Pancakeswap, the decentralized exchange on Binance Smart Chain welcomed Injective Protocol [INJ] as the fourth Syrup Pool project on its platform. According to a previous announcement, Pancakeswap was planning for INJ farming for SYRUP stakers to start shortly. Following this, INJ Syrup Pool became a part of the DEX.
Additionally, Pancakeswap further revealed that INJ farming went live on the 21st of October.
The @InjectiveLabs $INJ SYRUP Pool is now on PancakeSwap!
Staking rewards open at around 12:30pm SGT.
The INJ-BNB pool will open with 2x $CAKE rewards for the first 24-hrs at around 6:30pm SGT.
🍯 https://t.co/GdRfaFERkt pic.twitter.com/F3dZ1Xg7qv
— PancakeSwap 🥞 #BSC (@PancakeSwap) October 21, 2020
This news comes hours after Binance announced the completion of the Injective Protocol lottery draw. Following this development, the crypto exchange listed INJ token and initiated trading for INJ / BTC, INJ / BNB, INJ / BUSD and INJ / USDT trading pairs.
Injective in Brief:
Injective Chain is basically a decentralized sidechain relay network that functions as a second layer derivatives platform, a trade execution coordinator [TEC], and a decentralized order book. The core consensus is Tendermint-based. Similar to how CAKE fuels PancakeSwap, INJ is the token used by Injective Labs to unlock many functions, including governance, staking rewards, liquidity mining, etc.
Backed by a prominent group of stakeholders including Pantera Capital, Injective Labs was recently selected as the next project to launch on Binance Launchpad, the exchange’s selective public sale platform. With this, Injective became the first Binance Labs incubated project to debut on Binance Launchpad.
Talking about the introduction of INJ on Pancakeswap, Eric Chen, co-founder and CEO of Injective stated,
“My team has been following the rapid growth of PancakeSwap for quite some time. We were thoroughly impressed by what Chef Hops and the team have built here for the DeFi community. We are excited to introduce INJ to this network in order to fuel its next phase of growth”
Pancakeswap’s Growth
The popular food-themed DeFi platform became one of the six blockchain projects, including AnySwap, Arkane Network, BakerySwap, Bitquery, and Proxima, which is set to receive $350,000 in grants through the firm’s $100 million funds. The Malta-based platform had previously noted Pancakeswap was the “number one liquidity provider” on its smart chain with respect to volume, number of active users, and contribution to gas fees.