Injective Collaborates with Big Data Protocol to Launch Innovative Structured Data Products

Injective Collaborates with Big Data Protocol to Launch Innovative Structured Data Products
Injective Collaborates with Big Data Protocol to Launch Innovative Structured Data Products

Injective is collaborating with Big Data Protocol (BDP) to create and launch structured data token products. Injective and BDP users can soon create and trade data derivatives based on the BDP Data Market.

Earlier this year Injective also partnered with Ocean Protocol in order to introduce data derivative products. This collaboration with BDP will further strengthen this product line with a truly unmatched selection of data focused derivative markets.

Data Token Structured Products

Data token structured products can assume a number of distinct forms.

First are tokenized data futures. This means Injective users will be able to trade data tokens (based on bALPHA and BDP Data Market data tokens) with leverage. In addition, users will have the ability to create entirely new derivative markets that utilize these data tokens.

Given Injective Chain’s EVM-compatible execution environment for DeFi applications, Injective will be able to create both perpetual and expiry futures contracts. Through Injective, users will be able to create new markets such as indices and data tracking markets. This means users could buy one token to track the performance of all data tokens in the BDP ecosystem. This in turn allows Injective to not only become the market leader within data derivatives but also enables it to expand the entire size of the industry as a whole.

Market creation is entirely open and permissionless. The collaboration will allow anyone to both create a data market using only the price feeds from Balancer and deploy it to the larger Injective ecosystem. Moving forward, this can help to introduce new markets that were previously inconceivable within decentralized finance.

The Injective Oracle Ecosystem

The partnership between BDP and Injective also strengthens the the Injective oracle ecosystem which is comprised of leading products such as Chainlink, Band Protocol, and DIA.

Oracles power Web 3.0 platforms like Injective that need access to real-world data, such as real-time price feeds. Oracles, in turn, need access to professional data providers that have high-quality and reliable data. The BDP Oracle Market sources, aggregates, and validates data from professional data providers and bridges the gap between data providers and oracles and crypto projects.

In the future, BDP plans to introduce data providers and oracles to Injective. BDP has an existing network of over 14,000 professional data providers and over 10,000 investment professionals which can be a great benefit for the rapidly growing Injective ecosystem.

Closing Remarks

It is often said that data is the new oil, implying that data will come to be one of the most valuable asset classes. By taking part in the creation of data derivatives, Injective can push the entire DeFi industry to new heights.

About Big Data Protocol

Big Data Protocol is a DeFi protocol powering a Web 3.0 data marketplace. The Protocol tokenizes commercially valuable data through a network of 14,141 professional data providers and makes the data token liquid on Uniswap. Users earn data by providing liquidity to data tokens.

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About Injective

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.

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