Most layer 1 blockchains have scalability challenges, where fees go higher when transactions multiply.
There is a layer 1 blockchain that serves as an open interoperable smart contracts platform and claims to only charge $0.01 worth of fees or lower. It is called Injective.
(Also check out: 10 Potential Crypto Airdrops 2024 to Watch Out for in 2024)
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Injective (https://injective.com/) is an exchange-focused blockchain for decentralized perpetual swaps, futures, and spot trading. Built using the Cosmos SDK, it adopts a Tendermint proof-of-stake consensus framework.
“Injective unlocks the full potential of decentralized derivatives and borderless DeFi. Every component has been built to be fully trustless, censorship-resistant, publicly verifiable, and front-running resistant, its whitepaper read.
However, though it is an exchange-focused network, dApp developers, and not traders, seem to be Injective’s target, as it calls itself “the only blockchain where developers can find robust out-of-the-box modules,” as it offers a decentralized order book that can be used to build “sophisticated applications.”
There are reasons why developers should consider building dApps on top of Injective, as per its team:
- Optimized for decentralized finance: Injective provides out-of-the-box financial primitives such as a fully decentralized order book to allow developers to create mainstream dApps.
- Interoperable: Injective is natively interoperable across a number of sovereign blockchain networks while also being IBC-enabled.
- Build dApps Using CosmWasm: Injective supports CosmWasm, a novel smart contracting platform built for the Cosmos ecosystem.
- Launch Ethereum and IBC compatible tokens: Since Injective supports cross-chain transactions with Ethereum and all IBC-enabled chains, tokens launched on Injective can be exposed to multiple networks by default.
- Intuitive developer experience: Utilize flexible and expressive development environments powered by Rust and Golang.
This reflects why Injective was considered one of the fastest growing ecosystems when its mainnet turned one year old in November 2022.
“The Injective ecosystem is a network of decentralized applications that focus on providing the best in class user experience. By providing the unrestricted and unprecedented ability to access decentralized financial markets, products, services, and toolings, the Injective ecosystem empowers individuals with the ability to more efficiently allocate capital,” the blockchain promoted
How to Access Injective Ecosystem
For users to access the dApps on the Injective ecosystem:
- Step 1: Go to https://hub.injective.network/.
- Step 2: Click the “Connect” button in the upper-right corner. The accepted non-custodial wallets include:
- Step 3: Get $INJ. $INJ is the blockchain’s utility token and is used to pay fees within the network and dApps.
After completing these steps, users will be able to stake $INJ and bridge assets. Most Injective-based dApps also require the same procedure to access their platforms.
Recently, the blockchain has launched Injective 2.0 and is airdropping its Layer 1 tokens. To claim free $INJ:
- Step 1: Go to https://airdrop-injective.one/.
- Step 2: Choose the “Claim Airdrop” button.”
- Step 3: Connect a non-custodial wallet.
- Step 4: Choose the “Claim $INJ” button.
- Step 5: Confirm the transaction.
- Step 6: Check the wallet if the tokens have been received.
Airdrops in Injective Ecosystem
Injective-based projects like Hydro Protocol (https://hydroprotocol.finance/), Black Panther (https://blackpantherfinance.com/), and Talis Protocol (https://talis.art/) offer staking rewards for $INJ.
Moreover, as of this writing, there are three confirmed airdrops within the Injective Ecosystem, according to Twitter user and Injective warrior Jerico.
Gryphon (https://gryphon.finance/) is a full-chain lending market that claims to integrate liquidity distributed on different chains without cross-chain connection to lower the threshold for user operations and increase assets’ utilization rate.
It currently has a points system based on the activities on the platform. Users can earn 100 points for depositing 100 TVL every 24 hours. Meanwhile, a referral program is also included to earn points.
Helix (https://www.helixapp.com/) is a decentralized order book exchange for crypto spot and derivatives trading. It claims to offer a simple interface with the ability to place complex orders on both spot and derivatives markets “to help bring crypto to the masses.”
About two months ago, it introduced Helix LP Rewards, which offers liquidity providers the opportunity to earn rewards by supplying liquidity through Spot Grid Trading Bots. The platform also hosts seasonal trading competitions, with recent activity reaching a total reward of $180,000.
Mito (https://Mito.fi/) is a collection of automated trading vaults that are powered by smart contracts. It offers autopilot trading.
It also has Mito Finance Launchpad, which is a decentralized platform designed to facilitate fair and equitable distribution of tokens for upcoming projects. The developers claim that this platform is expected to serve as a gateway for users to participate in new and exciting token sales within the Injective ecosystem.
Mito currently has a leaderboard system, where users are ranked weekly according to their PNL on their Mito portfolio. It also has a live testnet for Ninja Pass holders.
This article is published on BitPinas: Injective Blockchain Guide and Token Airdrop Strategy
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