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Home > News
Published: 08/03/2024
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Author: Kane
Injective Deploys Mainnet for Layer-2 inEVM
After six months of deploying the inEVM testnet, Injective officially releases the mainnet for this layer-2.
Azcnews Breaking
According to the announcement on March 7th, the layer-1 blockchain built on the Injective Cosmos infrastructure has initiated the deployment of the inEVM layer-2 onto the mainnet. The company positions its solution as the first Ethereum Virtual Machine rollup capable of truly integrating with Cosmos and Solana.
inEVM is part of Injective’s strategy to establish the “Electro Chain” network, expanding the layer-2 ecosystem and scalability to other blockchains.
Currently, inEVM utilizes Celestia’s DA layer, Pyth Network’s Oracle, and technologies from LayerZero, TimeSwap, Thetanauts. inEVM facilitates Ethereum dApp developers to easily connect and deploy their applications on this layer-2, opening up new opportunities for Injective.
In September 2023, Injective began deploying a testnet for inEVM in collaboration with Caldera, a custom rollup solution developer. Initially, Injective planned to launch the mainnet for inEVM in the fourth quarter of the previous year but decided to postpone it until today.
Also, in the past year, the project raised $40 million from Jump Crypto and introduced a $150 million ecosystem development fund with the participation of Pantera, Jump Crypto, Kraken Ventures, Kucoin Ventures, and Delphi Labs.
Related: What Is Injective Protocol? All About INJ Token?
INJ Chart After the Announcement from Injective
Chart Injective
INJ/USDT chart on Tradingview at 06:33 AM on March 8, 2024 (UTC)
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#INJ
#Injective Protocol
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Home > News
Published: 08/03/2024
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Author: Leexim
DeFi Yields Surge to Highest Levels in Two Years
After achieving a record-breaking week with a staggering $84.5 billion in volume, the decentralized derivatives sector maintained its momentum, with GMX reaching a remarkable $1 billion in trading volume on March 4.
Azcnews Defi (2)
DefiLlama’s yield overview page reveals that GMX and protocols built on top of it currently boast four out of the top 10 highest yields among protocols with at least $10 million in deposits.
Liquidity providers on GMX V1 are currently enjoying a 35.6% annual percentage yield, while those on GMX V2 are earning between 11.8% and 105.3%. These substantial yields are a result of the surge in perpetual futures trading, with the decentralized derivatives sector achieving an unprecedented weekly volume of $84.5 billion during the week ending March 1.
The weekly volume for decentralised derivative protocols
The weekly volume for decentralised derivative protocols (DefiLlama)
In the first week of March, GMX sustained its momentum by generating over $1 billion in trading volume on March 4, marking its highest daily amount since the collapse of the FTX crypto exchange in November 2022.
Decentralized exchanges like GMX differ from centralized counterparts by not relying on market makers. Instead, they utilize liquidity pools, where users deposit assets for others to trade. GMX V1 employs GLP, a basket of assets including Ether, Bitcoin, LINK, UNI, and stablecoins, exposing users to price fluctuations of the underlying assets. Conversely, GMX V2 uses isolated pools for each asset, giving liquidity providers more control over their exposure.
DeFi yields surge
Combined, GMX V1 and GMX V2 hold over $593 million in deposits. Liquidity providers earn a share of fees paid by traders, with fees on GMX V1 at 0.1% and on GMX V2 ranging from 0.05% to 0.07% of the trade size. Despite the attractive yields, users should be mindful of inherent risks such as smart contract vulnerabilities and potential exploits.
Trend of annual percentage yield in DeFi
Historical annual percentage yield in DeFi (DefiLlama)
The surge in yields, fueled by protocols like GMX, has propelled the market-wide DeFi yield to its highest level since March 3, 2022, reaching a seven-day average of 5.4%. With decentralized finance experiencing a resurgence and the total value of assets in protocols and volume on decentralized exchanges hitting new highs, the potential for further yield increases remains.
Related: Locked Value in Defi Approaches the $100 Billion Milestone
Decentralized derivatives exchanges like GMX, contributing significantly to these yields, show promise for continued growth compared to their centralized counterparts, with decentralized derivative exchanges handling $12 billion in total volume in the last 24 hours, while centralized exchanges managed over $458 billion, according to Rabbitx data.
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