Injective dives into its past and reveals some expectations for the future of DeFi.
8 Questions for Injective Protocol
1. Please describe Injective to those unfamiliar with it. What’s your vision and mission?
Injective is an open, interoperable layer-one blockchain optimized for DeFi applications. It uniquely provides plug-and-play modules, including an order book and derivatives trading module, that make it easy for any developer to quickly launch finance applications with inherent value. Coupled with smart contracts capabilities, any developer can build complex applications with cutting-edge protocols. Built with Cosmos-SDK, Injective utilizes a Tendermint-based Proof-of-Stake (PoS) consensus mechanism to achieve instant transaction finality while sustaining lightning-fast speeds.
The current financial system is broken and too inefficient. DeFi has been promising in taking the first step towards breaking down the centralized infrastructure of the traditional exchange markets. Our mission is to take it a step further and to provide the most advanced, next-generation financial infrastructure for building DeFi applications on top of the Injective blockchain. Users can access these applications in a fully decentralized, fast, cross-chain, low-fee, and secure manner.
2. When was the idea behind Injective born, and what led to it?
Injective originally set out to rectify a pressing need in the world of finance: to create a truly free and fair financial system for all. This in turn could only be achieved by creating financial applications that are on par with the performance of centralized counterparts while still retaining complete decentralization.
At its very inception, Injective joined the first-ever cohort of the Binance Labs incubation program. Inspired by the world of cryptography, Injective Labs co-founders Eric Chen and Albert Chon started initial experimentations with Ethereum before quickly realizing that the difficult problems at hand could not be rectified by a generalized blockchain since they are neither customizable or performant enough for building robust financial applications.
This led the two founders to the promised land of Cosmos where they became two of the earliest contributors to the nascent interchain ecosystem. While still early, it was undeniable even at that time that the great promise of Cosmos as a whole sought to bring about a world of connected blockchains. Injective began to create a number of innovative Web3 modules such as the first fully on-chain orderbook and derivatives that can be utilized to build a whole host of powerful interchain dApps.
Ultimately, Injective helped to create the first sector-specific blockchain that would be both MEV resistant and highly scalable. Helix, the premier decentralized derivatives exchange, was one of the marquee dApps launched on top of Injective. Helix rapidly became one of the fastest-growing exchanges in history, surpassing $1 billion in trading volume within its first 30 days.
3. Tell us something about your team’s background.
Our team comes from world-class universities and some of the most respected companies in the world today. Our core team members hold degrees from the likes of Stanford and Harvard. In addition, we have worked at leading tech companies such as Amazon. Lastly, we possess a strong background in finance with experience at hedge funds such as Two Sigma, which currently is one of the largest quantitative hedge funds.
Our experience with blockchain technology and cryptography emphasizes many years as well, having worked at crypto-focused funds and designing our own unique token standards that later was adopted by several protocols.
To create a layer-one blockchain for building powerful DeFi applications, it is crucial to assemble a team with extensive technical and financial knowledge. This is what makes our team so unique, we can harmoniously blend together our prior experiences with software, digital assets, and trading to create the fastest sector specific blockchain.
4. Let’s say I want to start using Injective. Where do I start? Where can I find some how-to guides?
Injective has a multitude of products today that all help to make it the most robust blockchain specialized for DeFi.
To start, you can first go to Injective Hub, which includes a suite of tools for Injective, such as a staking dashboard, INJ burn auctions, wallets, insurance funds and a comprehensive governance portal.
Under the “Featured dApps” section, you can find a couple of decentralized crypto exchanges built on Injective where you can trade there with the lowest fees. Before you trade on any of the exchange dApps, make sure you transfer some funds to Injective through the Injective Bridge. The Injective Bridge is a fully trustless cross-chain bridge with…
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