The IBC (Inter-Blockchain Communication) protocol has been enabled on Injective making the IBC Bridge officially live!
The IBC-enabled Injective Bridge will be the final addition to the Canary Chain. The community will now begin prepping the protocol for the Canonical Chain upgrade that will truly unleash everything that is possible on Injective.
Injective governance proposal #60 allowed for the IBC protocol to be integrated into Injective. The idea behind IBC is simple yet profound. There exist a growing number of layer one networks that are unable to interact with one another. IBC allows for these disparate chains to become part of a robust interconnected ecosystem where users are able to transfer assets and arbitrary messages across different blockchain networks.
Now assets in the Cosmos ecosystem can seamlessly be transferred over to the Injective Chain via the native Injective user interface, the IBC Bridge. As a bonus, Keplr wallet support has also been added which will be hugely beneficial for Cosmos and all of the rapidly growing projects within the IBC universe. Ultimately, the IBC upgrade brings Injective to new heights, allowing anyone to create IBC-enabled markets. Notably, users for the first time ever can create entirely decentralized ATOM perpetual markets.
“We’re really impressed by the continued innovation from Injective, enabling access to new cross-chain perpetual markets using the IBC protocol. Injective is a vital member of the Cosmos ecosystem and is helping to drive more use cases and adoption of DeFi to solidify Cosmos as the leading cross-chain ecosystem,” said Peng Zhong, CEO of Tendermint, a core contributor to the Cosmos network.
Injective is an application-specific blockchain built using the Cosmos SDK for decentralized derivatives trading. Uniquely, Injective is able to retain compatibility with IBC while also allowing users to access applications with Ethereum-native tooling and DApps such as MetaMask. This enables Ethereum-native users to easily utilize Injective while also enjoying the benefits of IBC cross-chain trading.
IBC-enabled chains currently have a market value exceeding $30 Billion which can bring new value and opportunities to Injective. A core goal of the community has been to provide access to new markets not available elsewhere, thus driving greater usage for products within the Injective ecosystem. The IBC bridge brings Injective one step closer to realizing this goal as new markets can be launched via fully decentralized modes of governance. Over time, as Injective develops new IBC additions for chains such as Terra and Osmosis, assets on those chains can be connected to Injective as well.
The Injective Bridge today will primarily be used to transfer assets for trading on Injective’s many relayers. Currently, exchanges built on Injective can not only access Ethereum native assets but also tokens stemming from the IBC network. Over time, as new DApps such as stablecoins or savings products are created on Injective, the cross-chain Injective Bridge aims to become the primary gateway for DeFi and cross-chain trading.
The Injective Bridge will be a cornerstone of the interoperability and positive feedback loops being adopted by Injective. For instance, a user can transfer ATOM to the Injective Chain, then be able to use that ATOM for trading on Injective or put the ATOM into the Injective Insurance Fund. All of these actions bring more value into the Injective ecosystem alongside higher usage rates. In addition, limitless liquidity can flow across new markets on Injective as the IBC network continues to flourish. The opportunities are only limited by one’s own imagination.
Try out the new and more powerful Injective Bridge yourself and explore a new world of cross-chain derivatives trading enabled by IBC: Link
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.