It’s a Date: Ethereum Shapella Unstaking Upgrade Set for April 12
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Project Insight: Injective Protocol
December 15, 2020
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Injective Protocol is a fully decentralized layer-2 platform, taking the crypto derivatives space by storm with the recent launch of their Solstice Testnet.
Injective Protocol: The Leading Decentralized Derivatives Exchange
Injective is a fully decentralized layer-2 derivatives platform; it offers users a trade execution coordinator (TEC) and a decentralized order book. Injective leverages layer-2 technology to compile transfers on the Injective Chain using a EVM-compatible environment. The EVM is used on top of the Cosmos-SDK (based on ethermint), allowing scalable implementation on the Ethereum Network.
Why Decentralization?
As Crypto is becoming ever more decentralized, exchanges must follow suit. Traditional Centralized Exchanges (CEX) have many weaknesses concerning coin custody, identity breaches, server downtime, fees, and even insider trading.
DEX’s such as injective protocol negate many of these risks. To begin, users on DEX’s can keep custody of their assets on hardware wallets. Users don’t need to worry about identity risks as Injective is open and permission less; there is no “know your customer” (KYC). On top of this, users don’t experience the taxing trading fees. Lastly, DEX’s remove a central entity that can receive asymmetric information and bolster more inside trading in markets.
While DEX’s offer many benefits, it is also essential to understand their weaknesses as well. Due to a lack of early adoption, DEX’s face liquidity problems. This leads to large spreads in low liquidity pairs. Due to no market-maker providing depth to the market, we witness a negative feedback loop. A lack of liquidity causes a loss of current users and drives away new users who could provide the needed liquidity. On top of this, DEX’s are easy to “front-run,” due to the proof of work (POW) system with an average block time of 15 seconds, users can place their orders at a higher priority for miners. Users who do this will be able to “front-run” DEX’s getting a “fill” before the DEX and profiting on that move.
With that being said, Injective has introduced its features to combat these common issues that DEX’s face.
Key Features:
- Fully decentralized layer two derivatives platform
- Market creation is open and permission less
- Layer-2 technology allows for low latency and zero gas fees
- Complete governance system with voting rights to those who hold INJ tokens
Injective Protocols Innovation
The injective protocol boasts a few key innovations that separate itself from other DEX’s. These can be split into four separate domains, the client, service, Cosmos, and Ethereum. These respectively make up the backbone of the Injective protocol platform.
Client Domain: Injective Exchange Client
This consists of the Injective Exchange Client, which is the frontend that users interact with. The injective team has specifically focused on giving their users “a comprehensive yet friendly graphical user interface,” one that can suit all users alike. Overall the Injective client provides users a complete decentralized exchange that is open source and accessible by anybody.
Service Domain: Injective API & Injective EVM RPC
The service domain provides nodes responsible for transaction relay services, data layer processes, and connection to the Injective EVM. Injective API nodes also simplify the transaction rely approach, resulting in direct interaction. On top of this, the nodes provide data and analytics services compatible with their Injective Exchange Client.
The nodes support the following API services: “Injective Derivatives and Spot Exchange APIs for the Injective Client, the 0x Standard Coordinator API, the Injective Derivatives Protocol Graph Node GraphQL API and other API services required by the Injective Exchange Client
Cosmos Domain: Injective Chain & Injective Explorer
This domain acts as the backbone of Injective Protocol, consisting of the Injective chain. The Injective Chain boasts its completely decentralized order book, Trade execution coordinator (TEC), and EVM execution environment with a token bridge to Ethereum. Incorporating an EVM and the Cosmos-SDK, the injective protocol executes smart contracts that are both scalable and interoperable on top of Ethereum's Proof-of-Work (POW) system.
The Injective Chain incorporates several contracts allowing its users to enjoy all the fruits of decentralized derivates trading.
0x Exchange & Injective Derivatives Contracts
These smart contracts allow users to participate in peer to peer exchanges in spot and derivatives trading. Two contracts are integrated, for spot markets, the 0x V3 Exchange Protocol, and for derivates, the Injective Derivates Protocol. Once written in solidity, these contracts can be deployed onto the EVM, where users interact with them through the exchange client.
Staking Contract
This contract can govern the Injective Protocol and process cross-chain transactions
More detailed info on these smart contracts can be viewed here.
Ethereum Domain:
The Injective EVM Bridge Contracts are smart contracts that ensure stability in the two-way peg between the Ethereum Network and the Injective Chain. These contracts facilitate the secured token bridge between ETH and INJ native tokens.
INJ Tokenomics
INJ’s primary purpose serves as a governance token for the Injective Protocol. This token will allow users to vote on project proposals regarding the futures protocol, exchange parameters, and protocol upgrades.
Another use-case for INJ is that users will be able to collateralize it. Like stable coins and other tokens used for margin, users will be able to INJ as margin in their derivative markets. On top of this INJ can be used in collateral backing or insurance pool staking, which will lock users’ tokens but distribute interest on the locked amount.
On top of this INJ will be used to incentivize market makers and relayers. In this system, makers will pay a .1% exchange fee, and takers will pay .2%. It is essential to understand that market makers will receive a net positive payment in fee rebases to incentivize liquidity, creating a tight spread and a considerable market depth. On top of this, nodes and validators can cater to trades directly through improving API or interfaces, which they will be rewarded for. More information on the formulas used in these incentives can be found here.
The remaining exchange fees will be used for an on-chain buy-back-and-burn, almost acting a dividend for INJ users. This is a bit different, but in principal, the burn adds value to INJ holders.
Finally, a portion of INJ will be distributed to users based on their notional profits. Users who have the highest notional profit will receive the most INJ to reward those who use the protocol the most. This will be done through a snapshot taken daily, where the tokens will be distributed to users daily.
Roadmap
The complete roadmap can be viewed in the image above. I have gone ahead and listed a few key releases to anticipate. For the scale of Injective Protocol, the team is working very diligently and has been on schedule for their roadmap. The team has recently completed the first launch of their public testnet successfully. Overall, 2021 is set to be a massive year for Injective Protocol.
Q1 2021
- Public testnet V2
- Incentivized staking
Q2 2021
- Mainnet V1
- Multiple bridges (Binance Smart Chain)
- Additional liquidity mining
Q3 2023
- Launch 10+ perpetual swaps & expiry futures
- Cross-chain liquidity mining
Concluding Thoughts
Overall the Injective Protocol takes derivatives trading to the next level. Unlike most current DEX’s, Injective can preserve traditional order books without compromising on security or speed. If anything, Injective improves overall safety and operability as it is a decentralized and permission less protocol. Through incorporating layer-2 scaling measures, INJ is also able to have ample throughput to facilitate trades transaction.
Injective protocol solves issues that traditional CEX’s introduce while preserving the novel aspects of them. On top of this, Injective can slash fees and even curb insider trading that can occur on traditional exchanges.
Regarding the tokenomics there are a couple of key data points to look into. The first being the fully diluted market cap, close to $300,000,000; this diluted MC is very high, but emissions for INJ will continue for a couple of years. On top of this, there have been two sales of INJ, one at 8 cents and the other at 40 cents. This isn’t the
biggest deal as seed investors most likely are vested, but it is essential to understand that some buyers are already up hundreds of percent on this token. Overall it is not too worrying as INJ provides an actual use case, addressing many crypto trades’ gripes.
Those of you who currently trade on CEX’s should check out Injective once launched on the mainnet.
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Related News
Radiant Capital Expands From Arbitrum to BNB Chain
March 28, 2023
Radiant’s expansion from Arbitrum to BNB Chain is the first-step in its omnichain DeFi aspirations.
DeFi on Arbitrum, BNB Chain
Aspiring omnichain money market Radiant Capital is now live on BNB Chain.
The expansion by the Arbitrum-native lending platform is another link in the cross-chain Decentralized Finance (DeFi) ecosystem that is emerging on the two Ethereum Virtual Machine (EVM)-compatible networks.
As BSC News reported previously, Radiant recently launched its v2 product on Arbitrum. Built on Layer Zero, Radiant intends to allow users to deposit assets from any major blockchain, borrow assets across multiple chains, and withdraw funds to any major blockchain.
According to DefiLlama, Radiant has the second-largest Total Value Locked (TVL) on Arbitrum, with nearly $334 million. That puts it above Uniswap and only behind GMX.
Radiant’s Arbitrum TVL would put it in fourth place on BNB Chain, behind PancakeSwap, Venus and Alpaca Finance.
On launch, Radiant has just over $28 million in TVL on BNB Chain, according to DefiLlama.
In a Twitter thread accompanying the announcement of its expansion, Radiant cited BNB Chain’s growth and overall size in terms of users and TVL.
“In short: @BNBCHAIN is dominating DeFi onboarding[.] And Radiant v2's BNB integration means it's one step closer to the ultimate vision: Become DeFi's premiere, cross-chain lending market,” Radiant tweeted.
Radiant’s announcement comes one day after stableswap Wombat Exchange announced it would be expanding from BNB Chain to Arbitrum on April 5, bringing with it the WOM Wars competition among yield-boosting protocols Wombex Finance, Magpie XYZ and Quoll Finance.
Other DeFi protocols that are live on both BNB Chain and Arbitrum include Uniswap, Trader Joe, ApeSwap, ApolloX and Dopex.
What is Radiant Capital:
Radiant intends to be the first omnichain money market, allowing users to deposit any major asset on any major chain and borrow a variety of supported assets across multiple chains.
Lenders who provide Radiant with liquidity will earn a passive income from their deposit assets. Borrowers can withdraw against collateralized funds to obtain liquidity (working capital) without selling assets or closing positions.
Radiant's cross-chain interoperability is built on Layer Zero, taking advantage of Stargate's stable router interface. Lenders who want to reclaim their collateral can specify which chain to withdraw funds from and what percentage to send to each chain.
Learn more about Radiant Capital:
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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Chingari Announces Integration with Wormhole for Cross-Chain Expansion to Aptos
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March 29, 2023
The integration will also enable Gari Network with an easy and efficient way to migrate assets from Solana to Aptos, paving the way for a smooth bridging operation.
Chingari Goes Crosschain
Chingari, the on-chain social app, announced its integration with Wormhole to enable cross-chain expansion to the Aptos network.
“This partnership seeks to enable Gari Network with an easy and efficient way to migrate assets from Solana to Aptos, paving way for a smooth bridging operation,” The Gari Network team stated.
Last month, Gari Network announced its plans to go multi-chain, enabling the Chingari app to launch on the Aptos blockchain in the second quarter. But what the recent integration will bring for Gari Network:
Benefits of Wormhole Integration
According to Gari Network, users can access different blockchain networks from a single wallet with the recent integration. By integrating cross-chain interoperability, Chingari looks to expand its user base to the Aptos community and offer more innovative features.
Further, core contributors to Gari Network can use Wormhole to transfer emissions to Aptos' Gari wallet when it becomes available. With the Chingari app, new users can use the Aptos-backed Gari wallet seamlessly without needing to migrate.
Furthermore, the protocol believes that the integration can significantly improve performance by offloading some transactional load to other networks.
Having over 5 million daily active users and 2.2 million GARI wallet holders, Chingari has become an increasingly popular platform for entertainment and social interaction.
Gari Network (GARI) is trading at $0.05153, up 1.07% in 24 hours.
What is Chingari:
Chingari is a video-sharing mobile app. In these videos, users can add visual effects, lip-sync, dance, or voice-over movie scenes and comic dialogues. The Company’s vision is to be the best of its short video-sharing platform for its users. A hot new stage for flaming talent to show the world who you are by capturing flawless videos and sharing them in seconds. Express yourself, Create amazing videos, and connect with the content you love! We are a growing family that values diversity by doing the right thing with precision, pace, and passion for reaching the Fast Moving Needs of Modern Bharat.
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It’s a Date: Ethereum Shapella Unstaking Upgrade Set for April 12
March 29, 2023
The Shanghai + Capella (Shapella) update to the Ethereum mainnet is the biggest on-chain event of the year, as it allows for the withdrawal of staked $ETH.
Ready for ETH Unstaking?
The biggest on-chain event of the year finally has a firm date. The Shanghai + Capella (Shapella) upgrade to the Ethereum mainnet will take place around 10:30 p.m. UTC on Wed., April 12.
Ethereum core developer Tim Beiko said in a Twitter thread that Shapella bug bounties are being doubled until April 5. Additionally he included a link to the Shapella Watch Party on YouTube.
According to an announcement from the Ethereum Foundation Blog, the update’s March rollout to the Goerli testnet has gone smoothly, and developers quickly reached a consensus on the timing of the mainnet upgrade.
“This upgrade follows The Merge and enables validators to withdraw their stake from the Beacon Chain back to the execution layer. It also introduces new functionality to both the execution and consensus layer,” according to the blog.
The immediate knock-on effect of the anticipated Shapella upgrade has been to create new demand for Ether liquid staking projects. The thinking is that the new ability to unstake $ETH will attract more users to stake their $ETH – and, instead of just staking directly, to use a liquid staking protocol that enables them, effectively, to “double-dip” in yield farms and Decentralized Finance (DeFi) platforms.
What is Ethereum:
Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).
Find more about Ethereum here:
Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |
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SafeMoon’s Liquidity ‘Compromised’ for $9M, SFM Token Plummets
March 29, 2023
PeckShield said a “public burn bug” was introduced during an update by the official SafeMoon deployer.
More Trouble for SafeMoon
There’s been another incident with the SafeMoon project, which announced that its SFM/BNB Liquidity Pool had been “compromised.” On-chain data indicates the amount drained approached $9 million.
SafeMoon CEO John Karony tweeted that only the SFM/BNB LP was affected, and the project’s exchange platform is “safe” along with the wallet.
This isn’t the first time SafeMoon has been in the negative spotlight. In April 2022, YouTuber Coffeezilla published two videos looking into the project’s troubles, some of which predated Karony’s tenure.
In regard to the current incident, blockchain security firm PeckShield tweeted that the code that was exploited – a “public burn bug” – was introduced by the official SafeMoon deployer.
“The upgrade, with the exploited public burn bug, was initiated by the official SafeMoon: Deployer. (Admin key leak?),” PeckShield said.
Data from BscScan indicates that the exploiter’s wallet transferred the funds to a second wallet, which sent a message to the SafeMoon deployer, saying “Hey relax, we are accidently frontrun an attack against you, we would like to return the fund, setup secure communication channel , lets talk”.
Upon news breaking about the incident, the SFM token’s value dropped by about 30%, according to CoinGecko, though it has since regained some of that loss.
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Pi Network Introduces Ambassador Program to Onboard Local Businesses to the Pi Ecosystem
March 29, 2023
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Pi Network created the local business ambassador program to onboard Pioneers who can convince users to integrate Pi payments into their businesses.
Become a Local Business Ambassador on Pi Network
Becoming a local business ambassador is the second ecosystem program unveiled by Pi Network on Pi Day 2023. Like the ecosystem ambassador program, Pioneers can contribute to the network’s development.
The local business ambassador program is for stores, shops, and small businesses that accept Pi payments. Already, numerous stores have started receiving Pi payments for goods and services, and Pi Network has recognized its importance in contributing to a solid infrastructure in the Decentralized Finance (DeFi) space.
“Local businesses are an important component to the Pi ecosystem and will make great contributions to building substance and utilities for the network,” Pi Network’s announcement read. “Local businesses are also where the grassroots power of the Pi community can be unleashed to have great potential and impact—something rarely seen in other networks.”
Pi Network created the program to onboard Pioneers, contributing to Pi’s development by bringing local businesses into the Pi ecosystem through Pi payment integration. However, while it promotes the network’s awareness, there may be some challenges.
To solve these challenges, such as location, accountability, and many more, Pi Network opened community proposals for Pioneers to submit their ideas on encouraging users to integrate Pi payments into their local businesses.
“If you are knowledgeable about local businesses or enthusiastic about this direction of ecosystem building, submit your ideas via the Pi support portal. Stay tuned for more updates on this program,” Pi Network wrote.
Open the Pi Day announcement HERE to submit your ideas about the initiative.
What is Pi Network:
Pi Network is a novel cryptocurrency and developer platform allowing mobile users to mine Pi coins without draining the battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web 3.0 experience where community developers can build decentralized applications (Dapps) for millions of users.
Where to find Pi Network:
Website | Twitter | LinkedIn | Facebook | Instagram |
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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