Binance Launchpad has announced the launch of the Injective Protocol token sale.
Injective Protocol is the first universal DeFi protocol for cross-chain derivatives trading, and is also the first project incubated by Binance Labs to debut with its public token sale on Binance Launchpad.
The sale will begin today, October 12th, 2020, at 4:00 PM UTC +8, with the goal of raising $3.6 million.
Injective Protocol is a project that will implement a decentralized second-layer cross-chain exchange for crypto derivatives. The platform will support a wide range of derivative products, such as CFDs, perpetual swaps and more, and since it is built on a second layer it will allow a speed increase of one order of magnitude, while remaining completely decentralized.
In this way, it will be possible to trade in a permissionless way, but with execution times comparable to those of centralized exchanges and without gas fees.
It is also described as a completely trustless, censor-resistant, publicly verifiable and front-running resistant platform.
The purpose of the Injective Protocol token sale
Injective Protocol will use both the Ethereum and Cosmos ecosystems to create a very fast and cost-effective cross-chain trading infrastructure.
The protocol uses a Tendermint based Proof-of-Stake, and is collision-resistant with a Verifiable Delay Function (VDF) to prevent front-running.
The native token is INJ, and is used for various functions, such as protocol governance, acquisition of value from trading fees, collateralisation of derivatives, liquidity mining and staking.
The co-founder and CEO of Injective, Eric Chen, said:
“Binance has been a strong partner for us at Injective since day one. We are excited to be conducting our public sale on Binance Launchpad which has served as a great starting point for a number of promising projects in the past”.
The CEO and founder of Binance, Changpeng CZ Zhao, added:
“It’s great to see more and more projects joining Binance Launchpad. We are pleased to provide our support for Injective Protocol and help grow the DeFi space together. We’re looking forward to seeing Injective leverage decentralization to build a more efficient financial ecosystem”.
The post Injective Protocol: token sale launched on Binance appeared first on The Cryptonomist.