500% up. Isn’t that Huge? And that makes Injective one of the best-performing assets of the year 2023. What makes Injective even more interesting is that it is expected to maintain its bullish momentum. In fact, CoinCodex has made a bold prediction of INJ rallying 126% in the next 29 days.
All this is happening due to Injective’s explosive ecosystem growth. So are there any early opportunities in the ecosystem that could be 100x, 200X, or even 500X? Yes! In fact, there are 4 of them. Let’s find out which ones these projects are. And I have found 4 super early explosive crypto gems. But first, let’s discover more about Injective.
What is Injective?
If you are new to Injective here is what you need to know. Injective is a layer 1 financial chain that’s part of the IBC in the Cosmos ecosystem. It’s also an app chain. In other words, all apps run on their own blockchain. However, they all link to the main layer 1 chain.
Injective is also interoperable. It connects with Polygon, Ethereum, Solana, Polkadot, and, of course, Cosmos, and its IBC. Here are some other goals it achieved so far:
- In 2023, their wallet count increased from 14k to 28k.
- Currently, they have around 100 new wallets per day.
- 80% of their INJ token already circulate.
- The protocol puts 60% of the trading fees INJ into an auction. It burns the value of the winning bid.
This makes INJ a deflationary token. So, here is the first top project in the Injective ecosystem.
#1: Helix
My first pick is Helix. This is a DEX with an orderbook. We have seen how DEX volumes have gone high with the SEC coming after leading CEXes like Binance & Coinbase. So if you are looking for a DEX, Helix could be the one. It offers a decentralized spot and perpetual exchange.
There’s also an easy swap UI, where you can convert USDT or USDC into a variety of crypto assets. Or, of course, the other way around. It launched on Injective, back in September 2022.
One of the great features of Helix is its zero gas fees policy. Here are some more reasons why you want to trade your ATOM on Helix:
- 10x leverage for long or short positions. That’s with perpetuals.
- Rebates on the perpetual markets.
- Decentralized orderbook.
- Mega fast.
- No front running.
- Low fees.
- Cross-chain.
- Market-, limit-, stop-loss-, and take-profit orders.
- It bases trading fees on how much INJ you stake and how much you traded during the last 28 days.
Source: Twitter
Helix does not have a token yet. So, with Helix, we see exactly what the Injective team is looking for. Remember, Injective aims to accommodate financial projects. According to DeFiLlama, Helix has a TVL of $14.24 million. It only lives on Injective, but as already mentioned, it’s interoperable. For example, with Ethereum and the IBC on Cosmos. And that’s it for Helix. Time for another AMM, Astroport.
#2: Astroport (ASTRO)
Astroport is an AMM (Automated Market Maker) built on Injective. According to DeFiLlama, its TVL is $32.4 million. It has its own token, ASTRO. It’s one of the many projects that started on the Terra Network. That’s now known as Terra Classic. For instance, governance is only available on the Terra chain.
So, you can swap a variety of tokens. Astroport offers various pool types. The team combines 6 years of Ethereum DeFi/AAM experience in the Cosmos ecosystem. You can use Astroport on three chains: Terra, Injective, and Neutron. So, here are the three different pool types on offer:
- Constant Product Pools
These are pools that can accommodate token pairs with high volatility. For example, ASTRO-axlUSDC. The LP fee is 0.2% or for XASTRO stakers 0.1%. These are like Uniswap pools.
- Stableswap pools
These are more capital-efficient pools. That’s because the token pair exchange rate stays more or less at 1:1. The swap fee is 0.025% for LPs and XASTRO stakers alike. These are like Curve pools.
- Passive Concentrated Liquidity Pools
Here, LPs can get a higher fee. That’s because they target a specific price range for their trades. Uniswap, Curve, and Balancer also offer these pools. Furthermore, it offers a bridge between Injective and Terra, a swap, and a governance protocol. To bridge other assets, you can use the Injective bridge.
Source: Twitter
#3: Elixir Finance (ELXR)
Elixir Finance is the latest addition to Injective. They only natively integrated this month, in June. For instance, DeFiLlama doesn’t have any TVL tracking for Elixir yet. But, you can add liquidity in pairs on Injective. As a result, you can earn rewards from the Open Liquidity Program (OLP by Injective). You get access to a 60,000 INJ per epoch. One epoch is 28 days, and you need to take part for at least two epochs.
Source: Twitter
Elixir offers two options for algorithmic market making. It offers access to both decentralized and centralized exchange pairs. So, Elixir is active in both DEXes and CEXes with algorithmic market making.
Currently, 50 Dapps already use Elixir for market making. On their testnet, they had $300 million of the real trading volume. Some of these integrations are, for example:
- dYdX.
- SudoSwap.
- Perennial.
- Injective Labs.
- Magpie.
- Perpetual protocol.
Source: Twitter
The protocol will soon have its own ELXR token. Validators and nodes will need to stake this token. It’s also used for governance.
#4: Talis Protocol
And now for something entirely different. Here’s Talis Protocol, an NFT platform. It is, for example:
- Transparent.
- Trustless.
- Decentralized.
Source: Twitter
It’s active on the Terra and Juno blockchains.So, it bridges physical and digital art. Remember physical? Furthermore, Talis offers a couple of nice features:
- How about an NFT museum? Kick back, relax, and enjoy the pure visual eye candy.
- A marketplace — You can trade NFTs here.
- Collections – A launchpad and you can explore their collections.
Are you bullish on Injective and its protocols? Do you take part in the Injective ecosystem? If so, tell us in which protocol you are active.
Source: Twitter
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