How Injective and Band Protocol will take DeFi to the next level

Injective Protocol has announced that it will expand its partnership with Band Protocol. As such, it will operate a validator node for BandChain.

In exchange, Band Protocol will begin participating in Equinox Staking, according to an official post. This is part of Injective Protocol’s testnet preparations for its upcoming mainnet deployment.

Injective is a second layer decentralized exchange created to offer derivatives and “borderless DeFi”. Users can trade any derivatives on its platform without the traditional market restrictions. The protocol is backed by Pantera Capital and Binance.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the other hand, Band Protocol is an oracle service provider that operates cross-chain data connecting it to smart contracts. Its oracles are used to feed many decentralized applications such as DEX, prediction markets, on-chain games, and others. Backed by Sequoia Capital, it offers a platform without a single point of failure.

The partnership between the referenced protocols has a precedent with the launch of a platform for trading decentralized financial derivatives.

Developed in conjunction with Terra and Mirror Protocol, users can benefit from a decentralized platform to trade derivatives based on shares of Tesla, GameStop, Amazon, and other companies.

Band Protocol’s Oracle integration with Injective Protocol

The latest cooperation is a reinforcement to strengthen the relationship between the protocols. According to the post, Band Protocol’s oracle service will be integrated into Injective Protocol’s financial derivatives ecosystem.

Thus the latter will be able to expand. Injective CEO Eric Chen believes that they have remained “close friends” with Band Protocol since its inception. Chen added:

We’re really excited for the Cosmos ecosystem projects to work together and secure a robust oracle and derivatives primitive alongside Band Protocol right from the start!

Band Protocol team said are “looking forward” to being able to support the expansion of Injective’s ecosystem with their oracles. In addition, they believe that Equinox genesis validators will have a “diligent” execution towards the mainnet.

CEO and Co-Funder of Band Protocol Soravis Srinawakoon said the following on the cooperation:

Band Protocol has been a close collaborator of Injective from the beginning — most notably, our teams launched the world’s first decentralized stock futures trading in collaboration with Terra and Mirror Protocol. We are proud to become a genesis validator on Injective in the lead up to their Mainnet and vice versa, have their team operate a BandChain node to further both teams’ interests.

At the time of writing, BAND is trading at $17,57 and seems to be reacting positively to the announcement with 1.8% gains in the daily chart. In the 7-day chart, BAND has 6.6% profits and 17.5% in the past month.



Tagged : / / / / / / /

New Ethereum-Based Crypto Asset Surges After Receiving Surprise Support From Coinbase

A medium-cap altcoin is rallying after getting a big boost from Coinbase.

Coinbase Custody says it’s allowing users to custody the Ethereump-based decentralized finance (DeFi) project, Injective Protocol (INJ).


Since the announcement, INJ has rallied approximately 33% from $3.50 to a high of $4.67, according to CoinMarketCap.

Injective says it’s the first protocol to offer layer-two decentralized cross-chain derivatives trading.

The project’s native INJ token, which launched in late October, serves a variety of functions such as protocol governance, exchange fee value capture, derivative collateralization, liquidity mining and staking.

The token was launched through public offering this year and currently sits at a $67 million market cap. The project boasts some significant partnerships with the likes of Chainlink, Binance Smart Chain (BSC) and Matic.

The Coinbase news comes as a surprise, as INJ is not listed as one of the 14 assets which Coinbase is exploring.

The crypto exchange has not yet announced whether it will support INJ for trading. Since the beginning of December, Coinbase Custody has announced support for eleven new assets, five of which are currently tradable on Coinbase Pro.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong


Tagged : / / / / / / / /
Bitcoin (BTC) $ 26,919.21 2.19%
Ethereum (ETH) $ 1,650.79 2.93%
Litecoin (LTC) $ 65.01 2.88%
Bitcoin Cash (BCH) $ 235.66 2.62%