Injective Protocol has announced the successful public launch of the Solstice testnet, the first universal DeFi protocol for cross-chain derivatives trading. This launch marks an important milestone in the project’s mission and community to create a free and decentralized financial network for limitless trading.
The project was cultivated by Binance Labs back in 2018 and recently conducted a public offering on Binance as well. Injective is already backed by a prominent group of investors including Binance, Pantera, and Hashed. Paul Veradittakit, Partner at Pantera Capital and one of Injective’s early backers noted: “Injective’s Solstice testnet trades and feels like a state of the art derivatives exchange but it’s actually entirely supported by a fully decentralized infrastructure.
With a one-second blocktime, instant finality, and full earned value management (EVM) support, I’m confident that Injective will be able to pioneer the next wave of decentralized derivatives trading.”
Injective has built the first layer-2 decentralized exchange protocol that unlocks the full potential of borderless DeFi. Injective empowers traders to trade on unlimited markets (blockchain-based assets, synthetics, etc.) with zero gas fees and fast transactions. It enables fully decentralized trading in various forms including, perpetual swaps, futures, margin, and spots.
Every component of the protocol is built to be fully trustless, censorship-resistant, publicly verifiable, and front-running resistant. The project has built a platform that includes the Injective Exchange, the Injective Chain, and the Injective Futures Protocol. Users are empowered to create their own markets within Injective and anyone can trade on them.
Centralized exchanges have been known for operational failures like front running, exit scams, and exchange hacks. At the same time, existing decentralised exchanges (DEXs) are still facing problems such as high transaction fees, low liquidity, inconvenient user experience design and user interface design (UI/UX), and slow speeds. Injective aims to solve critical scalability and user experience bottlenecks to bring the next generation of decentralized exchanges.
Injective Protocol uses Tendermint-based Proof-of-Stake (PoS) to facilitate cross-chain derivatives trading across Cosmos, Ethereum, and many other layer-1 protocols. The DEX is based on the Cosmos-SDK and Ethereum network that integrates a verifiable delay function (VDF) to prevent transaction fraud and front-running.
The team has been building and testing Injective privately since 2018 and validated it with the largest funds, market makers, and institutional traders. The launch of the mainnet is expected to take place in the coming months as well and is rapidly gaining more interest from all corners of the globe.
Built over the past two years in Silicon Valley, Injective’s team is composed of seasoned technologists from Stanford led by Eric Chen, CEO and сo-founder of Injective. Prior to Injective, Eric was working at hedge funds and spent a great deal of time in cryptographic research at a blockchain-focused fund.
Chen commented: “When I was working as a trader, I noticed the inherent issues centralized exchanges were facing, while the decentralized counterparts weren’t mature enough for professional trading,”
“The troubles I faced set me out to build a new protocol that can both rival centralized exchanges and unlock the full potential of decentralized finance”.
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.