Injective Collaborates with DIA to Expand its Decentralized Oracle Ecosystem

Injective Collaborates with DIA to Expand its Decentralized Oracle Ecosystem
Injective Collaborates with DIA to Expand its Decentralized Oracle Ecosystem

Injective and DIA are entering into a strategic collaboration to expand the oracle ecosystem for the Injective DEX. With this collaboration, Injective will enable DIA to tap into a growing community of traders while continuing to introduce innovative cross-chain derivatives markets moving forward.

This year has seen a surge in DeFi demand as more than $11B lies locked across various DeFi protocols while DEXes handle billions in trading volume weekly. Injective is aiming to bring fast and fully decentralized cross-chain derivatives trading to this rapidly growing ecosystem. However, one matter that often goes overlooked is the need for a reliable price feed when trading assets. As Injective is decentralized, it needs to rely on various data price feeds so that traders are able to retrieve the most up-to-date information when conducting trades.

DIA will be an invaluable addition to Injective's oracle ecosystem as it is able to transmit prices and other data points (i.e. circulating supply) for various assets. This partnership will allow both companies to reach new audiences, scale effectively, and elevate DeFi users to new levels. In addition, this can enable Injective to further grow its capabilities as it looks to bolster its derivatives products moving forward via the addition of new markets.

DIA will be a major component of the decentralized oracle ecosystem that Injective is working to build. In order to deploy a robust oracle ecosystem, an integration with Chainlink was also announced earlier this week. With the use of oracles, users will be able to access real-time, unadulterated, and trustworthy price feeds.

DIA’s integration with Injective will not only increase the security and accuracy of Injective markets but will also help Injective improve the user experience for traders worldwide. These users will be able to access that DIA’s built-in price oracle and trust that their price feeds are accurate, real-time, and manipulation resistant. Additionally, given the importance of speed and scalability on exchanges, Injective can assure users that their price feeds are resistant to blockchain congestion and long update times.

Injective Labs CEO and Co-Founder, Eric Chen, spoke about the importance of trustworthy price feeds for traders worldwide.

“Through our integration with DIA, we are not only equipping our traders with vital access to reliable price feeds but also providing a future-proof oracle solution as DIA can scale alongside our data needs over time.”

Moreover, as Injective is built to encompass and attract new traders and markets, DIA will have the ability to promote their oracle solution to derivatives markets and products. DIA CEO and Co-Founder, Michael Weber, believes Injective will be hugely important in spreading the reach of DIA’s oracle solutions across novel markets.

“Injective will be an invaluable collaborator as we look to grow the reach of our decentralized oracle solution. We at DIA are excited to work with a pioneer in decentralized cross-chain derivatives trading that can leverage the technology built by DIA.”

About DIA

DIA (Decentralized Information Asset) is an open-source, financial information platform that utilizes crypto-economic incentives to source and validate data. Market actors can supply, share, and use financial and digital asset data. You can learn more about DIA and its innovative technology here.

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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