hey guys uh here we go looks like your mic sounds good
awesome awesome hopefully hopefully twitter's compliant with us today
yes hopefully um appreciate you taking the time uh thank you to everybody
take their time to join us as well um now i know i've obviously chatted with
you guys before of course um but yeah for the many people that haven't today we're
here with um injective we're gonna have a fun discussion around some of the uh
different things regarding injective and what they're up to so let's just go ahead
and dive into it right away uh cooper feel free to give us just a
quick intro to yourself and a bit of your background
yeah well first off i want to thank uh the team at galaxy for for putting this
work on the injective labs business team um and i support our ecosystem and
partnerships uh across the board um and you know being you know speaking and
working with the teams at galaxy and explaining kind of how deep this
partnership runs for us and how important it is for injective is is
something that's very you know top of mind as well
of course i couldn't agree more and so when you when you talk about
objective uh sorry injective apologies um can you give us kind of just the base
level of like how does it work what what does it do
what would be your best intro yeah of course so
excuse me injective is a layer one blockchain
optimized for finance based applications and what does that mean um that means
for instance um right now if you go to ethereum mainnet
currently i think finality and don't quote me on any of this is something like 13
minutes um there is no world in which you know
person a gives person b five dollars that person a wants to wait 13 minutes no
person b got those funds they want to know instantly so the team
at injective use the cosmos sdk which actually you know provides something
interesting called instant finality which essentially
allows for blocks to clear um and and finality to be essentially
instant in addition to block times that have been optimized with
our smaller validator set um of less than one second so the fast
you know one of the fastest blockchains if not the fastest blockchain in
crypto processing you know was taking a look at
at other blockchains processing over a million transactions at least per day
currently um and many of those transactions are
from high frequency trading teams that are plugged into our fully decentralized
non-chain order book primitives providing liquidity
and trading on our chain um you know they're trading things like perps spot
markets etc so to dive back and circle back to
what the initial question is what is injective
injective is a chain where you come to utilize your from a user's perspective
utilize your favorite finance based applications whether
that's amms to go and find long tail assets similar to meme
coins and etc all the way to you want to trade you know
your bitcoin perps fully on chain in a fully decentralized way and not have to
worry about the counterparty risk or uh insolvency risk of you know the
exchange that you're trading on to even things you know such as uh
new real world assets that are being issued and we have a lot of exciting
partnerships in the pipeline but that's from the user perspective and
from the developer perspective and you know one more piece to add is that
injective is really the only l1 that provides you know
plug and play web 3 modules that allow developers to take things out of the
box and create applications seamlessly so
you can take our exchange module our oracle module
and have your own exchange up and running in literally less than a week
as opposed to if you were to do that on any other layer one that
i'm aware of probably take you at least six months
so you know we like to call ourselves the wordpress for finance from from the
developer's perspective as well so those are kind of the the two interesting
aspects i definitely wanted to jump into of course i feel like with the
question of what is injective it kind of definitely answers in the prospect of
like there is so many different moving pieces
which i think is definitely incredibly important in this space
um especially with the obviously when it comes to you know making layer ones
etc there's so much uh you know technical like
competition at the same time right um and it's nice it's interesting to
hear the different pieces that makes uh injective unique right i
think that's super important to find that kind of area and niche
that you can excel in and so when it comes to injective for
developers um what would be the infrastructures that are
exclusive to injective for these developers
kind of maybe the question we'll be here would be what are the advantages
to building on injective and how do you support developers in that sense
yeah great question there so that's back to the kind of wordpress for
for web3 and wordpress for finance that injective provides so
we have out of the box plug and play modules
namely currently we have the exchange module the oracle module the binary
options module and these essentially allow you to take
a white labeled uh existing exchange infrastructure and
framework so that means things like matching are already you know fully
utilized you can launch a perp exchange so
insurance funds and isolated margining um and different forms of of margining
like all these different aspect technical aspects of things that would
be needed to spin up let's say an exchange
or a central limit order book exchange um are all
there and ready for developers to take and and launch
you know very seamlessly um so you know also what's exclusive is that
injective is is a you know cosmos sdk chain we
utilize cosmoism as our core development language currently however
we're also launching you know different rollups with
these different vm environments we can which we can get to later
um but then what's the second order of effect of having those modules well
the second order effect is that the team in injective and kind of one of
my main jobs is having a lot of these leading institutions
that are coming to web 3 and coming to on-chain finance
plug in and integrate with our chain itself
so the leading you know this is this is no secret a lot of the prop shops um
and different trading shops in the space don't like to publicize kind of how
large they are but many of them are huge supporters
of injective and are integrated with our order books and trading on our
infrastructure and this allows you as a developer to
seamlessly spin up a application and have that same
advantage of having those institutions able to instantly plug into your
application if they choose as well or into your markets if they choose as
well so that's kind of the the advantage
that's very exclusive from my perspective okay so if i were to look at it this
way if i had wanted to let's say i had my idea for um whatever
i was planning to build essentially a lot of the um
groundwork like for putting together like an amm or
uh whichever different piece i would be able to just pretty easily pull that
and use that kind of groundwork for for my project is that what you're saying
yes that's correct so let's take it let's take into account an exchange you
want to launch your own exchange for users to have access to spot eth
um as well as indj and bitcoin perp and eth perp those four markets right
traditionally if you're on any other l1 you have to build all the smart
contracts yourself which is probably a four to six month process
incredibly intense and then after building out the actual
exchange yourself you then have to go find liquidity providers and market makers
to make another four to six month integration
to provide liquidity so that when a user wants to open a long or short or
swap eth for usdt that liquidity exists however in
the case of Injective we provide that exchange module out of the box
so that essentially you can take it build your own front end and your own
user experience charge your own fees but have the existing
infrastructure and the same existing exchange infrastructure on the back end
and then on the front end or sorry on the liquidity side of things
we have those liquidity providers currently plugged into our ecosystem
and taking part in something called the open liquidity program
so Injective has an incentive program that
that incentivizes these different type of liquidity providers
and there's currently very deep liquidity for bitcoin perps eth perps
indj spot uh eth spot etc so those four markets
you wouldn't have to go find the market maker to provide liquidity towards
those four markets it already exists so from a developer
perspective you can have your own exchange that you're charging your own
fees on with literally you know building your own
front end and your own user experience and building your own marketing etc
so i think that's really what's exciting and and you know what's
what's to come really in 2024 from a lot of different angles
that's incredibly exciting i i i love the convenience
and the ease of use that you guys have really put together here
um with that obviously there's probably been
a lot of exciting different things that have happened over the last year of
course um you know let's let's go with this
maybe what are some of the sort of maybe milestones or or or different
interesting stats or things you guys have achieved that you might want to
share with everybody listening today obviously having this uh you know
pretty great builders network yeah great question um
let me see if i can i can pull up some of our analytics
um but i mean just just off the top of you know
my head right now right um in the past year what has injective been able to do
i think that you know we've been able to
incubate an ecosystem um you know over a year ago we had less than
let's say i think probably three to four daps within our ecosystem currently we
have 50 and counting um and we plan to scale that to
thousands hopefully in the next couple of years
um from the application standpoint of really strong teams and developer ecosystem
from our end in addition we have volumes that are
really kind of you know off the charts currently over
26 billion dollars in in cumulative volume
across our ecosystem um since launch which is
is quite significant um and you know lastly you know we also have
serious increase in in users um across all different types of
applications and that's creating things like transactions etc so right now
i think there's around one two million transactions every day on chain
um which is you know close to that of any other
um you know large chains and so that's very
namely important to mention as well um those are a couple things off the top
of my head which have been you know very interesting a lot of the
different partnerships that are coming to fruition now
that have been worked on for so long so a lot of awesome things
um that are in the works currently um as well that are are soon to come out
that i think that our community will be very proud of
well that's very exciting and if i remember correctly
from the last time i spoke with you guys i think the
the volume and the on-chain transactions that you mentioned i think
it's honestly probably increased i believe just based on my memory so
it's definitely a pretty exciting time um and now with the mention of strategic
partnerships things like these is there anything uh off the top of your head
that particularly stands out when it comes to someone you're working with
someone that has uh you know been building with Injective for example
yeah so i'm gonna sound biased but i'm i'm gonna say it because interestingly
i don't really run the the kind of relationship specifically between
Injective and Galaxy um more so on my side of things you know
kind of a bystander um that there likes to be helpful because
it's run by you know two or three other of our team members
um internally however um i will say that the Galaxy
uh kind of partnership with Injective Labs has been
an incredibly incredibly productive you know partnership and very successful one
at that um and what am i measuring that by in
my personal opinion the hardest thing to do in this space
that we call web3 that we call crypto is onboard users
so we have tons of incredible projects and incredible developers in addition to
we have tons of great products and projects
however we don't have that many users using any of these different things and
being able to work with teams like Galaxy they can provide
you know very easy pathways to onboard users and different types of products
um i think is super important um and that has been like a partnership that has
really really uh propelled us um over over the
past couple of months i i i appreciate the kind words and i i
i very much agree with the the sentiment around
onboarding users especially in the sense of you could have just such a
amazing idea in so many different senses of life right like
the one i would say that's the most common that a lot of people will
generally kind of like understand themselves is when they view all of
uh everything from social media and they see
people that are popular online right and even those people at one point even
without maybe essentially a business model or
you know something like that their their whole goal in mind is
how can i get people interested in maybe what i'm doing
or this thing that i have and we're in this space now where we
we can help and provide uh you know an area where users can
explore and learn about these different interesting things
so i'm super happy you guys have had such a positive experience
um and also i want to i want to dial it back to the milestones and
objectives because there are some milestones and i apologize for of
course um 318 million plus on-chain
transactions 50 million plus blocks produced
um sub-second block times 44 million INJ staked
5.7 million INJ tokens have been burned through a burn mechanism
um over 26 billion which which i've noted previously and and so much more
um but yeah no excited to get to the rest but definitely didn't want to sell
our community short who i see many of them here today as well but
yeah i mean i want to harp on that galaxy collaboration and like
how much our team internally values it as well
um you know great partners to to have with you guys as well
i appreciate that a lot i'm i'm glad we can help to be that vehicle for you guys
in your community as well um and yeah thank you to everyone from
the injective community that took the time to
listen today and participate in the campaigns on the injective space
i see right now the uh ambassador badges in particular i very much enjoy the
art for these it's very fun um yes and i love so we have one of
our our incredible community leads here as well
um ozz and we are just chatting just before this
and he was noting you know everybody who's listening here
definitely go and take a you know a lookout for the injective ambassador
badges and mint them on the injective chain
really great you know things coming to our ambassador program and all those
programs collectively yeah i love a good ambassador program
it's always fun it's a great way to just engage with the users
get to know them better get that direct feedback find the users that are
the power users in your space right they're just they're just so important
for the long term and they have been for us as well
um in our community it's just been such a huge benefit
to find those users like build them up alongside you because it's what they're
here for right they want to they want to participate they want to help they
want to see you grow so um definitely yeah guys if you get the
chance um even right now you know we're
using our ears right our eyes can go and look at the campaign on injective and do
a little claim so um thank you for that and now moving on
um you mentioned something uh that the INJ tokens burn
and the 44 million state so for those listening that you know may have this
been their introduction to injective or you know maybe they've been around the
block but haven't looked too deep into it and they know about INJ token
this is the native token of injective um you know what would be the
general utility of INJ and kind of what are you know maybe some of the different
use cases that users can find if they were to get involved
yeah totally so um you know INJ is the native
you know utility token of injective the use cases are intended
um but are not limited to protocol governance
um the dapp value capture proof of stake security
developer incentives staking etc um you know to touch into a couple of
those things specifically protocol governance right you use the token
you know very similarly to how others um to to vote and push different types of
proposals through injective is a permission chain which is
actually quite interesting which makes it such that you know we
want to support different types of financial applications however we don't
want to support things outside of the you know direct value add or benefit or
congest the chain in any way um so governance is a huge aspect of
injective um and then also we have the protocol
fee value capture so all these different you know teams that participate in the
burn essentially injective is a you know
value accruing token um so essentially all the different value capture
that that we find within the ecosystem um gets kicked back to
you know um the burn auction which happens on a weekly basis
um and the burns have been picking up significantly over the past couple
weeks um over two hundred thousand dollars um
you know i think on average every week and
and those are in the fees that are denominated across the ecosystem and then
users come and bid on that basket of funds with INJ
and then INJ is sent to the burn um and burned forever and then obviously that
the tenderment proof of of stake security mechanism um is
quite valuable um which essentially you know
incentivizes validators and those delegators to participate in staking
which really secures our network and and i think is a great way for any user to
really understand crypto and and the point of crypto and how it
works end to end um and then lastly another piece is
developer incentives we have some exciting stuff for developers anybody
listening coming in in the coming months and
definitely stay up to date on those different types of things
um but yeah that's kind of you know INJ and the token in a nutshell
very cool i i particularly like the um
mechanisms you guys have in place with the staking and the burning it's very
interesting when it comes to tokens and burning i
find it's um i think to a lot of people at face
level it's something very exciting because obviously it means like the supply
goes down and when people hear supply goes down
and they're holding the assume price goes up etc um
i'm curious though when it comes to to burning you guys have done like 5.7
million burn 44 million stake um and you know the market is very
exciting times do you the do you have the numbers on the
um like market cap and uh stuff like that like the total supply i'm just curious
yeah yes yes so all those things are i don't have them on top of my head
they're on coin market cap coin gecko etc i know all the exchanges
you know always push on the foundation to stay up to date
um however to answer your question you know
as the ecosystem you know continues to scale
and and all these different types of dApps continue to feed into the burn
we're hopeful to get to a point in time very soon where
where you know we have some deflationary tokenomics that is really what is set
up to get towards however you know obviously we need to
continue to grow the way we have over the past year over the next couple
years and and you know we believe we can
really sustain that and and reach those goals
no that's awesome to hear it's um it's a really tough line to walk
um yeah but i i'm wishing you guys well in that sense it's a hard line but it's
very exciting um so talking a bit about our partnership
thank you very much for the kind words super fun stuff um
going a bit deeper than that when it comes to working with
injective or building with injective um would you maybe be able to kind of
cover some of the different interesting dApps that have been built on top of
yeah of course 100 um and i know almost all of them are running different forms of
galaxy campaigns and giving out cool you know of course you know uh rewards
but does that happen to a couple that are quite interesting mito
so mito is a groundbreaking web 3 protocol that revolutionizes automated
trading and yield generation allows you to essentially take assets
deposit them earn some great yields which is fantastic
um in addition we have helix helix is probably you know the largest app within
the injective ecosystem from my perspective
it's a fully decentralized and open source uh
DEX that that's built off of our shared liquidity on injective and it's one of
the fastest DeFi exchanges you know growing across the industry
um we've seen billions of dollars in volume over the past couple months
which has been really cool um also you know we have our our normal
amms right we have dojo swap we have uh astroport white whale and quite a few
others and then we have you know apollo safe a multi-state protocol
black panther another asset management protocol
neptune a lending protocol um exotic markets and options protocol
um and and i don't want to not show love to the rest there's you know
over 30 plus other incredible teams and projects building and some really
exciting stuff coming across the board yeah i um in particular black panther i
believe um i actually spoke with them in um our
discord as as well it was a really nice discussion
they were very cool that was a very exciting one
oh that's awesome yes incredible team out of singapore
really hard working guys um pumped for for the future they have within our
ecosystem yeah it was it was a super great
discussion i was pretty exciting it was pretty exciting as well
um and helix as well that you mentioned i know this is a
particularly important one it was the kind of premier decks that was built on
top of injective maybe we could go into just a little
bit more details around helix itself and kind of that process of how it came to
be on injective and some of the benefits and unique advantages
yeah of course so injective was initially
a you know vanilla kind of decks and and the concept was to fight mev resistance
and create a you know a very seamless place to trade your erc 20 assets off of
ethereum um and and that vision very you know
that's that's we're talking six seven years ago now
um you know fast forward to about a year ago when the team enacted cosmo wasm
smart contracts and and you know the entire project really
morphed into a layer one built for finance based applications
that deck's vision was still being pursued as really a proof of product
for the chain um and you know within that helix was spun
out into its own project and its own front end so helix is really
a proof of product and and the main decks within our ecosystem where users
can go that's also maintained by the team at
injective labs oh cool and and allows for users to
uh trade perps you know trade spot uh all different types of things that are
that are very interesting oh that's definitely exciting it's
always nice when something kind of ends up working like that
in such a positive way and now so we've kind of talked a bit about um
you know many of the the different positives over the year some of the
different um you know uh partnerships things like
that what may be over the last year have you found that may have been um
you know a bit on the tougher side for injective a hurdle that you may have
needed to overcome and kind of how you work past that
especially through the last year of a lot of quiet for injective
yeah yeah totally so the injective hub um and and the bridge and also the
bridge the new bridge was just announced today i would say that that whole
experience has been you know uh a huge notable success across
our ecosystem in terms of creating a you know one
aggregated place where users can come bring their assets into the ecosystem
bridge in bridge out seamlessly in addition the same story that we just
told about helix is is quite interesting um you know that has been great as well
you know mito has been a great success story as well
recently um the team at dojo swap in terms of exterior teams has also been
really really strong uh recently dojo swap is a great team definitely go check
out their products um you know the volumes and and the
volume increase uh you know the unique users coming to
the ecosystem the transactions and and uh you know really increasing
everything has really just been a roller coaster up
um and and you know we're happy you know with our community and we're really
excited to continue building and and you know pushing forward on that
vision to you know catapult that growth moving forward
no i could tell it's it's an exciting time and there's uh
at this point there's so much to look forward to um
yeah i really think that that roller coaster is definitely on the up path right
now for sure um it's it's been a crazy year
definitely um and now you just mentioned though i want to just cut to
something the injective bridge that was just announced um maybe if we can go
just into a bit more of the finer details around
that for those listening i know i have your twitter up obviously
um but you know i'm seeing here superior ux with near zero fees pretty
exciting stuff yeah no of course so
tl the r of injective is like injective is so much incredible interoperability
right it's this cosmos chain most cosmos chains are really siloed to only cosmos
chains yeah however injective then has great
ethereum interoperability right it has uh yes
your erc uh 712 signing i always forget the the different technical
implementations i do too don't worry but essentially allowing for different
forms of eth addresses to always be there's an eth address maps every
injective address that exists which which is quite notable
and that really you know pushes forward that interoperability and then
the collaboration and partnership with wormhole and then allows us to connect
and and create great interoperability with chains like solana aptos
we etc so all those things collectively can
get quite confusing and and what our team and what we're really proud of
announcing in our new bridge is taking all those things and
abstracting away the complexities and just saying okay you want to bridge from
osmosis to injective here's how you do it you want to bridge from ethereum to
injective you do it in this place you want to bridge from
solana to injective you do it in this place
and all of the technical aspects are put into the background whether
you're getting there via ivc or you're getting there via wormhole
or you're getting there via the eth bridge etc
everything is is very seamless and i'll put into one solution
that's awesome i i love that i find that for the longest time
bridging was such a hassle it felt like it really got to a point for myself
where if i were to see something about bridging i
would just kind of maybe shrug it off and it's really nice to see
that we're kind of getting to you know these higher points now where it can be
done in such just a better way right you
know more seamless less fees etc more simple understanding for people
i think that's the biggest thing is there's so much misunderstanding when it
comes to what is happening with bridging and it can put a lot of
fear into new users and when we simplify that process and you know that ease of
use that you guys really nail that injective i
think is super important especially for onboarding new users to
our space that may come across wanting to do something like this for the
yeah no of course and so continuing on as we kind of get to
the end of the discussion today we've covered
you know the many different things around injective beyond what we've talked
about today is there anything in particularly
coming up in the next quarter the next six months that
is exciting that you can share with us today um
if not totally okay but you know i gotta try and probe for that alpha for the
users totally totally yeah so in terms of
there's to answer your question and a short short answer is that yes there's
incredible amount of of big announcements and big initiatives that the
team is working in shipping on um as we speak uh with regards to you
know on the ecosystem side but i think even more
importantly um the ecosystem apps and a lot of the different things that are
happening like hydro uh the lst protocol within our ecosystem
just launched their token and that has been going you know very well for the
ecosystem so all the different ecosystem apps and
and the value unlock that will occur by them you know launching native tokens to
secure and create token economics and utility
will be very interesting um in addition to the new products that come out of both
helix mighto as well as injective and the
chain and those initiatives that we really push out to support support
developers to build on our chain i think is quite
interesting and then lastly the vm environment so we announced in evm uh
in evm is uh an evm environment where injective developers can head over and
deploy contracts and solidity for the first time
will likely have you know and have announced one of those coming in
in svm which is that the c-level there's a lot of virtual machine
and that's exciting and that's upcoming as well
um so quite a few things to be excited for but i think the best place to
always stay up to date is really our twitter
our twitter is really always first to it and you know always
always front runs everyone else
no it sounds like we have a lot to come this year and i feel the same from our
side it's definitely um a lot of exciting things for sure
and for those listening um stay tuned make sure you're
on injectives twitter join their discord community as as well and
get involved in many different ways um governance etc all these fun things are
always happening there are galaxy campaigns on the injective
space like we talked about with the ambassador program you guys can go in
involved with that as well super exciting stuff
Cooper do you just have any final words for the listeners today before we head
out no my final words for the listeners are
definitely take part in the galaxy campaigns and the injective
ambassador badge um that is definitely kind of my
my important last word for you know relative to this collaboration i think
we have a lot of exciting things rolling out across our ambassador program
in the coming months um and the team that works on that has
been you know shipping endlessly um and stay up to date with
everything that's going on at injective and
you know the last last closing thought is that
thanks so much to to weather boy you know it's been incredible i think it's our
second time wanting together i hope we do many more of these in the
future as well of course yeah i um it's yeah it's fun
getting to do these multiple times um i just get to to learn and know
injective better and better right so uh it's so much learning um you guys
have been great to talk to very um very well spoken you guys really know
how to sell injective i'll tell you that that's for sure
um of course yeah and thank you again to everyone listening thank you cooper
we'll close out for today see you all next time go check out everything on
injective thank you again thank you other boy cheers bye