Binance-backed Injective Protocol announced a partnership with Binance Smart Chain [BSC] on the 14th of December. According to the official blog post, the integration aims to further expedite derivatives adoption on the BSC ecosystem.
Injective Protocol’s popularity can be stemmed from a massive $2.6 million fundraise led by Pantera Capital. Its association with Binance has further advanced its traction. The protocol became the first-ever incubated project to host a successful IEO on Binance Launchpad. The cryptocurrency exchange’s native token, BNB is also available on Injective’s testnet.
To top that, Injective was the first protocol for cross-chain derivatives trading and its main competitors include some big names of the industry including centralized platforms such as CME Group, BitMEX, LedgerX, and OKEx, among others.
A quick primer: Injective is essentially a decentralized second layer DeFi protocol that supports trading of all markets, such as spots, futures, derivatives, CFDs, and perpetual swaps.
While noting that Binance has played an integral role in the growth of Injective Protocol, its CEO and Co-founder Eric Chen stated,
“We are thrilled to be working with BSC. One of the core missions we have here at Injective is to truly pioneer decentralized derivatives adoption worldwide. Integrating with the burgeoning BSC DeFi ecosystem certainly puts us one step closer to achieving that goal.”
The latest development comes a week after Injective Protocol launched its ‘Solstice’ testnet for its deFi trading platform. Furthermore, Injective has been working toward a mainnet launch in the coming days. It had previously announced partnerships with popular blockchain firms such as Elrond, Ramp DeFi, among others.
Injective Protocol [INJ] Surges
Shortly after the collaboration announcement, Injective Protocol’s native utility token, INJ has rallied almost 17%. This comes after the price of the token had an unimpressive run despite the launch of the testnet in the first week of December.
However, the latest development has catapulted the price to flip bullish even as Bitcoin and the rest of the altcoins noted a dip. At the time of writing, INJ’s value rose to $2.50 as it held a market cap of $37 million and a 24-hour trading volume of $22.7 million.
As much as I would love some dip on $INJ its not happening.
Price is not responding to $BTC dip and its holding strong.
According to this chart I have here, shows a run up to $5 is coming, I figure it should be close to mainnet launch$INJ is still very much undervalued pic.twitter.com/oz7xiADxeA
— Big Brain Trades (@BrainBigTrades) December 9, 2020