Accountants: Crypto.com assets fully collateralized at a 1:1 ratio
Injective dives into its past and reveals some expectations for the future of DeFi.
8 questions for the injectable protocol
1. Please describe Injective to those who do not know it. What is your vision and mission?
Injective is an open and interoperable layer 1 blockchain optimized for DeFi applications. It uniquely provides plug-and-play modules, including an order book and a derivatives trading module, which allow any developer to easily and quickly launch intrinsic value financial applications. Coupled with smart contract capabilities, any developer can build complex applications with state-of-the-art protocols. Built with Cosmos-SDK, Injective uses a Tendermint-based Proof-of-Stake (PoS) consensus mechanism to achieve instant transaction finality while maintaining lightning-fast speeds.
The current financial system is failing and too inefficient. DeFi has shown promise in taking the first step towards destroying the centralized infrastructure of traditional FX markets. Our mission is to go the extra mile and provide the most advanced next-gen financial infrastructure to build DeFi applications on top of the Injective blockchain. Users can access these applications in a fully decentralized, fast, cross-chain, inexpensive and secure manner.
2. When was the idea of Injective born and what led to it?
Injective was originally intended to address a pressing need in the world of finance: to create a truly free and fair financial system for all. This in turn could only be achieved by creating financial applications that are on par with the performance of centralized counterparts while maintaining complete decentralization.
Upon inception, Injective joined the very first cohort of Binance Labs’ incubation program. Inspired by the world of cryptography, Injective Labs co-founders Eric Chen and Albert Chon began early experimentation with Ethereum before quickly realizing that hard-to-solve problems could not be solved by a generalized blockchain because they are neither customizable nor capable enough to build robust financial demands.
This led the two founders to the promised land of Cosmos where they became two of the earliest contributors to the nascent cross-chain ecosystem. Although it was still early days, it was undeniable even then that the great promise of Cosmos as a whole was seeking to bring about a world of connected blockchains. Injective has started creating a number of innovative Web3 modules, such as the first fully on-chain order book and derivatives that can be used to create a whole host of powerful cross-chain dApps.
Ultimately, Injective helped create the first industry-specific blockchain that would be both SRM-resistant and highly scalable. Helix, the first decentralized derivatives exchange, was one of the flagship dApps launched alongside Injective. Helix quickly became one of the fastest growing exchanges in history, surpassing $1 billion in trading volume in its first 30 days.
3. Tell us about your team’s journey.
Our team hails from world-class universities and some of the most respected companies in the world today. Our core team members hold degrees from Stanford and Harvard. Additionally, we have worked at leading technology companies such as Amazon. Finally, we have a strong background in finance with experience in hedge funds such as Two Sigma, which is currently one of the largest quantitative hedge funds.
Our experience in blockchain technology and crypto also spans many years, having worked on crypto-focused funds and designing our own unique token standards which were later adopted by multiple protocols.
To create a layer one blockchain to build powerful DeFi applications, it is crucial to build a team with deep technical and financial knowledge. This is what makes our team so unique, we can seamlessly combine our previous experiences with software, digital assets and trading to create the fastest industry-specific blockchain.
4. Let’s say I want to start using Injective. Where do I start? Where can I find how-to guides?
Injective has a slew of products today that all contribute to making it the strongest blockchain specialized for DeFi.
To get started, you can first go to Injective Hubwhich includes a suite of tools for Injective, such as a staking dashboard, INJ burn auctions, wallets, insurance funds, and a comprehensive governance portal.
In the “Featured DApps” section, you can find a few decentralized crypto exchanges built on Injective where you can trade there with the lowest fees. Before trading on any of the exchange dApps, make sure to transfer funds to Injective through the Injective Bridge. Injective Bridge is a fully trustless cross-chain bridge with native support for Ethereum, Cosmos, and a number of new layers such as BNB Chain via the upcoming Wormhole integration later this year.
For practical guides, you can consult the FAQs or watch video tutorials on the Youtube channel.
5. Why did you decide to migrate/build on the BNB channel?
Binance has long been a valued partner for Injective. We were first incubated by Binance Labs in 2018 and later became the very first incubated project to successfully host an IEO on Binance Launchpad. Binance’s core asset, BNB, is already available on exchange dApps built on Injective. It is only natural to further deepen this relationship and leverage the Binance ecosystem to reach new user bases who might prefer to rely on BNB Chain.
6. What do you hope to see next from the BNB Chain community?
We hope to see more developers as BNB Chain builds a friendlier community for different developers. As Binance has a large number of users around the world, we look forward to seeing more on the BNB channel over time.
As Injective is able to connect to BNB Chain via Wormhole integration, we expect many users from the BNB Chain community to access Injective and use dApps built on Injective.
7. What do you see as the main challenge for the future of DeFi?
Currently, we are seeing many issues for DeFi applications, such as high gas fees, security vulnerabilities, poor UX, and slow speeds.
Injective is looking to fix many of these issues in the future. We are exempt from any gas charges; Exchange dApps on Injective incorporate robust security settings with an intuitive UX while far exceeding the speeds of other DEXs.
8. Where do you see DeFi and BNB Chain in five years?
We envision the DeFi market to grow exponentially over the next few years with different types of projects responding to user demands. As traction increases, the need for more established platforms will increase along with it. This is why BNB Chain can become a market leader in this sector with various platforms leveraging it to introduce new DeFi products.
Where to find the injective:
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