Authors: Meteor, ChainCatcher

The recent hot topic may be the casting of the first inscription INJS on the Injective network. However, due to the large number of participants and network congestion, the webpage crashed. Subsequently, INJS announced the suspension of coin casting and the return of all participants' funds. It was announced that the coin casting plan would be restarted at 22:00 yesterday, using multiple rounds of coin casting to prevent network congestion. However, the number of failed castings still exceeds the number of successful castings. The INJS official announced today that the issuance of INJS will be stopped due to excessive participation of bots. Although the casting process of JINS has been full of twists and turns, it cannot be denied that INJS has brought a wave of heat to Injective.

Injective is also considered a veteran interoperable L1. Applications that enable smart contracts on the Injective network are compatible with Ethereum and Cosmos IBC, and can also achieve real-time transaction settlement. Injective is incubated by Binance Labs and supported by Pantera Capital and Jump Crypto.

Source: RootData

Although the inscription craze is currently hot in the crypto world, many users are not familiar with new concepts and operational processes, and it is more of a scientist's field, such as INJS. Some inscriptions on the chain may experience lag, network congestion, or failures. Therefore, new projects on some chains are also worth paying attention to. Taking advantage of the current popularity of Injective, the authors have found some new projects worth paying attention to on the Injective network, including DeFi protocols, NFTs, Gaming, etc. Some projects have airdrop plans, and users can participate based on their own understanding. Below are the specific introductions of the projects.

Injective DeFi

DojoSwap

DojoSwap is the first AMM DEX on Injective and will be launched on the Injective mainnet within 1-2 weeks. Its token economy and airdrop plan have been announced. The native token is DOJO, and according to the official website of the project, the total supply of DOJO tokens is 800,000,000, with an airdrop ratio of approximately 6%. The project supports the swapping of various tokens on the Injective network, and users can participate in Dojo by trading and providing liquidity.

In addition, Dojo's liquidity mining is divided into two phases. Before the token is released, Dojo will allow users to obtain airdrops by providing liquidity through LP tokens. The specific steps are that users need to stake their LP tokens in their liquidity pool and will receive corresponding POINTs. Generally, the time users stake is directly proportional to the POINTs they receive. Early participants will receive more points to exchange for DOJO airdrops. After DOJO is released, users will be able to exchange POINTs for DOJO at a certain ratio. After the token is released, users can also directly earn DOJO through Dojo's liquidity mining contract. DOJO holders will have governance rights and fee sharing in Dojoswap. Users can wait for the official launch of Dojo to interact and seek airdrops.

Gryphon

Gryphon is a decentralized LSD protocol on Injective that integrates lending and borrowing functions. One highlight of the protocol is the integration of liquidity between different chains without the need for cross-chain operations. Users can stake assets (such as INJ, wETH, or wBTC) as collateral to mint nUSD and receive Gryphon rewards. By staking nUSD, users will be able to earn a fixed interest rate of 5%. In addition, users can earn trading fees by pairing USDT/USDC with nUSD.

Gryphon has also disclosed its airdrop plan. The rules for airdrops include active users promoting Gryphon to the community, real-time promotions to encourage user participation, and rewards for introducing new users. The website also has a leaderboard based on points, showing the total number of participants and their rankings. Users can earn 100 points by depositing 100 U within 24 hours, and rewards include 16% from direct referrals and 8% from second-level referrals. Point rewards are updated daily, and the airdrop ratio is pending.

An invitation code is required for the first visit to the website, and users need 1 INJ bond to obtain an invitation code. Each invitation code can invite 8 new users. Users can receive a super invitation code by depositing INJ or 200 ATOM, with no limit on the number of referrals. The point multiplier increases by 0.01 per day for users with stable deposits. If there is a change in deposits, the multiplier will be reset to 1.

Neptune Finance

Neptune Finance is a collateral-based lending platform built using Rust and Cosmos SDK. With Neptune, lenders can earn interest by providing collateral to borrowers to ensure the safety of the loan. Lenders' income comes from the share of interest paid by borrowers and minus protocol fees.

Users can deposit tokens into Neptune and receive nTokens as proof, where nTokens represent the assets deposited by users and the interest generated in the process. Borrowers can borrow by depositing collateral. If the collateral-to-loan value ratio is less than 1, the corresponding account should face partial liquidation. The liquidation of one account will not affect other accounts.

Each type of collateral has a maximum LTV (loan-to-value ratio), which represents the maximum loan value that can be borrowed for each type of collateral. For example, if the value of an account's tokens is $100 and the maximum LTV is 80%, the account can borrow up to $80 worth of other tokens. In addition, the addition of a new collateral asset must be approved by the governance department, and the token value is determined by a multi-source price Oracle. The supported wallets for the protocol are Keplr and Metamask, and the gas used for transaction fees is INJ.

Hydro Protocol

Hydro Protocol is an LSD platform on the Injective network, using LST to build the LSDFi ecosystem of Injective. Users can deposit INJ to receive hINJ and earn staking rewards. hINJ is the LST on the Hydro Protocol, enabling instant staking rewards and providing liquidity for other DeFi protocols.

In addition, Hydro Protocol has introduced an automatic compounding feature to reduce the manual process of withdrawing rewards and restaking after staking. The project's governance and utility token is HDRO, with a maximum supply of 1 billion tokens. The specific token allocation economics has not been announced, but the project previously announced a testnet activity in September, where users with high rankings had the opportunity to receive HDRO airdrop rewards.

According to its roadmap, the project may have major developments in 2024, making it worth paying attention to.

Injex Finance

Injex Finance is a DeFi Swap and infrastructure aggregator on Injective. The project's mechanism allows connection with various DEXs on the Injective network to aggregate liquidity, ensuring users can obtain the best rates with minimal slippage. The project can provide Injective with deeper liquidity, a more efficient ecosystem, and lower slippage. Additionally, the project has confirmed the token as INJX, used for:

Loyalty rewards: Incentivizing platform participation.

Access features: Early access or advanced features.

Staking incentives: Options for users to earn staking rewards.

Collaborative advantages: Collaboration with other DeFi projects on Injective, where holders of INJX can receive some discount benefits.

Airdrops: Regular token airdrops to active protocol users.

Aeroscraper

Aeroscraper is a user-centric decentralized lending protocol on Injective. The project has introduced AUSD, a stablecoin with no interest and over-collateralization, combined with DeFi lending. Users can fully utilize AUSD for borrowing, avoiding the price difference caused by token volatility. The liquidation threshold for borrowing is 115%.

The protocol operates in a fully automated and hands-off manner, giving users autonomy. By depositing collateral, users can obtain loans in AUSD, a stablecoin pegged to the US dollar, without incurring any interest. The project also has a redemption mechanism for its stablecoin AUSD, ensuring it remains stable. Additionally, Aeroscraper only charges initial transaction fees, eliminating the complexity of interest rate fluctuations in traditional lending and enhancing user experience.

Injective NFT / Gaming

The following projects are recent or upcoming NFT and Gaming projects on Injective, worth short-term attention and trading for profit.

CATALYST

CATALYST is a collection of cat NFTs, with a total of 1212, and the floor price at the time of writing is 3.68 INJ. The previous mint price was 0.8 INJ. An issue arose where users with whitelist access and regular users had the same minting price for the NFT, and many whitelist users were unable to mint the NFT. The project later announced that it would compensate users. Based on the data, users who participated in minting received at least three times the profit.

Destiny Punks

Destiny Punks is a collection of 2500 randomly generated NFTs, a derivative of Punks, tradable on the Talis Protocol. The official social media is currently conducting a lottery (OG and whitelist), and the floor price for this series at the time of writing is 0.9 INJ.

Injective BILDER

Injective BILDER is a new NFT collection set to be launched on Injective, with the total supply and mint price yet to be announced. The official social media is conducting OG and whitelist lotteries, and joining the official DC provides the opportunity to obtain whitelist and OG slots, where OG = free mint. It is a NFT project that can be leveraged.

SwordSaga: Warrior Edition

SwordSaga is a collection of warrior NFTs, and its official social media is currently conducting whitelist draws. Users can participate in the lottery on their official DC.

Ninja Blaze

Ninja Blaze is a spinach gaming platform built on Injective, currently in the testnet phase. Users can receive test coins by completing tasks on Galxe, with one claim available every 24 hours. The platform has launched two games, Jackpot (similar to a jackpot lottery) and Roshambo (rock-paper-scissors).

The game roadmap also indicates that specific information about tokens and airdrops will be announced in the first quarter of 2024. Currently, users can interact by claiming test coins daily.

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