The decentralized finance (DeFi) protocol Injective (INJ) has partnered with Wormhole to integrate “10 New Blockchains” into their network.
Injective is a Cosmos layer 2 decentralized exchange (DEX) offering derivatives, token swaps, and sports betting prediction markets. It also focuses on interoperability through cross-chain bridging, and currently supports digital assets from Ethereum, Polkadot, and IBC-enabled chains like Cosmos.
Injective Labs, the developers of the protocol, noted in a May 25 announcement that the partnership will allow users to transfer and trade assets through any chain that is integrated with Wormhole.
“The integration of Wormhole will greatly enhance Injective’s capabilities with regards to interoperability. Users will soon find Wormhole integrated into the Injective Bridge backend, so transferring assets from different EVM or Solana chains can be done with the simple click of a button,” stated Injective Labs.
Injective announces new integration with @WormholeCrypto ‼️
Wormhole brings ten new chains, such as @Avalancheavax and @Solariumto Injective’s already interoperable chain, making Injective the primary gateway to enter the @cosmos universe ⚛️ https://t.co/Zu8belwh7d
— Injection | Cosmos IBC | Compatible Ethereum (@InjectiveLabs) May 25, 2022
Injective announces new integration with @WormholeCrypto‼️ Wormhole brings ten new chains, like @Avalancheavax and @Solana, to the already interoperable Injective chain, making Injective the main gateway to the @cosmos universe ⚛️
Wormhole is a generic messaging protocol that interfaces with different blockchains, providing services such as cross-chain application support and token bridging.
Not all “10 new blockchains” are specifically named. The Wormhole website only lists nine chain integrations, including Solana, Terra, Ethereum, Avalanche, Oasis Binance Smart Chain, Polygon, Fantom, and Aurora.
Since Terra is going down, and Ethereum is already supported, it is unclear what the other remaining strings of the total of 10 are.
Nevertheless, the project has highlighted Injective’s ability to “serve as the primary gateway for native assets from Solana cross-chains and other prominent layer 1 chains” to enter the ecosystem.
“The options for users can extend far beyond asset transfers. For example, the DApps on Injective could enable seamless cross-chain trading through the Cosmos and Solana ecosystems, while also being able to offer returns on Solana (or any other asset that has Wormhole support).”
“Builders using chains like Avalanche, Algorand or Polygon can access assets within the broader Cosmos ecosystem through Injective,” he added.
Cosmos developers will also be able to incorporate Wormhole’s generic messaging layer and add cross-chain functionalities within their dApps.
— Wormhole (@wormholecrypto) May 25, 2022
Cosmos developers will also be able to incorporate Wormhole’s generic messaging layer and add cross-chain functionality within their dApps.
The announcement has not influenced the value of Injective’s native token, INJ, so far: the price has fallen by 2.6% in the last 24 hours to settle at $2.21 at the time of writing. The token is also down 91.1% from its all-time high of $24.89 at the end of April 2021, according to data from CoinGecko.
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