As per the latest reports, Injective Protocol has made an announcement in regards to the launch of its mainnet. Injective Protocol is a famous trading platform that is operating within the decentralized finance (DeFi) space.
The firm has recently announced that it is in the process of launching its mainnet. Injective Protocol has made the announcement after reportedly making an announcement surrounding its incentive program.
According to the platform, the incentive program will be worth $120 million and it will be for the benefit of many entities within the crypto-verse. Injective Protocol has announced that decentralized finance projects, market makers, and traders will be able to benefit from the program.
The announcement in regards to the launch of the mainnet as well as the incentive program was made by Injective Protocol on Tuesday, November 16, 2021.
The firm has provided more information surrounding the launch of the program through the press release. The firm has revealed that it will be launching the first-ever derivatives markets for the decentralized finance sector. It will be for the first time that the derivatives markets will be launched using the IBC Oracle.
IBC Oracle is a third-party service that is based on the Cosmos protocol. It provides users with access to data that is off-chain and external.
The firm has announced that through the mainnet, the users will be able to trade through a number of cryptocurrencies. For now, the cryptocurrencies they have made available include Wrapped Ethereum (wETH), Axie Infinity (AXS), Chainlink (LINK), and Bitcoin (BTC). Most importantly, the users will be able to INJ for the trading on the protocol. INJ is the utility token that has been introduced by the protocol.
It is the INJ community that approves the cryptocurrencies that the users can use for trading. For now, these are the cryptocurrencies that the INJ community on the protocol has approved to trade. However, more proposals have been made, which means that the users may have access to more cryptocurrencies for trading purposes. The assets currently in the pipeline include synthetic assets indexes, altcoins, and many other assets.
It has been confirmed that the launch of the mainnet is a combined effort that has been made by both Injective Labs and IBC. It has been observed that for some time, Injective Labs has been reaching out to several investors for their investments.
The investors being approached by Injective Labs are high-profile individuals with a lot of influence and power both, within and outside the crypto-verse.
Injective Labs is also aiming to bring major capital firms on board so it can harvest huge capital from them. It was back in April of 2021 when Injective Labs had reportedly raised $10 million from a funding round. It was supported by Mark Cuban, Pantera Capital, and CMS, among others.
