Today, we are proud to announce that we will be supporting Injective Protocol through the IBC Oracle module to help them build the first cross-chain, fully decentralized exchange targeting derivatives assets.
Injective witnessed billions of dollars during their Solstice testnet period and launched their final canonical mainnet in November. BandChain’sIBC Oracle module will allow Injective to easily request the data feeds needed to scale their rapidly growing platform elegantly. In addition, this will mark the existence of the first fully decentralized derivatives markets within crypto.
Users on Injective can utilize Band price feeds to create unique markets of their choice such as for crypto spots, indices, and other sophisticated derivatives products such as perpetuals and futures. Given that both Band and Injective are now IBC enabled, users have the flexibility to create markets that stem from sovereign blockchain networks such as Cosmos and Terra.
As more users and institutions begin to create markets on Injective using Band price feeds, the number of oracle requests and fees generated for Band Protocol will increase exponentially as well.
Seamless Interoperability, Smooth Request Experience
Injective Protocol and Band Protocol were conceived with interoperability and scalability in mind. By being the first layer-2 decentralized exchange, Injective shows the commitment to building products that not only fulfill the market’s needs but are also scalable. The IBC oracle feature in BandChain allows injective to have the full customization of the data request they need and receive the data natively. This means that when Injective demands a new data feed, the protocol can simply just send a new request and receive a data result which is guaranteed by IBC design that the data truly is derived from Bandchain without the need to request additional proofs. To dive deeper into the technical details, please read here.
Strengthening the Strategic Integration
Although this is a big milestone for Injective and Band protocol in their shared mission of decentralization, it is a continuation of a continuously growing integration.
In the past, Band Protocol alongside Injective, Terra, and Mirror Protocol launched the world’s first decentralized stock futures trading for traditional synthetic stocks such as Tesla, Airbnb, GameStop, Twitter, Amazon, and more. Soon after, Band Protocol integrated with Injective Protocol in a mutual node staking program to further double down in the shared mission of bringing secure DeFi products to the wider ecosystem.
With this latest integration of using IBC infrastructure to receive decentralized oracle data in production, Band Protocol and Injective are setting a new standard of interoperability and security for future DEXs. Follow us to see how we will continue to collaborate to bring more value to the overall community in a decentralized, permissionless way.
Interested in Using Band IBC Oracle service to secure and scale your dApp? We are always open to help guide you here.
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.
About Band Protocol
Band Protocol is a cross-chain data oracle platform with the aspiration to build high-quality suites of web3 development products. The flagship oracle solution aggregates and connects real-world data and APIs to smart contracts, enabling smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle.
More about Band Protocol: Linktree