We are delighted to announce that Injective is integrating with Harmony to launch a diverse array of interoperable derivatives.
We at Injective have always strived towards the mission of enabling seamless access to limitless markets across distinct later one protocols. We have continued to surpass any other decentralized exchange in the crypto sector today by beginning to integrate popular layer one networks such as Binance Smart Chain (BSC). Adding Harmony to our rapidly growing network can allow our users to permissionlessly access a number of new markets not available anywhere else.
We will look to integrate specifically with Harmony’s Horizon bridge, which serves as a bridge between Harmony and Ethereum. Since Injective is already integrated with the BSC network, we can also utilize Harmony’s BSC bridge in order to port over assets to be traded on our derivatives exchange. Looking ahead, these forms of interoperability can allow our users to trade a number of new derivative products that utilize Harmony-based assets.
Backed by a reputable list of global investors including Binance Labs, Harmony is a fully EVM-compatible sharding protocol. It is designed to help scale Ethereum applications that continue to struggle with high gas fees, slow finality, and poor scalability.
Harmony and Injective share a number of synergies that we believe can further strengthen the value proposition of our derivatives exchange. Harmony’s network has experienced a high degree of adoption such as the number of transactions rising by nearly 600% from ~230K transactions to over 1.5 million transactions in just the past few months. Recently, Harmony has also integrated SushiSwap, which was one of the first DEXs to add INJ pairs for yield farming efforts last year.
We are excited to take this next step with Harmony as it brings tremendous value to users of Harmony and Injective alike. Injective users can gain access to entirely new assets and use them to form derivative products such as indices or cross-chain financial products. Similarly, Harmony users can find new avenues for native Harmony assets on Injective’s exchange that can provide novel options for hedging or trading across distinct layer one protocols.
Injective’s Integration with Harmony
Our vision at Injective has always been to create a fully decentralized cross-chain derivatives exchange that is able to work across all blockchains. Over the past few months, we have also started to delve deeper into integrating a number of other layer one blockchains such as Polkadot and Binance Smart Chain (BSC).
Injective’s immediate collaboration with the Harmony team will allow for Harmony-based assets, as well as the native Harmony token (ONE), to be brought over to Injective. This integration will help foster a robust and accessible transfer zone for traders to navigate freely across the Injective Chain and Harmony.
We will also employ new products built on Harmony to provide new derivative products to traders on Injective. The opportunities in this regard are truly endless. For instance, a Harmony user can bring over their ONE tokens to Injective in order to build a portfolio that is able to hedge against the volatile crypto markets. In addition, users can trade new assets with leverage such as a Harmony based index that consists of assets deployed on the Harmony blockchain.
Mainstream Cross-Chain Derivatives
Injective shares Harmony’s vision of rising above the blockchain trilemma, providing scalability without compromising security and decentralization. The interoperability frameworks binding Harmony and Injective speak to our shared goal to bridge together the disjointed ecosystems that currently reside within crypto.
We could not be more thrilled to join forces with Harmony on our mission to develop a dynamic exchange for limitless decentralized assets. We believe that this unique collaboration will fundamentally raise the bar for interoperability within the DeFi sector and help pave the way towards a much more equitable future.
Harmony is a sharding protocol with a trustless Ethereum bridge. Harmony developers can use Ethereum tooling such as Solidity and Ether.js. Users can also seamlessly swap Harmony and Ethereum assets. Harmony is able to achieve 2-second finality for fast transactions and is able to support 1000 delegating stakers for secure shards. Similar to layer 2 protocols, Harmony is now fully interoperable with the Ethereum ecosystem.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.