Solana Apps May Soon be Ported to Cosmos Ecosystem

Developers of Solana Web3 apps may soon be able to port their apps to the Cosmos ecosystem, creating new opportunities for users and providing a greater variety of uses for Cosmos blockchains. This information has been made available as a consequence of a recent announcement made by Injective (INJ), a developer of a network based on Cosmos. The Injective team has reportedly launched a layer-2 testnet that makes use of Solana’s Sea Level Virtual Machine, as stated in the announcement that was made on the 30th of March (SVM). Because of this new advancement, certain Solana developers are now able to test their applications for usage in the Cosmos environment without having to switch either the programming language they use or the tools they use.

This marks a significant advancement for the Solana community as well as the Cosmos community. Developers can now reach a new audience and provide users with more opportunities to engage with their apps by porting Solana Web3 apps to the Cosmos ecosystem. This allows developers to expand their potential user base. In addition, the Cosmos ecosystem is able to capitalize on the benefits of Solana’s high-speed and low-cost transactions, which positions it favorably in comparison to other blockchain ecosystems.

Eclipse, a company that offers specialized zero-knowledge and optimistic rollups for software developers, was enlisted to assist in the development of the brand new layer-2 testnet. Eclipse has been instrumental in the creation of this new layer by utilizing their expertise to develop a safe and effective layer-2 solution that enables the seamless integration of Solana Web3 applications into the Cosmos ecosystem. This solution was made possible thanks to Eclipse’s contribution to the development of this new layer.

This brand new development is currently going through the testing phase, but it shows a lot of promise for the future of the Cosmos and Solana ecosystems. Because there will be more opportunities for cross-chain compatibility, developers will be able to create applications that are even more robust and innovative, and these applications will be able to take advantage of the distinctive characteristics of both Solana and Cosmos. As a consequence of this, the prospects for the future of the blockchain technology are more encouraging than they have ever been.


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Injective Raises $40m Funding to Expand DeFi Applications

Injective, a popular New York-based blockchain platform built for finance, announced on Wednesday that it has raised $40 million in a funding round led by Jump Crypto, the cryptocurrency arm of the decades-old trading firm Jump Trading Group.

Injective is designed to build decentralized finance (DeFi) applications, such as derivatives exchanges, prediction markets, and options. It also produces decentralized financial applications (dApps) to power a new ecosystem of connected DeFi applications.

BH Digital, the crypto and digital asset division of global alternative investment management platform Brevan Howard, also participated in the funding round.

Eric Chen, co-founder and CEO of Injective Labs, talked about the funding raise: “We are excited to collaborate with our partners, including Jump Crypto, which we expect will be a major boon for the broader Injective ecosystem.”

Injective said it raised funds to add new stakeholders to its ecosystem. Chen said: “With Jump as a major force in the crypto ecosystem, the partnership will be focused on expanding Injective’s network and further providing shared liquidity across the Injective ecosystem. It’s really about bringing on valuable stakeholders rather than having more capital at hand.”

The blockchain platform stated that it would use the fresh capital to support incoming Injective developers and develop critical toolkits, support software and core upgrades to expand its ecosystem. The platform further said it would use the funding to increase utility for its native token, INJ, and provide liquidity and support to decentralized applications (dApps) on its blockchain.

Injective also mentioned that it would use the new funding to support a wider effort to bring in more institutions and offer greater liquidity to DeFi. Chen elaborated: “The Injective ecosystem is institution-ready and excited for sophisticated liquidity coming in. It’s a synergetic effort for broader adoption.”

Although digital asset markets have been unstable, the blockchain sector continues to scale as demand rises from both crypto-native and traditional institutions seeking to use the technology.

Chen said in recent months, there has been more interest in DeFi services from traditional institutions and people in the traditional finance landscape. The executive said: “This is definitely shown with financial service providers like investment banks, brokerage firms and asset managers regardless of market conditions. There’s no sign of them slowing down.”

Image source: Shutterstock


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Injective Raises $10 Million for Robinhood Alternative

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Decentralized derivatives trading platform Injective Protocol has raised $10 million in its latest round of funding.

Injective Raises $10 Million

Injective Protocol has raised $10 million from some of crypto’s most well-known venture capital firms, bringing its overall valuation above $1 billion. This round included contributions from Pantera Capital, BlockTower, Hashed, Cadenza Ventures, CMS, and QCP Capital.

Shark Tank host and Dallas Mavericks owner Mark Cuban, well-known for being a DeFi bull, also invested in the project.

By raising this money while giving up little equity, Injective was able to prevent dilution in ownership of the protocol and ensure that INJ holders will control the platform’s future.

An Alternative to Robinhood

Injective Protocol is a decentralized trading platform on layer 2 of Ethereum. It boasts low fees, instant transactions, and access to stocks, crypto, forex, synthetic assets, and NFTs.

The project promotes itself as a decentralized and transparent alternative to Robinhood. Some investors are now ditrustful toward Robinhood due to the GameStop shorting incident in which Robinhood faced capital shortages and began to block trades.

Because Injective cannot block trades in the same way, it could see disgruntled former Robinhood users move to its platform. Nevertheless, Robinhood is a far more mainstream app.

Disclaimer: The author held ETH, BTC, and a number of other cryptocurrencies at the time of writing.

This news was brought to you by ANKR, our preferred DeFi Partner.

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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.

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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


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