Inventory of New Projects Worth Noting on the Injective Network

Author: Meteor, ChainCatcher
A hot topic recently might be the minting of the first inscription INJS on the Injective network. However, due to the large number of participants and network congestion, the website crashed. Subsequently, INJS announced the suspension of minting and the refund of all participants' funds, and announced a restart of the minting plan at 22:00 yesterday, adopting a multi-round minting approach to prevent network congestion. However, the cases of minting failure still outnumbered those of successful minting. Today, INJS officials announced the cessation of INJS issuance due to excessive participation from bots. Although the minting process of JINS has been tumultuous, it is undeniable that INJS has brought a wave of excitement to Injective.
Injective can be considered a well-established interoperability L1, enabling smart contract applications on the Injective network to be compatible with Ethereum and Cosmos IBC, while also achieving instant transaction settlement. Injective is incubated by Binance Labs and supported by Pantera Capital and Jump Crypto.

Source: RootData
Although the inscription craze is temporarily booming in the crypto world, many users are not familiar with the new concepts and operational processes, which are more of a playground for scientists, such as INJS. Additionally, some inscriptions on the chain may experience lag, network congestion, or failure. Therefore, some new projects on the chain are also worth paying attention to. Taking advantage of the current excitement around Injective, the author has identified some noteworthy new projects on the Injective network, including DeFi protocols, NFT categories, and Gaming, with some projects having airdrop plans that users can participate in based on their understanding. Below are the specific introductions to the projects.

Injective DeFi

DojoSwap

DojoSwap is the first AMM DEX on Injective, set to launch on the Injective mainnet within 1-2 weeks. It has announced its token economics and airdrop plan, with the native token being DOJO. According to the project's official website, the total supply of DOJO tokens is 800,000,000, with approximately 6% allocated for airdrops. The project supports various tokens on the Injective network for swaps, and users can participate in Dojo by trading and providing liquidity (LP).
Additionally, Dojo's liquidity mining is divided into two phases. Before the token release, Dojo will allow users to earn airdrops by providing liquidity through LP. The specific steps involve users staking their LP tokens into the liquidity pool to earn corresponding POINTS. Generally, the time users stake is proportional to the POINTS they earn, with early participants receiving more points for DOJO airdrops. After the release of DOJO, users will be able to exchange POINTS for DOJO at a certain ratio; after the token is released, users can also earn DOJO directly through Dojo's liquidity mining contract. DOJO holders will gain governance rights and fee sharing in Dojoswap. Users can wait for Dojo's official launch to interact and aim for airdrops.

Gryphon

Gryphon is a decentralized LSD protocol on Injective that integrates lending features. A highlight of this protocol is the integration of liquidity across different chains without the need for cross-chain operations. Users can mint nUSD by staking assets (such as INJ, wETH, or wBTC) as collateral and earn Gryphon rewards. By staking nUSD, users will be able to earn a fixed interest rate of 5%. Additionally, users can pair USDT/USDC with nUSD to earn trading fees.
Gryphon has also made its airdrop plan clear, with rules stating that active users will promote Gryphon to the community; real-time promotions encourage user participation; and rewards are provided for bringing in new users. The website also features a leaderboard displaying the total number of participants and their rankings based on points. Users can earn 100 points by depositing 100 U within 24 hours, with rewards including 16% from direct referrals and 8% from secondary referrals. Points are updated daily, and the airdrop allocation is pending.
First-time visitors to the website need an invitation code, and users need 1 INJ bond to obtain an invite code, with each code allowing for 8 new user invitations. Users can obtain a super invite code by depositing INJ or 200 ATOM, with no limit on the number of referrals. Points change based on the previous day's points multiplied by a multiplier; if users maintain stable deposits, the multiplier increases by 0.01 daily. If deposits change, the multiplier resets to 1.

Neptune Finance

Neptune Finance is a collateral-based lending platform built using Rust and Cosmos SDK. With Neptune, lenders can earn interest from borrowers who provide collateral to secure their loans. Lenders' income comes from the share of interest paid by borrowers, minus protocol fees.
Users can deposit tokens into Neptune and receive nTokens as proof, representing the assets deposited and the interest generated during the process; borrowers can take out loans by depositing collateral. If the value of the collateral (volatility) falls below the loan-to-value ratio of 1, the corresponding account may face partial liquidation, but the liquidation of one account does not affect others.
Each type of collateral has a maximum LTV (loan-to-collateral value ratio), which represents the maximum loan value that can be borrowed against each collateral asset. For example, if the account's token value is $100 and the maximum LTV is 80%, the account can borrow up to $80 worth of other tokens. Additionally, each new collateral asset must be approved by the governance department, and token values are determined through multi-source price oracles. Supported wallets for the protocol include Keplr and Metamask, with INJ used for gas fees.

Hydro Protocol

Hydro Protocol is an LSD platform on the Injective network, utilizing LST to build Injective's LSDFi ecosystem. Users can deposit INJ to earn hINJ and gain staking rewards. hINJ is an LST on Hydro Protocol that provides instant staking rewards and liquidity for other DeFi protocols.
Moreover, Hydro Protocol has introduced an automatic compounding feature to reduce the manual process of withdrawing rewards and re-staking after staking. The governance and utility token launched by the project is HDRO, with a maximum supply of 1 billion tokens. The specific token distribution economics have not yet been announced, but the project previously revealed testnet activities in September, where top-ranking users had the opportunity to receive HDRO airdrop rewards.
According to its roadmap, the project may have significant developments in 2024, which is worth watching.

Injex Finance

Injex Finance is a DeFi swap and infrastructure aggregator on Injective. The mechanism of the project allows it to connect with various DEXs on the Injective network, pooling liquidity to ensure users can obtain the best rates with minimal slippage. This project can bring deeper liquidity, a more efficient ecosystem, and lower slippage to Injective. Additionally, the project has confirmed the token as INJX, which will be used for:
Loyalty rewards: Incentives for platform participation.
Access features: Early access or premium features.
Staking incentives: Staking options for users to earn rewards.
Cooperation benefits: Collaborations with other DeFi projects on Injective, where users holding INJX can receive discounts.
Airdrops: Regular token airdrops to active users of the protocol.

Aeroscraper

Aeroscraper is a user-centric decentralized lending protocol on Injective, featuring a zero-interest, over-collateralized stablecoin AUSD, which is integrated with DeFi lending. Users can take loans entirely using AUSD, avoiding price differences caused by token volatility, with a liquidation threshold of 115%.
The protocol operates in a fully automated and unmanaged mode, granting users autonomy. By depositing collateral, users can obtain AUSD loans pegged to the dollar without incurring any interest. The project has also set up a redemption mechanism for its stablecoin AUSD to ensure it remains pegged. Moreover, Aeroscraper only charges a one-time transaction fee, eliminating the need for ongoing interest payments, simplifying the complexities 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 that are worth short-term attention and trading for profit.

CATALYST

CATALYST is a collection of cat NFTs, totaling 1212, with a floor price of 3.68 INJ at the time of writing. The previous mint price was 0.8 INJ. One issue is that users holding whitelist spots and regular users minted the NFT at the same price, and many whitelist holders were unable to mint the NFT. The project later announced that it would compensate users. Looking at the data, users who participated in the mint have at least tripled their investment.

Destiny Punks

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

Injective BILDER

Injective BILDER is another new NFT collection set to launch on Injective, with the total supply and mint price yet to be announced. Its official social media is currently conducting OG and whitelist giveaways. Joining the official Discord provides an opportunity to obtain whitelist and OG spots, where OG equals free mint, making it a potentially lucrative NFT project.

SwordSaga: Warrior Edition

SwordSaga is a collection of warrior NFTs, and its official social media is currently conducting whitelist giveaways. You can participate in the lottery on its official Discord.

Ninja Blaze

Ninja Blaze is a gambling platform built on Injective, currently in the testnet phase. Users can earn test tokens by completing tasks on the project’s Galxe page, with a claimable amount every 24 hours. The platform has launched two games so far: Jackpot (similar to a prize pool lottery) and Roshambo (rock-paper-scissors).

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