Injective is collaborating with Kylin Network to integrate with the Polkadot data economy. Moving forward, users will have seamless access to creating new derivative products that utilize Polkadot-based assets.
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. Kylin is backed by the Web 3 Foundation and currently works closely with leading Polkadot-based projects such as Edgeware.
The ability to access robust and accurate underlying asset price data, especially when dealing with sophisticated derivative products, is not only important but crucial. Working with Kylin will provide a new avenue for Injective to bring on new Substrate-based assets onto Injective. In particular, Kylin can provide Injective with native access to Polkadot-based asset pricing with the need for wrappers.
Injective is already integrating with some of the best data providers in the industry today such as Chainlink, Band Protocol, and DIA. Adding Kylin to the Injective Data Alliance will help to further expand the possibilities on the DEX.
The Injective community is also aiming to create a number of unique derivative products that can utilize the native Kylin token. Injective has already begun to integrate with the Polkadot ecosystem through their work with Moonbeam. The plan is to create new indices and futures that would consist of the Kylin token. This would provide users with new ways for interacting with the Kylin token economy.
“We are extremely pleased to be entering into a strategic collaboration with Injective protocol, being able to uniquely offer them DOT-based native asset price-feeding oracle services. In addition, we are huge fans of what they are accomplishing for their users in offering an extremely cost-effective, fast, and truly decentralized DEX,” said Dylan Dewdney, CEO of Kylin Network.
Lastly, the community will look to potentially co-innovate on oracle scripting parameters that may help operationalize / monetize aspects of their DApp builders’ operations and developments on Injective Protocol.
“Kylin is quite an innovative platform providing data sources for Polkadot based assets. They will play an integral role within the Injective ecosystem moving forward as we look to introduce new cross-chain derivative products that encompass the larger Polkadot based ecosystem,” said Eric Chen, CEO of Injective Labs.
Moving forward, the plan is to continue strengthening this collaboration with Kylin with innovative new products for both respective communities.
About Kylin Network
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. Its mission is to create the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network will provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.
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.