Triaconta Weekly #272

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • What is Injective (INJ) ?

Bundle performance
Crypto does not like war. Higher-risk investments tend to unwind in times of uncertainty. Still, Bitcoin’s decline of less than 5% is not too bad. Diversified bundles are also falling by slightly more than this percentage, with the large outliers to the downside offset by the rest of the bundle. US inflation came in slightly higher than expected, but still 85% of analysts think the Fed will not raise interest rates again on Nov. 1.

Big3:
1 Month: +1.70% | 7D: -5.01% | 24H: +1.06%

Top30:
1 Month: +1.83% | 7D: -5.74% | 24H: +1.38%

Penny:
1 Month: +0.93% | 7D: -6.00% | 24H: +1.24%

DeFi:
1 Month: +5.90% | 7D: -6.47% | 24H: +1.48%

Winners & Losers
Avalanche (-15%) after the Oct. 7 hack of their social media platform Stars Arena. After negotiating with the hacker, 90% of the stolen AVAX are fortunately returned. While Lido DAO (+0%) remains flat this week its much smaller competitor Rocket Pool (-12%) drops. Pepe coin (-10%) is unlikely to rise again until the entire market goes up. However, blockchain analysis also recently shows large purchases of Pepe again by portfolios that had previously taken profits.

What is Injective ?

Our latest revision added this token to the DeFi bundle. Injective is specifically designed for Web3 Finance, decentralized trading with breakthrough interoperability. Crypto and Web3 data from multiple leading blockchains can be used in any application built on this open platform.

With all the knowledge accumulated so far on smart contracts, decentralized apps and interoperability, a blockchain platform has been created with simple building blocks for fast and secure applications in finance. Injective is currently the fastest growing ecosystem in crypto and aims to be the premier destination for all Web3 DeFi developers.

Who is Injective?
Eric Chen is the CEO of Injective Protocol and was previously a Venture Partner at Innovating Capital, which became one of Injective Protocol’s investors. Albert Chon is the CTO of Injective Protocol and was a Software Development Engineer at Amazon before founding Injective Protocol in 2018. Injective Labs’ first product was a much improved and faster decentralized crypto exchange in April 2020.

How does Injective work ?
Injective Labs has developed a number of building blocks such as a decentralized order book, Ethereum bridge, inEVM, swaps and derivatives like futures and options, and made them available to all developers on the platform. Normally it takes a lot of time to build something so complex, good and secure by yourself. The more such plug-and-play building blocks are present, the easier it is for developers to create a wide variety of reliable and fast financial applications. Injective Labs is also working on modules that interface with existing (traditional) financial systems, which also makes it attractive for those parties to connect to applications running on Injective. With the ample funding that Injective Labs has received from large investors, they can go on developing new and further developing existing building blocks for quite some time to come.

Future of Injective?
Injective’s future logically lies in expanding its offerings and capabilities for developers. Every part of the protocol, according to their philosophy, will be built to be used without relying on another party, be censorship-resistant, publicly verifiable and make front-running impossible. Key milestones in the roadmap include the integration and development of an NFT standard and an NFT marketplace. Constantly, Injective Labs will need to continue to innovate to solidify its position as the best blockchain for DeFi. So far, they are doing so without a hitch. Follow their blog here for more information.

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