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Injective announces Polkadot integration to expand cross-chain capabilities

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Injective Protocol today announced its integration with Polkadot, via the aid of Moonbeam, an integration that will provide an Ethereum-compatible smart contract platform powered by Polkadot that makes it easy to build natively interoperable applications. With such an integration, Injective Protocol plans to become the first Layer 2 DEX to enable cross-chain capabilities across Ethereum and Polkadot.

Moonbeam is one of the first parachains on Polkadot to offer full Ethereum compatibility, one that allows Solidity developers to deploy unmodified Ethereum smart contracts on the Polkadot network.

Enabling cross-chain derivatives trading on Polkadot effectively means that the Injective Decentralized Exchange will run on both Ethereum and Polkadot, two giants of the Layer 1 space. This means a whole range of assets will be available across these platforms via the DEX.

According to Injective CEO Eric Chen,

“As a platform for open derivatives market creation, we’re confident that our community-driven markets will benefit from accessing tokens and on-chain data from the Polkadot ecosystem. More interestingly, we can also create synthetic tokens on futures positions and transfer them to the Polkadot DeFi ecosystem while also enabling NFTs to be traded.”

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Funded by Pantera Capital, Injective Protocol is Binance’s new IEO, currently in the Ticket Claim phase, at the time of writing. It is an exchange with zero gas fees and the ability to support a diverse range of DeFi applications.

Centralized Exchanges have seen a majority of crypto-derivatives trading so far. Amidst the debate around AMMs in DeFi, as well as security and regulatory issues faced by Centralized Exchanges, there is a case to be made for innovation in DEXs.

Injective is a Layer 2 decentralized derivatives exchange that operates in an order book style.  In this environment, node operators earn fees for routing and matching orders. Further, unlike 0x relayers, node operators could each be independent DEXs within a larger network.

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In utilizing 0x and Verifiable Delay Function (VFD), it can avoid front running traders and ensure a fair sequence of orders.

The innovations in this space highlight the emerging standard witnessed in the development of DEXs amidst the DeFi boom.

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Linda Hopkins

Linda is one of the oldest contributors to Sunriseread. She has a unique perspective with regards to business and technology. She aims to empower the readers with the delivery of well-written news pieces, and most importantly, she always tries to bring the news quicker to the readers.

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