BandChain’s IBC Oracle Enables Injective to Launch the World’s First Decentralized Derivatives Markets
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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 in an elegant manner. 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 both 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 Partnership
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 partnership.
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 partnered 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 values 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.
About Injective Protocol
Injective Protocol is the first layer-1 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.
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About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables 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. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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