• Contact Us
  • Login
Upgrade
Tech News Hero
Advertisement
  • Home
  • News
  • Gadgets
  • Social
  • Gaming
  • Mobile
  • PC
  • Internet
  • Security
  • Apps
No Result
View All Result
  • Home
  • News
  • Gadgets
  • Social
  • Gaming
  • Mobile
  • PC
  • Internet
  • Security
  • Apps
No Result
View All Result
Tech News Hero
No Result
View All Result
Home News

As Crypto comes back, Binance-backed Injective Protocol launches Testnet for its DeFi trading platform – TechNewHero

by technewshero
December 13, 2020
in News
0
As Crypto comes back, Binance-backed Injective Protocol launches Testnet for its DeFi trading platform – TechNewHero
Share on FacebookShare on Twitter

Decentralized exchange protocols that allow crypto traders and investors to trade across different blockсhains have been in development for a while. A significant new development now comes with the launch of the ‘Testnet’ from Injective Protocol. Injective has been backed by Binance, one of the biggest centralized exchanges in the Crypto world.

Injective Protocol is one of the first universal ‘DeFi’ (Decentralised Finance) protocols for cross-chain derivatives trading, so the launch of the testnet is an important milestone. Injective’s main competitors (centralized and decentralized exchanges) include CME Group, BitMEX, LedgerX and OKEx among others.

As well as being incubated by Binance Labs, Injective Protocol is also backed with $3M in funding from noted blockchain investors Pantera, Hashed, and others. Pantera has had some successful exits including Kik, Bitstampt and Blockfolio.

Paul Veradittakit, Partner at Pantera Capital, said in a statement: “Injective’s Solstice testnet trades and feels like a state of the art derivatives exchange but it’s actually entirely supported by a fully decentralized infrastructure. With a 1 second blocktime, instant finality, and full EVM support, I’m confident that Injective will be able to pioneer the next wave of decentralized derivatives trading”

Injective’s team emerged from Stanford University and has been building and testing its platform privately since 2018, while validating it with several large largest funds, market makers, and institutional traders. Prior to Injective, Eric Chen, CEO and сo-founder, was working at hedge funds and worked in cryptographic research at a blockchain-focused fund.

Injective has been working towards a mainnet and has already announced partnerships with top blockchain companies such as Elrond, Ramp DeFi, Findora, and Frontier. Its layer-2 decentralized exchange protocol lets traders trade across Ethereum, Cosmos, and others, using Tendermint-based Proof-of-Stake (PoS) to facilitate cross-chain derivatives trading.

Centralized exchanges have been known for operational failures like front running, exit scams, and exchange hacks. At the same time, existing DEXs are still facing problems such as high transaction fees, low liquidity, inconvenient UI/UX, and slow speeds. But the trading volume of decentralized exchanges reportedly grew 70% in the middle of 2020, setting a recent record high of $1.52 billion. So there’s clearly an appetite for this approach.

The advantage of the approach used by Injective combines the advantages of decentralized exchanges: resistance to front running, scams, and hacks, with the speed, low transaction fees and no gas fees, only previously available with centralized platforms. Developers can also create their own derivatives and markets to trade.

With Bitcoin reaching an all-time-high at around $18k, the blockchain and crypto world is once again taking off.

Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started offering cryptocurrency services.
 And Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its $5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10% of the fund’s net asset value in the Grayscale Bitcoin Trust.

Previous Post

A Broken Piece of Internet Backbone Might Finally Get Fixed

Next Post

Android’s winter update adds new features to Gboard, Maps, Books, Nearby Share and more – TechNewHero

technewshero

technewshero

Related Posts

Fluence, the energy storage systems developer, is now worth over $1 billion after QIA investment – TechCrunch
News

Fluence, the energy storage systems developer, is now worth over $1 billion after QIA investment – TechCrunch

by technewshero
January 13, 2021
Elon Musk says SpaceX will attempt to recover Super Heavy rocket by catching it with launch tower – TechCrunch
News

Elon Musk says SpaceX will attempt to recover Super Heavy rocket by catching it with launch tower – TechCrunch

by technewshero
January 14, 2021
2020 will change the way we look at robotics – TechCrunch
News

2020 will change the way we look at robotics – TechCrunch

by technewshero
January 15, 2021
An earnest review of a robotic cat pillow – TechCrunch
News

An earnest review of a robotic cat pillow – TechCrunch

by technewshero
January 16, 2021
Trump vetoes major defense bill, citing Section 230 – TechNewHero
News

Trump vetoes major defense bill, citing Section 230 – TechNewHero

by technewshero
December 24, 2020
Next Post
Android’s winter update adds new features to Gboard, Maps, Books, Nearby Share and more – TechNewHero

Android's winter update adds new features to Gboard, Maps, Books, Nearby Share and more – TechNewHero

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Most Popular

A Vital Hack Could Turn Medical Devices Into Ventilators

April 22, 2020

Boeing is going to work with Kitty Hawk on flying cars and safety – TechNewHero

June 26, 2019
Microsoft Announces ‘World’s Fifth Most Powerful’ Supercomputer in Partnership With OpenAI

Microsoft Announces ‘World’s Fifth Most Powerful’ Supercomputer in Partnership With OpenAI

December 15, 2020

Browse by Category

  • Apps
  • Gadgets
  • Gaming
  • Internet
  • Mobile
  • News
  • PC & Laptops
  • Security
  • Social
Tech News Hero

© 2020 Tech News Hero.

No Result
View All Result
  • Home
  • Landing Page
  • Buy JNews
  • Support Forum
  • Contact Us

© 2020 Tech News Hero.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?