Unlocking DeFi Potential: Inside Injective’s Project Mito and How to Simplify Cryptocurrency Transactions
Posted: February 22, 2024 10:58 AM Updated: February 22, 2024 10:58 AM
Public layer 1 blockchain Injective (INJ) recently released its Mito project on mainnet after witnessing over 50,000 users linking their wallets on testnet. Mito aims to simplify DeFi adoption by providing users with a trading experience that combines the familiarity of automated market makers with the robustness of order books.
The automated trading vault within Mito leverages the power of smart contracts to execute sophisticated trading strategies on injection order books.
“With a variety of trading strategies at users’ disposal, Mito allows users to engage in advanced trading strategies to enhance their cryptocurrency returns. By eliminating the need for users to devise or implement these strategies themselves, Mito simplifies DeFi transactions, making them more accessible and efficient,” Eric Chen, CEO and co-founder of Injective Labs, told MPost.
During the testnet phase, Mito received overwhelming support from an active community, with over 150,000 members actively participating and contributing to the early access launch.
Mito’s Launchpad, a decentralized platform designed to democratize early token sales, also debuted with Quants, an NFT Fi collection utilizing the platform chosen by the Injective community through a voting process. Unlike traditional launchpads that enforce predefined criteria, Mito’s launchpad allows projects to customize token launch parameters based on their specific requirements. This comprehensive approach allows projects of all sizes to leverage Launchpad to launch their ventures.
“Mito’s Launchpad eliminates the exclusivity associated with private, invitation-only token sales in the cryptocurrency industry. This creates greater inclusivity and opportunity within the ecosystem by giving users access to token launches that were previously reserved for private use,” explained Injective’s Eric Chen. “This allows the team to fund the project through grassroots initiatives and generally puts control directly in the hands of the users and community members who are most passionate about the project’s growth potential.”
Once the Launchpad process is completed, users will receive 50% of their assets immediately and the remaining 50% will be deposited into the QUNT/INJ trading vault. Afterwards, users are given LP tokens representing their holdings, giving them the opportunity to withdraw them immediately or further staking for rewards.
Simplifying cryptocurrency trading for everyone
Last week, Injective introduced the first Omnichain domain name service on mainnet, facilitating easier cross-chain user experience between three generations of blockchains. Solana and injections. Users can use INJ native assets to acquire a .sol domain, allowing them to utilize the same domain across Solana decentralized applications (dApps) and integrate the .sol domain into the Injective platform.
Injective’s Eric Chen said Mito was built to simplify cryptocurrency trading for users. The user interface has been carefully designed to remove complexity and provide clarity on how to engage and what each Vault or Launchpad does.
“Mito was purpose-built to simplify cryptocurrency trading for users. It was designed to have a simple UI that takes the guesswork out of how to engage and what each vault or launchpad does,” Chen said. “Mito is built on top of Injective, so all transactions are visible on the Injective order book, making it inherently transparent. Mito is also fully decentralized, with all assets owned solely by its users.”
In addition to simplifying cryptocurrency trading for users, Mito values the community’s input throughout its development, including decisions about which projects can utilize Launchpad through a voting feature.
In addition to Launchpad, Mito announced that it will introduce four additional trading vaults: DOJO/INJ, TALIS/INJ, NINJA/INJ, and INJ/USDT on February 26, 2024 at 15:00 UTC. Each vault implements a Constant Product Market Maker (CPMM) strategy to maximize its portfolio by offering users unique rewards per gauge.
“As Mito continues to evolve, it will introduce unprecedented trading strategies never before seen in Web3 finance and typically only accessible to large trading institutions,” Injective’s Eric Chen told Metaverse Post. “Mito will have a huge impact on the broader cryptocurrency industry by democratizing access to these strategies and putting them directly into the hands of individual users.”
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About the author
Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.
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Victor Day
Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.