Injective has cemented a strategic collaboration with Elrond, a novel blockchain platform that improves throughput and execution speed. This joint effort will open up markets for Elrond’s tech and tokens while also giving Injective’s users access to eGold. This will make Injective the first derivatives exchange to be adding Elrond derivatives moving forward.
The first step will include introducing eGold on Injective’s DEX as a wrapped token. Looking into the future, this collaboration will bring forth even more opportunities for both companies. With Elrond assets available on the Injective DEX, Elrond’s unique technical capabilities can be integrated more into Injective’s future developments. Elrond offers 30% royalties for smart contract authors, relayer transactions, and a fast and transferable native speed and cost for Elrond tokens (cost = $0.001/tx).
Injective will be able to use this technology to further introduce new derivative markets for users and attract traders from all backgrounds. Additionally, this collaboration enhances Injective’s vision and goal of bringing forth a truly decentralized and scalable derivatives exchange. Elrond’s technology introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. As Injective works to create a borderless decentralized trading platform, Elrond’s vision and goals fit well into Injective’s ecosystem.
“Elrond and Injective share the common goal of creating a truly innovative and lean financial system that benefits every internet user. Our collaboration will further accelerate growth for the eGold economy and bring more adoption for our technology stack,” said Beniamin Mincu, Elrond CEO.
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and allows any user to trade in any derivatives market. Through this partnership, Elrond will now have the ability to introduce new derivatives products that utilize EGLD via new distribution channels on Injective’s DEX. Not only will this open doors for EGLD users, but it will also allow Elrond to access new users globally and bring forward a faster adoption of Elrond’s technology stack.
Injective and Elrond share a common vision of expanding DeFi networks globally while breaking down current financial barriers. By partnering with one another, both projects will move one step closer to this goal, and interoperability between the two will improve greatly as Elrond assets will be accessible on Injective. Along with interoperability improvements, this partnership will enhance the user experience for both companies. Injective will provide Elrond users access to a decentralized derivatives platform and Elrond will improve Injective’s user experience by giving users access to their innovative smart contract capabilities. As a result, this partnership will benefit the rapidly growing DeFi industry as a whole.
“Elrond’s economy stands out from other projects and has the potential of making eGold a coveted asset for trade. We look forward to exploring new ways of using Elrond’s innovative smart contracts to give our traders an edge in the DeFi space,” said Eric Chen, Injective Protocol co-founder and CEO.
This collaboration is an important step for Injective as the platform continues to bring new tokens, technology, and partners to its decentralized derivatives exchange. As the core visions of both Elrond and Injective align greatly, Elrond and Injective will bring forward a more secure, flexible, and user-friendly experience to the DeFi space.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
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.