Injective Presents US Treasuries-Backed Yield for Web3 Finance Applications

Injective, a high-speed blockchain platform for Web3 finance applications, has recently announced the integration of US Treasuries-backed yield. This new feature is made possible by bridging Ondo’s US Dollar Yield (USDY) token, which enables users of both Injective and the wider cosmos ecosystem to hold dollar-denominated value and earn an impressive yield at the same time.

“Ondo is rapidly redefining the real-world asset market, and for the first time in history users will be able to access tokenized treasuries directly across Injective native dApps. This integration signifies a key milestone in making traditional financial instruments accessible within the DeFi ecosystem. Injective is continuing to pave the way towards truly connecting traditional finance with the blockchain world.”—Eric Chen, co-founder and CEO of Injective Labs

Users have two methods to obtain USDY on Injective. First, they can bridge USDY from Ethereum Mainnet to Injective through the Injective Hub. Second, they can access native dApps like Helix to acquire tokens. This marks the first time that individuals throughout the Cosmos ecosystem can access non-speculative yield, while enjoying the institutional-grade structural and operational protections of USDY.

Introducing USDY: The First Tokenized Note Secured by US Treasuries and Bank Deposits

USDY is a revolutionary offering that combines the accessibility of stablecoins with high-quality US dollar-denominated yield. It is the world’s first tokenized note secured by a bankruptcy-remote portfolio of US Treasuries and bank deposits, making it ideal for non-US investors and institutions.

Here are some key features of USDY:

• Secured by a bankruptcy-remote portfolio of US Treasuries and bank deposits.
• Allows non-US investors and institutions to access high-quality US dollar-denominated yield.
• Combines the accessibility of stablecoins with the stability of US Treasuries and bank deposits.

USDY is a tokenized note secured by short-term US Treasuries and bank demand deposits. USDY is accessible to non-US individual and institutional investors and is transferable on-chain 40-50 days after purchase.

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With this new connection, assets such as KLAY and INJ can now be transferred and used across dApps built on either network. In turn, this can help to create more use cases and utility for both blockchains moving forward.

Klaytn is a public blockchain developed by a leading South Korean internet company, Kakao. Currently, the Kakao super app boasts over 50 million users which comprises nearly the entire population of Korea—giving virtually every South Korean access to Klip, the app’s embedded Klaytn wallet.

The platform utilizes an optimized version of the BFT consensus algorithm to deliver near-instant transaction confirmation, with a 1-second block time and immediate, absolute finality. Coupled with low gas fees and native support for features such as account abstraction and gas fee delegation, Klaytn delivers a seamless Web2-like blockchain experience for end-users.

The significance of integration to Injective

This integration represents a significant milestone for Injective and the larger expansion of the IBC network. By integrating with Klaytn, Injective strengthens its position as the fastest L1 in the industry today. It also reinforces itself as a vital player in the broader blockchain ecosystem. This integration also further cements Injective’s value proposition in being one of the most interoperable networks in the industry by enabling access to prominent Layer 1 blockchains, bridging communities, and unlocking new avenues for development.

The Future Lying Ahead of the Partnership

The integration of Klaytn into Injective is another avenue that brings more users into the Injective ecosystem. As Klaytn and Injective embrace this integration, they set a powerful example of how blockchain networks can work together. They will unlock new opportunities and accelerate the adoption of decentralized technologies.

ABOUT Injective

Injective is a lightning-fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem.

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The effort is joined by some of the largest institutions spanning across Web3 and traditional finance including Pantera Capital, Kucoin Ventures, Jump Crypto, IDG Capital, Gate Labs, Delphi Labs, Flow Traders, and Kraken Ventures. The Venture consortium is also the largest assembled within the broader Cosmos community.

The Injective Ecosystem Group Overview

The Injective Ecosystem Group is a venture initiative that will seek to bring unprecedented levels of growth by supporting the best builders of Injective. The core focus will involve backing builders pioneering new ideas across a diverse array of sectors including interoperability, DeFi, trading, PoS infrastructure, rollups, and scalability solutions.

Injective is witnessing major growth in developer activity and dApp deployments with projects such as Helix, Frontrunner, and White Whale launching on the chain. Last week, Astroport, one of the largest AMMs in history also selected Injective as its new L1 destination chain. The venture group was assembled in order to further scale ecosystem growth with partners who believe in Injective and the broader Cosmos vision.

With a mission to advance the adoption of interoperable infrastructure and composable DeFi, the venture group is set up to connect new builders with the right partners within the consortium. Support will be provided via bespoke investments alongside mentorship in technical development, cryptographic research, business development, marketing, as well as community growth, and more. The custom mentorship is designed to help Web3 projects scale to the next stage in their evolution.

How Can Builders Get Involved?

Moreover, to connect with the venture group, builders can submit a quick application. They can also provide details on the idea, the team, and the current development stage of the project. Upon submission of their application, members of the Venture Group will review all portions and reach out.

You can learn more about the application process on the official ecosystem group page on Injective’s website here.

Creating The New Financial Layer for Web3

The Injective Venture Group seeks to further bridge the gap between traditional and decentralized finance.

Furthermore, the industry is on the cusp of a new age of the rebirth of the existing financial system.  One that decentralizes power democratizes access and disintermediates existing centralized authorities. The Injective ecosystem can continue on its mission to create an entirely new financial paradigm for the masses. This is powered by the core tenets of decentralization.

ABOUT Injective

Injective is a lightning-fast interoperable layer one blockchain that brings Cosmos and ethereum interoperability to the premier finance applications. Injective provides developers with powerful modules for building exchange, DeFi, derivatives & Web3 apps. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem.

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Injective offers developers out-of-the-box modules such as a completely decentralized order book that can be utilized to build a diverse array of sophisticated applications. This modular system allows new and exciting products to be built in a fast and secure way that maintains composability.

Because Injective is built using the Cosmos SDK, it can achieve instant transaction finality using the Tendermint proof-of-state consensus framework. More on that later.

Exclusive Focus on Finance Products

Furthermore, Injective is focused on providing capital efficiency and the best-in-class user experience. Injective strives to accomplish this by providing people with an interoperable decentralized infrastructure layer that gives people unprecedented access to decentralized financial markets, products, services, and tools.

Extremely Developer-Friendly

With the IBC (Inter-Blockchain Communication protocol), the Cosmos SDK, and full Ethereum compatibility, the Injective blockchain can be easily connected to other chains, allowing for easy cross-chain migration and interoperability. CosmWasm, a novel smart contracting platform built for the Cosmos ecosystem, gives developers the ability to easily launch their smart-contract-powered applications on Injective while seamlessly migrating smart contracts from other chains using CosmWasm.

Utilize Cosmos’ Security

Injective is built with Tendermint, a state-of-the-art blockchain engine, that allows the software to be securely and consistently replicated.

But what is meant by “securely”? Well, it means that Tendermint continues to work, even if up to 1/3 of machines fail in arbitrary ways. The ability to tolerate machines failing in arbitrary ways — including becoming malicious — is known as Byzantine Fault Tolerance (BFT).

Furthermore, “consistently” in that context means that every non-faulty machine sees the same transaction log and computes the same state.

The combination of using CosmWasm and the Tendermint Core proof-of-stake consensus mechanism assures the security of the whole Cosmos ecosystem and, with it, Injective’s security.

ABOUT Injective

Injective’s mission is to create a truly free and inclusive financial system through decentralization. With the fastest blockchain built for finance and plug-and-play Web3 modules, Injective’s ecosystem is reshaping a broken financial system. With dApps that are highly interoperable, scalable, and truly decentralized.

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Wormhole V1 was introduced in 2020 by Certus One. It was initially conceived as a traditional token bridge between Ethereum and Solana. It served as the first bridge on Solana and was responsible for bootstrapping a large amount of the liquidity in the early Solana and Serum ecosystems.

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At DoraHacks, they support and build the hacker movement, and Dora Factory provides the critical infrastructure to achieve its goal. Dora Factory has officially become a public good validator for the Injective blockchain. 

The key objective of the partnership is to help decentralize the network and drive further growth and development to the already growing Injective ecosystem by helping incentivize developers to continue BUIDLing using the rewards generated from the validator operated by Dora Factory.

Injective Hackathons and GrantDAO on DoraHacks.io

DoraHacks, together with Injective, will be hosting a global hackathon, the first event that will be hosted together. This hackathon will be a fantastic opportunity for developers to come together and BUIDL on Injective’s blockchain. In addition, there will be a sustainable prize pool from the yield generated from the DoraHacks x Injective partnership and bounties to incentivize developers to build innovative projects.

The Upcoming Hackathon

Furthermore, DoraHacks will host the hackathon using their native platform, dorahacks.io, offering bounties, quadratic funding, privacy voting, and other community governance/funding toolkits.

They will also assist in co-hosting workshops and demo sessions with the Injective team for the community to learn more about the Injective ecosystem and gain some know-how about BUIDLing within the Injective ecosystem.

“Injective is excited to be working together with the DORA community due to their ability to provide the best support to developers, and assist with the onboarding of new hackers into the Injective ecosystem. We look forward to the success of our partnership including Injective global hackathons and much more.”— Eric Chen, CEO & Co-Founder, Injective

DoraHacks and Injective will also release a GrantDAO program soon, a long-term sustainable model that will help support BUIDLers who are positively building and contributing towards the injective ecosystem.

“At DoraHacks and Dora Factory we are proud to form this long-term partnership with the Injective ecosystem as we believe that DeFi applications play a crucial role within Web3. As a strategic partner, we are excited to support developers building on Injective and look to continue driving the growth in the ecosystem.” — Steve Ngok, Partner, DoraHacks

Furthermore, this model supports developers by allowing them to continue BUIDLing and receive rewards as they reach key milestones. Each round of the Injective GrantDAO will result in winners receiving funding continuously as when one round closes, another opens to continue incentivizing teams to work on their project and consistently build.

ABOUT Injective Labs

Injective is a lightning-fast interoperable layer one blockchain that brings Cosmos and Ethereum interoperability to premier finance applications. Injective provides a set of Web3 modules, such as the world’s first fully on-chain order book and derivatives, decentralized bridges, oracles, and a composable smart contract layer with CosmWasm.

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This new capital will enable Injective to spur further development aimed at creating the industry-leading blockchain optimized for financial applications. Injective will also continue to invest in its rapidly growing ecosystem in order to solidify its position as the premier destination for Web3 DeFi developers.

The funding will also be utilized to further increase utility for the native INJ token, which powers Injective, while also creating new liquidity avenues for dApps built on Injective.

Unmatched Ecosystem Growth

Injective has continued to grow at an unprecedented level. Injective now has reached over 92 million on-chain transactions, outpacing many popular layer one protocols in the market today. Given its state-of-the-art infrastructure, Injective is able to confirm every transaction instantly with zero delays and near zero fees.

dApps built on Injective

dApps built on Injective have already generated over $7 Billion in cumulative volume. Becomes one of the fastest-growing ecosystems in the industry today. With the launch of its multichain CosmWasm smart contracts layer last month, Injective takes a pivotal step towards its evolution. Injective’s smart contract layer uniquely can enable automatic execution at every block. Making it the first and only automated smart contract capable blockchain.

In addition to further development, the new raise will be able to support developers who focus on diversifying the Injective ecosystem. New applications, such as prediction markets, lending protocols, and savings dApps, can all build on Injective and utilize its core modules to continue expanding the Injective ecosystem.

Rising Institutional Adoption

The funding also helps to highlight Injective’s rapidly growing appeal within institutional circles globally.

Injective has built and is continuing to pioneer solutions. It also aims to interconnect crypto with the world of traditional finance. It is also crucial for the mass adoption of DeFi. Injective currently provides a number of institutional grade modules, such as a fully on-chain order book, binary options, and derivatives.

Normally, building even just one of these core financial structures is an arduous task that can take a great deal of time to perfect. Now with the help of Injective, developers can launch unique finance-focused projects. Without having to deal with the myriad technical intricacies.

Injective Innovative Solutions For DeFi

As Injective continues to push forth innovative solutions for DeFi, traditional institutions are able to smoothly transition over to a new world of Web3-enabled finance. The raise signifies this vision for the future of finance. It will also continue to bring more institutions over to Injective. Injective is spearheading the efforts needed to bring the best financial institutions into crypto.

“Businesses and financial institutions have already begun to participate in DeFi in a big way and the natural next step will be building personalized decentralized applications. Injective offers these institutions an out-of-the-box solution that can be leveraged to build any finance app. We look forward to building together with the Injective community and are optimistic about the ecosystem’s future growth,” — Kanav Kariya, President of Jump Crypto.

“We are excited to collaborate with our partners, including Jump Crypto. we expect will be a major boon for the broader Injective ecosystem. With Jump as a major force in the crypto ecosystem, the partnership will be focused on expanding Injective’s network and further increasing adoption across the dApps built on Injective.”—Eric Chen, co-founder, and CEO of Injective Labs

ABOUT Injective Protocol

Injective is a custom interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning-fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem.

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