💵 Agora launches its AUSD stablecoin on Injective
The Injective Overview - November 4, 2024
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Injective By the Numbers
$INJ price: $16.89
Token market cap: $1.65B
Total token holders: 48.6K
Total $INJ staked: 60.92M
Staking APR: 10.55%Â
Total validators: 167
Injective daily trading volume: $74.39MÂ
These metrics are accurate upon publication.Â
Injecting in the biggest developments
Highlighting some of the biggest announcements from Injective.Â
🥷What’s happening: Injective announced the launch of Agora’s stablecoin, AUSD, to its blockchain.Â
🥷Why it matters: AUSD is a digital asset that is fully collateralized and pegged to the U.S. dollar, backed by VanEck and custodied by State Street. This integration brings its stablecoin option to the Injective ecosystem to provide users the ability to interact with a stable asset, without the need for cross-chain bridging. This can act as a link between the decentralized finance (DeFi) and traditional finance (TradFi) markets.
AUSD is bringing a stable, liquid asset to Injective, in addition to custodianship and backing. The integration also aims to enhance liquidity and reduce transaction friction. In turn, this can allow users to make more stable and efficient transactions within Injective’s ecosystem.Â
The stablecoin market cap on the Injective network is $29 million, at the time of writing, according to DefiLlama data. Given its network activity and stablecoin transaction volume, AUSD has the potential to be a reliable option for those navigating digital assets with a need for stability and cross-sector financial inclusivity.
Furthermore, AUSD’s integration with Injective can enhance its ecosystem by providing a stable dollar-backed asset for cross-chain payments, yield farming, liquidity provision, and DeFi lending. As Injective grows and continues to establish its main use case, solutions like AUSD can carve a path for future network engagement and onboard new users to the network.
🥷 The bigger picture: Stablecoins have product market fit across the DeFi and TradFi sectors, and remain an important pillar to bridge the two. The introduction of AUSD on Injective is the network’s next step to building a financial ecosystem where institutional-grade assets can bridge the needs of DeFi users, while maintaining the security of traditional asset management.
Injective processes large amounts in stablecoin volume and onchain transactions, and AUSD’s addition could boost DeFi engagement within the ecosystem. In general, stablecoins provide a path for more cost-effective and accessible payment solutions.
Expanding its financial ecosystemÂ
Updates on the latest network of dApps, validators, builders and more helping Injective expand its financial use cases.
Injective Labs CEO Eric Chen demoed iAgent, an AI agent-based software development kit for the Injective network
Daily transactions on Injective hit 4M, a 42.85% increase week-over-week, according to Artemis data
Helix, a decentralized exchange on Injective, saw an increase of $162M in volume during its October trading competition (shown below)
Source: DefiLlama
Exploring the meme landscape
Memecoin $QUNT hit a $3.61M market cap and is the third largest token on the network by market cap, according to Coinhall data
The Ninjas, an NFT project on the Injective blockchain, saw 1.6K INJ in trading volume over a 7-day timeframe, data on Talis shows
Interested in creating threads on X? Check out this contest by memecoin project dogwifnunchucksÂ
From the Injective ninjasÂ
Highlighting the builders, communities and ecosystem players within the Injective blockchain.
ICYMI: Listen back to this X space that dove into the impact RWAs have for the Injective blockchain
Want to learn more about Injective’s burn mechanism? Check out this thread by X user devendurance
Read about Kraken’s integration of Injective in a thread created by X user MDCryptoWorldÂ
X user HarryBee_Yhu hosted a space about the latest Injective developments during October
For more Injective updates, check out its blog here.
Dive deeper into Injective
Want to get involved in the ecosystem? Developers can check out documentation, GitHub and more here. Find the latest job postings at Injective Labs here or get involved at an event below.Â
Going to Devcon? Meet up with the community after at the Injective Summit on Nov. 15 in Bangkok, Thailand
Participate in this raffle by PrimeXBT in coordination with its listing of Injective to its trading platformÂ
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
injective is the future of finance 🔥