Welcome back to the Injective Overview. In this edition, we dive into Injective’s expanding stablecoin ecosystem, token burns, and technical activity.
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Injective By The Numbers
$INJ price: $3.05 (+5.2%)
Token market cap: $304.8M (+4.7%)
Total $INJ staked: 55.9M (-1.6%)
Staking APR: 6.4% (+1.4%)
Injective daily trading volume: $15M (-2.6%)
The percentages and metrics are calculated from its change over a 14-day time frame, unless noted otherwise.
Injecting The Biggest Developments
🥷 What’s happening: Circle is launching its USDC stablecoin and Cross-Chain Transfer Protocol (CCTP) to the Injective blockchain.
🥷 Why it matters: USDC is the second largest stablecoin by market cap, and CCTP is the infrastructure Circle built to move the stablecoin across blockchains.
When a user moves USDC from one chain to another using CCTP, the original tokens are burned on the source chain and newly minted on the destination chain. This means the asset will always be native to a blockchain and fully backed, not a synthetic representation of the currency held in a bridge contract.
For Injective, CCTP enables money to move into its ecosystem directly, and does away with the need to route capital through external bridging infrastructure, which can introduce friction, costs due to poor bridging and security vulnerabilities. USDC will also be accessible across both of Injective's execution environments, WASM and EVM, through a unified token standard, MultiVM Token Standard (MTS), so developers don't have to manage separate versions of the asset depending on what stack they're building on.
🥷 The bigger picture: Over the last year, stablecoins have grown considerably as a payments and settlement tool. Altogether, stablecoins’ market capitalization has increased by 30.4% to $301.67 billion over the past year, and is expected to reach $2 trillion by 2028.
In addition to bringing a popular stablecoin to Injective, CCTP gives the network’s users access to Circle’s deep liquidity pool, since the protocol operates across 31 blockchains. And each new chain added to the CCTP ecosystem expands Injective’s potential liquidity, since USDC can move through each supported network.
Expanding The Financial Ecosystem
Updates on the latest network of dApps, validators, builders and more helping Injective expand its financial use cases.
Injective completed its March Community BuyBack, removing 49K INJ tokens (worth roughly $152.9K) from supply
This brought its total tokens burned to more than 7 million
Injective has added documentation for using AI tools across both its WASM and EVM stack
Injective’s code commits hit 1.9K over the last 30 days, the highest among L1 blockchains, coinciding with the launch of its AI documentation, and the deployment of Stargate on the networkExplore Injective’s institutional overview here
From The Injective Ninjas 🥷
Highlighting the builders, communities and ecosystem players within the Injective blockchain.
Hydro is expanding its money market protocol to allow users to earn yield on RWAs
Merlin updated its prediction market to include oracle provision for automated market settlements
Helix has re-enabled perpetual futures trading for WTI Crude Oil on Injective
Dive Deeper Into Injective
Want to get involved in the ecosystem?
Sign up for the Injective Summit, scheduled for July 16 in Washington D.C.
Check out the Cointelegraph Accelerator, a 12-week program offering grant funding and mentorship to ecosystem founders
Until next time!
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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.