Litentry is integrating with Injective to unlock optimized on-chain data. The process will entail aggregating decentralized identity (DID) data sets across multiple networks.
The objective is to optimize services so that they can better reflect users’ characteristics and address salient on-chain governance issues in the DeFi space.
Bringing Decentralized Identity to DeFi
Injective is the first layer-2 decentralized exchange protocol which enables fully decentralized trading without any restrictions, and allows individuals to trade on any derivative market of their choosing. Injective was designed from day one to be a market leading bespoke application specific chain for derivatives trading. Given the flexible nature of their chain, developers can launch a diverse array of DApps on top of Injective.
Litentry is a decentralized identity aggregator, allowing users to collect their historical cross-chain data including credit and on-chain reputation and aggregate them into one identity, which can be widely adopted in user-centric DeFi platforms like Injective.
Unleashing the full capacity of borderless DeFi
As part of this collaboration, Litentry will integrate identity data in Injective Protocol to its identity aggregation protocol. The identity data can be used to feed the credit computation model in an effort to provide a more accurate representation of user data.
These data sets can help us to better understand characteristics of traders such as trading frequency, position size, and preferred trading assets that are not yet listed on Injective. By acquiring and conducting in-depth study of this information, Injective contributors will be able to design more user centric features to optimize overall experience.
“We are thrilled to be integrating with Injective Protocol to explore the combination of DID and DeFi in an innovative manner. I believe it will significantly enrich identity related data and eventually lead to unique optimized DeFi services,” said Hanwen Chen, Litentry CEO.
Injective also plans to launch new derivative products that are able to leverage the Litentry token. In addition, new derivative products can be utilized that focus on identity related assets within the crypto sector.
“Injective is excited to be working with the team at Litentry. This collaboration can aid in acquiring dynamic user data to optimize our products and user experience moving forward,” said Eric Chen, Injective Labs CEO.
In the future, Litentry and Injective will be working together to explore further integrations. The goal is to bring more flexibility to the product that can further reflect user engagement and contribution to the Injective ecosystem.
Litentry is a cross-chain identity aggregation protocol that features a Substrate-built network, mobile app and identity-related tools. The protocol enables identity linking across different networks and facilitates decentralization and transparency in identity credit computation. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time credit/reputation of an identity owner across different blockchains.
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.