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Injectiv delves into its past and reveals some expectations for the future of DeFi.
8 questions for the injection protocol
1. Describe the Injective to those who do not know it. What is your vision and mission?
Injective is an open, interoperable layer 1 blockchain optimized for DeFi applications. It uniquely provides plug-and-play modules, including an order book and derivatives trading module, that make it easy for any developer to quickly launch financial applications with inherent value. Along with smart contract capabilities, any developer can build complex applications with state-of-the-art protocols. Built with the Cosmos-SDK, Injective uses a Tendermint-based Proof-of-Stake (PoS) consensus mechanism to achieve instant transaction finality while maintaining lightning-fast speeds.
The current financial system is broken and too inefficient. DeFi showed promise in taking the first step towards breaking down the centralized infrastructure of traditional exchange markets. Our mission is to go one step further and provide the most advanced next-generation financial infrastructure for building DeFi applications on top of the Injectable blockchain. Users can access these applications in a fully decentralized, fast, cross-chain, low-fee, and secure manner.
2. When did the idea behind Injective come about and what led to it?
Injectiv was originally intended to address a pressing need in the world of finance: to create a truly free and fair financial system for all. This in turn could only be achieved by creating financial applications that are on par with the performance of their centralized counterparts, while maintaining complete decentralization.
Early on, Injective joined the first cohort of the Binance Labs incubation program. Inspired by the world of cryptography, Injective Labs co-founders Eric Chen and Albert Chon began initial experiments with Ethereum before quickly realizing that hard problems could not be solved with a generalized blockchain because they were neither scalable nor efficient enough to build robust ones. financial applications.
This led the two founders to the promised land of Cosmos where they became two of the earliest participants in the emerging cross-chain ecosystem. While it was still early days, even at the time it was undeniable that the great promise of the Cosmos as a whole aspired to create a world of connected blockchains. Injective has started creating a number of innovative Web3 modules such as the first fully on-chain account and derivatives that can be used to build a whole range of powerful cross-chain dApps.
Ultimately, Injective helped create the first sector-specific blockchain that would be both MEV-proof and highly scalable. Helix, the first decentralized derivatives exchange, was one of the large dApps launched on top of Injective. Helix quickly became one of the fastest growing exchanges in history, surpassing $1 billion in trading volume in its first 30 days.
3. Tell us something about your team’s background.
Our team comes from world-class universities and some of the most respected companies in the world today. Our core team members have degrees from the likes of Stanford and Harvard. In addition, we have worked at leading technology companies such as Amazon. Finally, we have a strong background in finance with experience in hedge funds such as Two Sigma, which is currently one of the largest quantitative hedge funds.
Our experience with blockchain technology and cryptography also highlights many years, as we worked in crypto-focused funds and designed our own unique token standards that were later adopted by several protocols.
To create a layer one blockchain to build powerful DeFi applications, it is crucial to assemble a team with extensive technical and financial knowledge. This is what makes our team so unique, that we can harmoniously combine our previous experiences with software, digital assets and commerce to create the fastest sector-specific blockchain.
4. Let’s say I want to start using Injektiv. Where do I start? Where can I find some how-to guides?
Today, Injective has a multitude of products that all help make it the most robust blockchain specialized for DeFi.
To get started, you can first go to Injective Hubwhich includes a suite of Injective tools such as an investment dashboard, INJ burn auctions, wallets, insurance funds and a comprehensive management portal.
In the “Featured dApps” section, you can find several decentralized crypto exchanges built on Injective that you can trade on with the lowest fees. Before you start trading on any of the exchange apps, make sure you have transferred some funds to Injective via the Injective Bridge. Injectable Bridge is a fully trustless cross-chain bridge with native support for Ethereum, Cosmos and a number of new layers such as the BNB chain through the upcoming Wormhole integration later this year.
For how-to guides, you can check out FAX or watch video tutorials at YouTube channel.
5. Why did you decide to migrate/build on the BNB chain?
Binance has long served as a valuable partner for Injective. We were first incubated by Binance Labs in 2018 and later became the first incubated project to host a successful IEO on Binance Launchpad. Binance’s primary asset, BNB, is already available on Injective-based exchange dApps. It is only natural to deepen this relationship further and use the Binance ecosystem to reach new user bases who may prefer to build on the BNB chain.
6. What do you expect from the BNB Chain community next?
We hope to see more developers as BNB Chain builds a friendlier community for different developers. Since Binance has a large number of users around the world, we look forward to seeing more of them on BNB Chain overtime.
Since Injective is able to connect to BNB Chain through wormhole integration, we expect to see many users from the BNB Chain community access Injective and use dApps built on Injective.
7. What do you see as the main challenge for the future of DeFi?
Currently, we see many problems for DeFi applications, such as high gas fees, security vulnerabilities, poor user experience and slow speeds.
Injective seeks to correct many of these issues going forward. We are exempt from any gas fees; Exchange dApps on Injective integrates robust security parameters with an intuitive UKS, while also far surpassing the speeds of other DEXs.
8. Where do you see DeFi and the BNB chain in five years?
We predict that the DeFi market will grow exponentially in the next few years with different types of projects meeting the demands of users. As traction grows, the need for more established platforms will grow together. This is why BNB Chain can become a market leader in this sector with various platforms using it to introduce new DeFi products.
Where to find Injectiv:
Website | Discord | Twitter | Telegram | GitHub |
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