It's exciting to announce that the community has voted to launch spot trading on the Injective Mainnet Canary Chain! This release will enable individuals to have the first look at the Injective exchange as well as various exchange frontend relayers.
Start Trading: Link
UpOnly Exchange: Link
Injective Relayer: Link
Spot trading was enabled via a decentralized governance process with the community voting to release spot trading accompanied by 17 initial spot markets. From day one, the Injective protocol has been built to be fully decentralized. The community turned this vision into a reality over the past few weeks as both new market listings and the release of spot trading were launched by the global community.
Spot trading on the canary chain will launch with 17 initial spot markets. Liquidity for these markets is provided by a group of top-tier market makers, including Anti Capital (an affiliate of Injective Labs), as well as users on the exchange. To protect users, the Injective community’s frontends will initially restrict user deposits to $50 for a short period of time to ensure security and safety. As a result, expect trading volumes to be artificially low as we further analyze the alpha version of the exchange.
Lighting fast transactions with zero gas fees are enabled by our layer-2 structure that is also able to achieve instant finality due to our Tendermint-based PoS consensus mechanism. In addition, Injective revamps the traditional DEX model to create an easy to use protocol for both novice and sophisticated traders alike.
The article here will help provide some further details on Canary Chain and how you can start trading, so read on!
At its core, the Injective protocol is a decentralized protocol that is able to host a plethora of DeFi applications.
One of these features includes being able to host new exchange relayers (exchange frontends) on top of Injective Protocol. Each relayer provides new interfaces and functionalities.
Relayers can also be region specific, so for instance a relayer can be written entirely in Turkish in order to localize it for the Turkish market. By doing so, relayers can comply with local laws and other parameters that make Injective more accessible to new audiences globally.
Currently, there are already two live relayers. UpOnly Exchange is the first relayer and is supported by Genesis Block Ventures (GBV), a prominent venture fund. UpOnly Exchange provides an intuitive interface for users globally to access Injective Protocol while also introducing new frontend capabilities.
The second relayer is created by Injective Labs (the service company contributing to Injective Protocol).
Users can access the Injective exchange via these different relayers which each have their own unique offerings.
You can now navigate to the Injective Protocol website here.
On the top right-hand corner click “Trade”. Clicking on “Trade” will generate a dropdown from which you can select your desired exchange relayer.
All are welcome to take part in the Canary Chain spot trading launch and provide valuable feedback, in order to move towards releasing derivatives (perpetuals and futures) as soon as possible.
What Comes Next
Spot trading will serve an integral role in conversations about perpetuals and futures trading in the coming weeks.
All are encouraged to try it out and provide feedback, in order to further perfect the product.
So in summary, spot trading on the canary chain is live. Users can access the Injective exchange via various frontend relayers. Community members anticipate the release of both perpetuals and futures trading shortly. After a few weeks, the Injective Chain will be made canonical, marking the beginning of a new era of decentralized trading.
Here is a quick timeline
Onwards and upwards!
Canary Chain Resources
Here is a list of resources to help you get started with the canary chain.
Injective Protocol Website: Link (access the exchange by selecting a frontend exchange relayer)
Injective Staking: Link
Injective is a custom interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by Pantera Capital.