Injective Protocol Mainnet Goes Live, Launches $120M DeFi Incentive Program
DeFi trading platform Injective Protocol is launching its mainnet after rolling out a $120 million incentive program for traders, market makers, and DeFi projects, the protocol announced this Tuesday.
First DeFi Cross-Chain Derivatives Markets
As per the press release, Injective Protocol is set to launch the world’s first DeFi derivatives markets using the IBC Oracle, the popular Cosmos-based third-party service that will provide access to external, off-chain data.
For now, traders will only be able to trade INJ (the protocol’s utility token), Bitcoin (BTC), Chainlink (LINK), Axie Infinity (AXS), and Wrapped Ethereum (wETH). The reason is that the INJ community has approved these coins for now. Further proposals for new markets will be rolling out soon, like new altcoins, Indexes, synthetic assets, and others.
The launch is a collaborative effort between IBC and Injective Labs. The latter has been harvesting capital from high-profile individual investors and venture capital firms. In April, the company raised over $10 million from CMS, Pantera Capital, billionaire investor Mark Cuban, among others, to build its DeFi version of trading platform Robinhood. Now, Injective has its eyes on becoming the largest cross-chain protocol for decentralized derivatives trading.
“As Injective interconnects new chains, the ecosystem will continue to serve as a DeFi gateway for trading across the multi-chain universe. Injective’s Ethereum-native tooling allows users to simply create and trade new cross-chain markets without the typical roadblocks associated with making transactions across distinct blockchain networks,” said Eric Chen, co-founder and CEO of Injective Labs.
A $120 Million Incentive Program To Boost Liquidity
Incentive programs are common in the DeFi space as they help boost liquidity on such platforms. On Oct. 12, Binance announced a $1 billion fund to enhance the BSC ecosystem, with $100 million allocated towards liquidity.
Besides the launch of its mainnet, Injective is taking a similar approach, providing developers with a robust fund to help them build with its network, which includes a $120 million incentive program called Injective Astro. The fund, which is the largest within the Cosmos ecosystem – will help boost the liquidity on the platform for the next five years, allocating the funds specifically to market makers and traders who use Injective.
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