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Injective Protocol, a decentralized derivatives trading protocol, launched its mainnet and released a $120 million incentive plan

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Injective, the world's first general-purpose DeFi protocol for cross-chain derivatives transactions, announced the successful public launch of its mainnet, and launched an Astro incentive plan with a total value of 120 million US dollars to motivate trade

Original source: Injective Protocol

At 9 am on November 16, 2021, Eastern Time, the world's first general-purpose DeFi protocol for cross-chain derivatives transactions Injective announced the successful public launch of the mainnet and launched the Astro incentive plan with a total value of 120 million US dollars to motivate traders, market makers and DeFi projects.

As a new unicorn platform, Injective simplifies the fully decentralized transaction process through fast and secure Layer2 transactions, Allow individuals to create and trade products in various financial markets, and trade with zero gas fees. All transactions are fully transparent and secured by a Tendermint-based PoS consensus mechanism with instant settlement.

Unlike FTX and dYdX equivalents, each component of Injective is built to be publicly verifiable and interoperable, while Provide the same smooth user experience as centralized trading platforms. Injective already has 25,000 trading users. Well-known institutions such as Siam Commercial Bank and Binance have joined the Injective ecosystem and acted as verification nodes for the protocol.

Injective is a Cosmos SDK-based blockchain that supports decentralized transactions of various financial instruments, such as perpetual contracts , delivery contracts, and traditional spot markets. Unlike similar products like FTX and dYdX, each component of Injective is built to be completely trustless, censorship-resistant, publicly verifiable, and interoperable, while providing an intuitive user experience comparable to centralized exchanges.

Injective has received a large number of applications, many well-known market makers and funds, such as Cumberland, QCP Capital, CMS and Bitlink, Both were early supporters of the project and advised on the initial design and development of the protocol itself. Injective rose to prominence last year as they were one of the first protocols to list synthetic assets like gold.

With the launch of the mainnet, Injective also released a $120 million incentive program called Injective Astro to help Facilitate the liquidity of the protocol. The $120 million will make the Injective Astro program one of the largest liquidity incentive programs in the order book DEX industry and by far the largest in the entire Cosmos ecosystem.

The program will initially allocate funds exclusively to market makers and traders using the protocol. With the Trade & Earn program, traders will be able to earn trading rewards for every trade they make without having to pay fees like on other platforms. To further encourage user loyalty, Injective has introduced a decentralized VIP rate system to progressively reward users as their engagement and volume increases.

Injective Astro will go far beyond transaction rewards and also plans to allocate funds to incentivize the growth of the ecosystem to support future builds on New project on the Injective protocol. So far, Injective Labs has publicly supported Burnt Finance, an NFT auction house. The auction house worked with Injective to plan to burn paintings by the well-known British street graffiti artist Banksy (Banksy), and cast them as NFT works after burning. The news was covered by many well-known media outlets, and its video received more than 10 million views in China alone.

The front end created by Injective Labs called Injective Pro was released last month. Injective Pro is restricted to all US users to properly comply with guidelines set by governing bodies such as the CFTC. Uniquely, however, developers can build new trading front-ends based on Injective, quickly creating region-specific or asset-specific front-end interfaces. Users can view all on-chain transactions through the Injective browser, regardless of whether the transaction is conducted through the front-end interface or the institutional-grade Injective API.

Over the past few months, Injective has taken steps to ensure that the protocol itself is fully decentralized. Every transaction on Injective is validated by the decentralized validators that currently underpin many of the biggest names in the industry today, such as Cosmos and Terra. All marketplaces launched on Injective must be approved by a vote of the DAO excluding Injective Labs, all aspects enabling the global community to determine the future of Injective.

The launch of the Injective Mainnet and the Astro Incentive Program follows the release of the Injective Bridge, an IBC-enabled cross- The chain bridge supports Cosmos and Ethereum-based token transfers, and achieves the fastest withdrawal speed in the industry at present. The whole process takes less than 10 minutes, which is far lower than other second-tier solutions.

“Our mission at Injective has always been to build the most robust cross-chain protocol for fully decentralized derivatives trading .As Injective links more public chains, its ecosystem will continue to act as a DeFi gateway for cross-chain transactions, and Injective’s Ethereum-native tools also allow users to easily create and trade new cross-chain markets," said Co-founder of Injective Labs Eric Chen, founder and chief executive officer.

The Injective Labs team was founded in 2018 and has built products with the largest funds, market makers and institutional traders. Injective, one of the first projects incubated by Binance Labs, raised $10 million in the first half of this year from well-known investors such as Pantera Capital and Mark Cuban.

About Injective

Injective is the first cross-chain protocol built for decentralized financial applications. Users can access, create, and trade various DeFi markets, and developers can also build cross-chain projects compatible with Ethereum on the protocol. Injective has received support from numerous institutions and individuals including Binance, Pantera Capital, and Mark Cuban. For more information visit https://injectiveprotocol.com/

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