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Binance-Backed Injective Protocol Announces Partnership With Binance Smart Chain

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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

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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.

Binance’s CZ Does Not View Binance Smart Chain As Ethereum Killer

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Despite being a centralized entity, Binance has strived to stay ahead of the DeFi trend, and the nearly two-month-old Binance Smart Chain has seen tremendous growth so far. Many argued that one of the world’s biggest centralized exchanges of aggressive moves, especially its version of a decentralized public blockchain, into the fast-growing world of DeFi was its attempt to become an Ethereum killer. However, dismissing those claims, Binance CEO, CZ tweeted,

The main reason behind the creation of the parallel chain was essentially for Binance to join the ongoing DeFi revolution by offering protocols that serve as an alternative to the Ethereum blockchain. Considering Ethereum’s perennial inability to accommodate the high amount of transactions that the decentralised hysteria had created both users and DeFi protocol operators sought alternative solutions to build on.

In a bid to fill in the gap, Binance Smart Chain was created scalability continued to remain one of the most challenging hurdles to blockchain development. Let’s recall the closing thoughts that Binance echoed while introducing PancakeSwap on BSC:

“The developers of PancakeSwap cite high fees and slower speeds of the Ethereum blockchain as a driving factor in building on Binance Smart Chain. Ethereum may have kick-started the DeFi trend, but initiatives like PancakeSwap suggest that the wave of innovation is destined to spread to other chains. The PancakeSwap contract has not yet been audited.”

Hence, innovation is much needed and a monopoly of just one network would not be fair in a decentralized ecosystem.

Binance Smart Chain Growth

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In terms of the total number of distinct addresses on BSC, the figures climbed to 262,452. It can be noted that the figures have followed a steady upward trajectory and it was not until the second week of October when a sharp spike was observed. This was the same time when the Malta-based exchange announced the funding for six projects on BSC as part of its $100 million commitment to a DeFi accelerator fund that targeted to bridge decentralized finance and centralized finance solutions.

Another factor that has driven BSC’s growth could be attributed to multiple launch and roll-outs of a wide range of products and services as well as services of late.

Binance Smart Chain DEX, Pancakeswap Welcomes Injective Protocol Under the Hood

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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.

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.

Binance Smart Chain Welcomes Another Integration; Address Count Rises by 370% in Oct

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Binance has spearheaded a number of initiatives to help fuel the growth of Binance Smart Chain. Added to this trend, BSC welcomed yet another integration, this time with the Gravity Protocol. According to the official release, the Gravity Protocol announced the integration of the Binance Smart Chain Testnet into its test framework via an Ankr Node.

Gravity Protocol is a blockchain agnostic, cross-chain communication, and data oracles protocol. Ethereum and Waves have been part of the network since the very beginning. The latest integration is essentially required to establish an adequate technical foundation that would incorporate the majority of the feature that is needed by target chains,  which in turn, would help in facilitating new integrations.

The blog post also mentioned,

“In the current crypto market conditions, BSC has been a timely addition, capable of leveraging many opportunities that arise on the DeFi front, therefore making it a prominent candidate for integrating into the Gravity network. While preparing this integration, the Gravity team utilized easy-to-use, one-click BSC node deployment solutions by Ankr, a partner of Waves.”

Binance Smart Chain’s Growth

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The growth of active addresses in the BSC network has been tremendous and the figures were growing much faster, as users are discouraged by large transaction sizes on the Ethereum network due to network congestion and scalability issues. As of 19th October, the figures for total distinct addresses stood at 234,130, a growth of more than 370% since the beginning of October.

The Malta-based cryptocurrency exchange, Binance shot to prominence within no time. The platform has been enjoying its status as one of the market’s most trusted exchanges for quite some time now, even as it happens to be centralized. Binance’s attempts to cater to the growing demand of DeFi cannot be overlooked. In fact, the platform has been avidly looking out for demand in the market, which has resulted in several launch and roll-outs of an assortment of products including Binance Smart Chain which is based on the Ethereum network. BSC is, however, an independent network with its own tokens that can be moved from the Ethereum network.

PancakeSwap Announces Integration With Binance’s Panama Bridge

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Popular cryptocurrency exchange, Binance has been enjoying its position as not only a trusted marketplace for CeFi but has also made a name for itself in the decentralized world by unveiling several products to attract the DeFi crowd, a space that has been dominated by Ethereum.

In the latest development, Binance Smart Chain-based decentralized exchange [DEX], PancakeSwap announced its integration with Panama bridge on the 12th of October. With this development, users will be able to swap ERC20 and TRC20 tokens to BEP20 tokens on PancakeSwap.

The official announcement by the food-themed DeFi platform read,

Binance had previously rolled out the Panama project on the 30th of September to help Binance Smart Chain and Binance Chain with more efficient, cross-chain bridging services, as it continued to work towards catering diversified audience. The latest news comes a day after the Binance Chain Panama service announced the addition of pegged tokens like Chainlink [LINK], Bitcoin Cash [BCH], Ontology [ONT], Litecoin [LTC], and Cosmos [ATOM].

The Panama project is essentially a small part of the Malta-based exchange’s bigger Token Canal Project. With Panama, Binance aims to utilize the bridging services of Binance Smart Chain [BSC] for cross-chain asset circulation and to “realize a connected blockchain world”.

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Decentralized pools such as PancakeSwap on the Binance Smart Chain have continued to see an increase in traffic and volume, which in turn, has propelled intensified activity on BSC. According to a recent update, the total distinct addresses as of the 11th of October on BSC stood at 124,511, more than 6,200 increase since the previous day. One of the crucial catalyzing agents for this was the facilitation of cross-chain circulation of different network assets by the Panama project.

The rising popularity of Panama can be attributed to the liquidity that it brings for BSC Dapps and value assets such as BTC, BCH, and ETH to the BSC community. The cross-chain transfer takes only 2-3 minutes and faster transfer time gives an edge over Ethereum. Meanwhile, there is no transaction fee and the users are only required to pay the network fees.