Helix is excited to announce the market listing of nINJ, powered by Gryphon, an innovative protocol seamlessly integrating LSD and a stablecoin (CDP) component that launched on Injective mainnet already.
You can now trade nINJ/INJ spot market with market and limit orders on Helix, the premier on-chain crypto exchange built on Injective. Read more below to find out more about Gryphon and nINJ, the benefits of trading nINJ on Helix, and a step-by-step guide on how to trade on Heilx.
Get started here: https://helixapp.com/spot/ninj-inj
What Is Liquid Staking and nINJ?
Liquid staking is the act of delegating your tokens to a service that stakes for you without losing access to your funds. nINJ is a tokenized derivative of staked INJ enabled by Gryphon, a decentralized liquid staking protocol on Injective.
Gryphon allows you to mint nINJ, which is a representation of your staked INJ tokens that can be utilized elsewhere. So while your INJ is staked and earning rewards, you are able to take the nINJ to participate in other DeFi protocols within the Injective ecosystem. nINJ can also be redeemed for INJ on Gryphon which takes 21 days to unbond.
Mint nINJ on Gryphon: Link
Why is Liquid Staking Important for INJ?
Liquid staking improves capital efficiency and maximizes yield for users, in addition to allowing users to earn passive income through staking. Without liquid staking, using a token in DeFi requires that it be unstaked, thereby forfeiting its staking reward. But with liquid staking, INJ can be used to both participate in DeFi and earn staking rewards, lowering the barrier to DeFi usage. Effectively, this means that while you are earning staking rewards, you can also engage with trading, yield farming, lending and much more simultaneously.
Why Trade nINJ/INJ Spot Market on Helix
With a diverse array of upgrades and advanced enhancements, Helix is the only truly decentralized derivatives exchange. Helix provides completely unmatched exchange, trading bots, advanced order types, a brand new Swap interface, trading histories, and reward tracking to Injective users. Anyone can use Helix as a crypto cross-chain trading gateway with zero gas fees, best-in-class security, and lightning-fast speeds. Helix is also the first platform to support nINJ/INJ spot market alongside maker fee rebates.
nINJ-INJ Market Details
- Base asset: nINJ
- Quote asset: INJ
- Minimum price tick size: $0.0001 nINJ
- Minimum quantity step: 0.001 INJ
- Trade and earn multiplier: Ineligible
- Fee: -0.01% maker fee; 0.1% taker fee
- Trading hours: 24/7/365
How to Trade nINJ/INJ on Helix?
In order to trade the nINJ/INJ spot market on Helix, you will need to have either nINJ or INJ in your Injective Wallet. The first step is to deposit assets to Injective.
Option 1: Get INJ onto Injective
- First, get yourself an Injective wallet. Go to Helix and connect your wallet. Once you connected, an INJ wallet address will automatically be assigned to your crypto wallet. You will be able to view and copy it from the top right-hand corner of the page;
- One way to get INJ in your Injective wallet is through any of the exchanges that list INJ, including but not limited to, Binance, Coinbase, OKX and Gemini. Please check the exchange list here;
- If the exchange has integrated Injective mainnet (e.g. Binance), you can withdraw INJ token and enter the Injective wallet address you copied from Helix, and ensure the matched network is INJ (Injective);
- If the exchange has not integrated with Injective mainnet yet, you can withdraw INJ token to your Ethereum wallet first and bridge it to Injective. For a step-by-step tutorial, please visit here for full details;
- Once the transfer is completed, you can check your INJ balance via the Injective Wallet or Account page on Helix.
Option 2: Get nINJ on Gryphon
- You can mint nINJ on Gryphon by bonding your INJ asset. Note that the nINJ unbonding period takes 21 days;
- Next, go to Injective Hub and check your nINJ balance in the Wallet section;
- The contract address for nINJ is inj13xlpypcwl5fuc84uhqzzqumnrcfpptyl6w3vrf. You can double check it on Injective Explorer by entering your Injective wallet address and clicking on nINJ to view the asset detail;
- Next, click “Convert” next to nINJ on the Wallet page, then a pop-up will appear which allows you to convert tokens from CW20 format into the Bank format, and allows you to trade the Bank format tokens on Helix;
- Then you can check your nINJ balance on the Injective Wallet or Account page on Helix.
Option 3: Onboard with Fiat
- You can also onboard onto Helix using popular fiat currencies by selecting from one of the fiat on-ramp providers such as Kado, Transak or Payfura.
- Choose your payment currency (e.g. USD) and enter the amount in fiat you would like to swap;
- Select Injective as the network to receive your payment amount;
- Follow the instructions and continue the steps;
- Once the transaction is completed, you will see the USDT or INJ balance on Injective Wallet or Account page under Helix;
- Swap INJ to USDT by using the Swap feature if needed.
Trading nINJ/INJ on Helix
Once you have nINJ or INJ assets on Injective, you are ready to trade!
- Go to the nINJ/INJ spot market on Helix;
- Now you can buy nINJ using INJ, or sell INJ to get nINJ;
- On Helix, you can choose the type of order, either Market or Limit order;
- Enter the amount you want to Buy or Sell, submit your order and approve it with your wallet;
- Once the order is approved successfully, you will see a notification “Your order has been placed.”
Upcoming Listings
Moving forward, Helix will continue to expand the markets available for users. All community members can propose to bring new assets to Helix using the governance portal on the Injective Hub. Ultimately, all INJ token holders own Injective so the community has the power to bring new assets to the dApp ecosystem with the help of the DAO.
Stay updated on all new listings by joining Helix on Twitter and Telegram!
Useful Resources
- How to create your Injective wallet: Link
- Onboard onto Injective instantly with fiat: Link
- Transfer assets to Injective via Injective Bridge: Link
- A quick guide on how to make a trade on Helix: Link
- Trade and Earn on Helix: Link
- Earn trading fee discounts by staking INJ: Link
This article is for informational purposes only and is not financial advice or an endorsement of a particular project or application. Use of Helix is subject to Helix’s Terms and Conditions.
About Helix
Helix is the premier decentralized crypto exchange. Helix provides access to unlimited crypto assets and perpetual markets with market leading rebates. Best-in-class security, near zero fees, lightning fast speeds, cross-chain capabilities and a fully on-chain orderbook on Helix provide the optimal gateway to bring crypto trading to the masses. Helix is built on Injective, the interoperable layer one blockchain for building powerful exchange, DeFi, derivatives & Web3 applications.
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 token that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.
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About Gryphon
Gryphon is built to supercharge LSDs. It’s an innovative protocol seamlessly integrating LSD and a stablecoin (CDP) component into its framework. Think Jito + DAI seamlessly integrated under one roof. It enables users to enhance their staking strategies by providing them with access to liquidity normally locked within their staked assets. The goal is to become the first full-chain lending market in the Injective ecosystem.