blockchain. Bridge between Near and Injctive chains will be done by Aurora, an Ethereum-compatible smart contract platform powered by Near.
MDEX: On June 8th, Injective Protocol announced a partnership with MDEX, a decentralized swap protocol, providing INJ holders with the opportunity to accelerate their earning potential through INJ staking and liquidity mining on MDEX.
Stacks: On June 10th, Injective Protocol announced a partnership with Stacks, a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications (DApps) to Bitcoin, that aims to o bring fully decentralized Bitcoin derivatives to Injective. Injective’s users will be able to transfer Stacks-based tokens to the Injective Chain, allowing them to create derivative products based on STX token as well as tokens based on the Bitcoin network.
Formation FI: On June 19th, Injective Protocol announced a partnership with Formation FI, a Cross-Chain Risk Parity Smart Farming 2.0, to create a multi-chain risk optimized yield farming derivatives.

Community events and news

Among several events and media coverage, Injective Protocol was present in Bitcoin Miami on June 5th, was interviewed by popular YouTubers Fung Bros in an AMA alongside Burnt Banksy. In addition, Injective’s social media accounts on Twitter and Telegram are now verified.

Finally, on its twitter account, the Injective Protocol synthesizes the main news from the crypto space in a weekly thread.

Conclusion

The month of June was a highlight month and allowed many advances in the development of the Injective Network. Canary Chain is live and the expectation is when the next and last phase will be implemented.

Partnerships and integrations are always in sight to ensure that the Injective Protocol is the leading DEX derivative on the market.

About Injective Protocol

Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.