San Francisco, CA, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Injective Protocol, a layer-2 decentralized derivatives exchange protocol, has officially been selected as the next project to launch on Binance Launchpad, the exchange’s selective public sale platform. In 2018, Injective was one of 8 winners selected for incubation with Binance Labs with the goal of solving the poor liquidity, high latency, and inefficiencies seen at most decentralized exchanges. This also makes Injective the first Binance Labs incubated project to debut on Binance Launchpad.
Injective is a fully decentralized layer-2 derivatives exchange built on a Tendermint-based Proof-of-Stake (PoS). The exchange itself has zero gas fees when trading while being able to support a diverse array of DeFi applications such as cross-chain trading and yield generation.
Injective Protocol’s Founder Eric Chen explains, “Since 2018, Binance has supported our vision of building a product that helps solve major issues that traders face daily when using exchanges such as poor UX, slow speeds, centralization and high fees. The Biance team recognized that Injective helps to alleviate all of these problems while offering the best trading experience for both institutions and individuals globally. We are very excited to continue our close relationship with the Binance team as we become the first Binance Labs incubated project to conduct its public sale via Launchpad.”
This launch will mark the 17th launch on Binance Launchpad since its inception in late 2017 and popular rise in 2019. Previous Launchpad companies include Matic Network, Band Protocol, Elrond, and Kava to name a few. The platform is widely popular for its fair selection process that helps distribute tokens to thousands of participants.
In July 2020, Injective Protocol announced a $2.6 million round led by Pantera Capital and other leading blockchain funds. Since the raise, Injective has been working diligently towards a mainnet launch later in 2020 and has announced partnerships with top blockchain companies such as Elrond, Ramp DeFi, Findora, and Frontier.
About Injective Protocol: Founded in 2018, Injective Protocol is a fully decentralized, front-running resistant layer-2 decentralized exchange protocol. The protocol is based on the Cosmos-SDK and Ethereum network that integrates a verifiable delay function (VDF) to prevent trade manipulation and front-running. The company was incubated by Binance Labs.
Injective is the first cross-chain protocol built for decentralized finance applications. On the Injective exchange, anyone can access, create, and trade unlimited DeFi markets such as futures and perpetuals. Developers can also build cross-chain Ethereum-compatible projects that are lightning fast and achieve instant transaction finality. Injective is backed by a prominent group of stakeholders including Binance, Pantera Capital and Mark Cuban.