Injective is collaborating with Binance Smart Chain (BSC) to further accelerate derivatives adoption on the BSC ecosystem.
Binance has long served as a valuable partner for Injective. Injective was first incubated by Binance Labs back in 2018 and later became the first-ever incubated project to host a successful IEO on Binance Launchpad. Binance’s primary asset, BNB is already available on Injective’s Solstice V2 Testnet. It is only natural that both parties deepen this relationship further with a BSC integration.
Launched in September 2020, BSC is a blockchain service that enables developers to build their own DApps using smart contracts. As an added benefit, it is also compatible with the Ethereum Virtual Machine (EVM), which means it’s capable of running DApps ported over from Ethereum.
Alongside Binance, Injective will launch new derivative products on BSC. The plan to integrate the BSC ecosystem involves a number of steps. Initially, Injective will provide a bridge to BSC that would enable cross-chain trading to be much more seamless on Injective. Users will be able to transfer tokens between the Injective Chain and BSC with ease. This enables limitless possibilities for various derivative products to be brought over to BSC. In addition, it allows for new DeFi protocols built on top of BSC to have accessible interoperability with the Injective Chain.
The BSC ecosystem has expanded dramatically over recent years with a robust group of products leveraging BSC to introduce novel DeFi products. In an effort to grow its DeFi base further, Binance has also introduced a $100M fund aimed at DeFi projects building on Binance Smart Chain. A snapshot of the ecosystem can be seen below.
“Binance has played an integral role in the growth of Injective thus far. We are thrilled to be working with BSC. One of the core missions we have here at Injective is to truly pioneer decentralized derivatives adoption worldwide. Integrating with the burgeoning BSC DeFi ecosystem certainly puts us one step closer to achieving that goal,” said Eric Chen, Injective Labs co-founder, and CEO.
This collaboration with BSC, as it looks to become a layer-1 titan, marks the beginning of a new era of fully decentralized derivatives trading.
About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible DApps.
For more information on Binance Smart Chain, visit the website here.
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.