Injective Protocol to Introduce eGold-based Products & Integrate Elrond Tech Into their Layer-2 DeFi Protocol
We’re excited to announce that Injective Protocol will enable eGold-based derivative products to be created on their DeFi platform, and will integrate Elrond technology to further their mission. Injective Protocol is creating a highly performant, permissionless, and fully-decentralized derivatives exchange protocol.
The collaboration will initially focus on making eGold tokens available on Injective Protocol to enable a variety of derivative products to be built around them. Further integrations will then be performed to facilitate other Elrond based assets to be used in Injective.
“Elrond and Injective share the common goal of creating a truly innovative and lean financial system that benefits every internet user. Our collaboration will further accelerate growth for the eGold economy and bring more adoption for our technology stack.” said Beniamin Mincu, Elrond CEO.
Injective Protocol is building a fully decentralized, robust, and highly customizable Layer-2 DeFi protocol that supports a diverse range of derivatives, such as CFDs and perpetual swaps. Injective's DEX can provide a new distribution channel Elrond’s technology to expand to traders globally while also introducing new derivative products that utilize EGLD moving forward.
The mid & long-term collaboration efforts will focus on exploring Elrond’s unique technical capabilities and how they can be applied to Injective’s derivatives. Injective's DEX can provide a new distribution channel to integrate Elrond’s tech and expand it to traders globally while also introducing new derivative products that utilize eGold.
Elrond staple features, such as 30% royalties for smart contract authors, upgradeable smart contracts, relayed transactions and tokens transferable at native protocol speed & costs, can provide essential differentiators that can help Injective Protocol stand out from their competitors and further their mission of creating a truly decentralized and highly performant DeFi layer.
“Elrond’s economy stands out from other projects and has the potential of making eGold a coveted asset for build & trade around. We look forward to exploring new ways of using Elrond’s innovative smart contracts to give our traders an edge in the DeFi space.” said Eric Chen, Injective Protocol co-founder and CEO.
This collaboration is an important step for the Elrond ecosystem as it enables additional DeFi options for eGold token holders and enables more builders to use Elrond’s unique technical capabilities for furthering their mission via our high throughput and inexpensive smart contracts platform.
About Elrond
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
Beniamin Mincu, Co-founder of MultiversX, is a distinguished tech visionary and one of Europe’s early blockchain pioneers.
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