Fantom has entered the Injective ecosystem to accelerate synthetic asset adoption. This collaboration will focus on a number of distinct avenues that will culminate in the creation of new derivative products while bridging over Fantom assets to the Injective DEX.
Fantom is an innovative DAG-based distributed ledger that has built a full-feature DeFi suite covering lending, borrowing, and synthetic assets. Yearn Finance (YFI) founder Andre Cronje famously served as the CTO of Fantom in the past and continues to play a core advisory role in the project today.
The main goal of this collaboration is to integrate the Fantom Ethereum bridge in order to bring Fantom-based assets, such as synthetics, to the Injective DEX. The full EVM compatibility of the Injective Chain can enable a seamless integration with Fantom’s ETH bridge moving forward. This allows Injective to introduce Fantom-based synthetic assets and DeFi applications to Injective users.
Despite the recent rise in synthetic assets, the sector continues to hold tremendous potential that is currently unrealized. Most protocols today cannot adequately support synthetics due to their complexity and regulatory hurdles. Injective bypasses these issues with a truly borderless framework that allows anyone globally to tap into any asset class, which in turn can rapidly aid in the adoption of synthetic assets as a whole.
At Injective, the community has begun exploring the synthetics market with the addition of the synthetic gold market on Solstice Testnet. Injective is also introducing the world’s first ever decentralized stock futures trading as well. Injective's synthetic markets were met with universal acclaim and received coverage from top media outlets such as CoinDesk and CoinTelegraph as well. However, this is merely the start of Injective's journey into synthetics.
“Injective is pioneering a new era in decentralized derivatives trading. We are excited to see synthetic assets on Fantom make their way into the Injective ecosystem. This will certainly lead to robust new use cases and accelerate synthetics adoption,” said Fantom CEO, Michael Kong.
Injective was created with the intention to enable the trading of any and all markets. So the goal is to utilize this bridge to enable the creation of entirely new derivative products that leverage Fantom-based assets. This includes new lending products, yield farming opportunities, and new forms of synthetic assets that are currently not available elsewhere in the market.
“We are thrilled to be collaborating with the Fantom team. Synthetic assets continue to introduce novel market dynamics to the crypto ecosystem. Working with Fantom will further enable the creation of new synthetic markets on Injective that would have been impossible on any other platform,” said Injective Labs CEO, Eric Chen.
Over the coming months, the Injective ecosystem will pursue the addition of new synthetic markets. This will undoubtedly aid in demonstrating the limitless capabilities on Injective.
The Fantom Foundation is committed to building technology that is open-source, decentralized, DAG-based distributed ledgers with aBFT consensus. It aims to create fast, secure, and scalable technologies across various industries, allowing organizations, businesses, and individuals to develop decentralized and secure applications, solving real-world problems.
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.