As a major development in collaborating with Band Protocol, Injective will now be operating validator nodes on one another’s networks. Moving forward, this dual validator arrangement will serve to align and strengthen long term goals for both parties. The Band Protocol team has already set up a node for Injective and has begun to participate in Equinox Staking.
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts, thus bridging the gap between blockchains and off-chain data sources. Band shares Injective’s ethos of democratizing opportunities within the financial sector. Band also secures billions of dollars in assets with its innovative oracle solution and has processed over 3 million oracle queries in just the past few months.
Band Protocol was one of the first teams to deploy smart contracts on Injective Chain using the Cosmos-SDK, bringing its highly scalable and secure decentralized oracle not only to stock derivatives but also developers looking to build on Injective. Since then, Band has continued to work with Injective contributors by adding support for new stocks, indices, ETFs, and other unique derivatives.
Together with Band Protocol, Terra, and Mirror Protocol, Injective launched the world’s first decentralized stock futures trading. This accomplishment paved the way for unfettered access to stock futures trading in markets such as Tesla, Airbnb, GameStop, Twitter, Amazon, and more.
“Band Protocol has been a close collaborator of Injective from the beginning — most notably, our teams launched the world’s first decentralized stock futures trading in collaboration with Terra and Mirror Protocol. We are proud to become a genesis validator on Injective in the lead up to their Mainnet and vice versa, have their team operate a BandChain node to further both teams’ interests,” said Soravis Srinawakoon, CEO & Co-Founder of Band Protocol.
Now, with the addition of the BandChain validator node on the network, Injective will deploy its own node on Band’s network to generate synergistic value. Thanks to Band’s meaningful track record in reinforcing the platform, there is no doubt that this next chapter in the collaboration will be mutually rewarding.
“We have been close friends with Band Protocol since the early days of Injective. We’re really excited for the Cosmos ecosystem projects to work together and secure a robust oracle and derivatives primitive alongside Band Protocol right from the start!” said Eric Chen, CEO of Injective Labs.
With this new synergy, the Injective community looks forward to supporting the Band ecosystem further while continuing to work towards building limitless access to DeFi markets.
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
Injective is a custom interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by Pantera Capital.