Injective Claims “Unicorn Status” After Raising 10M and Over 50M Locked in Equinox Staking

Injective, a decentralized derivative exchange, just reached Unicorn status. The exchange seems to be on a non-stop mission as it has embarked on major collaboration and integration to grow its platform.

Rebecca Asseh
May 4, 2021
Blockchain News

The Journey of a Thousand Steps Began with Fundraising 

Earlier in April, celebrity judge on Shark Tank, Mark Cuban invested in several projects in the crypto-verse including CryptoSlam and Injective. Alongside Mark, several other big-time investors such as Pantera, BlockTower, Hashed, and others participated in the funding round. According to Mark Cuban, the decentralized derivatives exchange is trying to build an alternative to Robinhood. He also referred to the Robinhood Gamestop scandal stating that

“Why do I invest in Injective: the whole stop out because of the capital requirements, Robinhood didn’t do it on purpose to hurt traders, they just didn’t have enough equity and they would have gone bankrupt because they had too many customers. But if you’re doing it in a decentralized manner every investor gets to see how much Injective has of all of this, there’s no hiding it and that creates an opportunity.

The success of the funding round led to a ripple effect with the valuation of Injective as a network with the exchange claiming that it now has a $1 billion valuation. 

Equinox Staking Update

Just a few weeks after the launch of its Equinox Staking, over $50 Million has been staked on Equinox. Injective also released some technical parameters that users can follow for staking on Equinox testnet. For instance, a new staking reward formula and calculator are now available to users. The Equinox staking provides users with an opportunity to stake INJ on the native Injective testnet Chain. However, staking takes on a whole new meaning with Injective as staked INJ are delegated to a Validator to earn the 15% baseline APY. These validators perform the critical role of securing the Proof-of-Stake (PoS) consensus on the Injective Chain. Validators are compensated with a 10% commission while delegators can earn a baseline APY of 15% with an addition of exclusive APY boosts up to 29%. 

Scaling Injective Through Partnerships and Collaborations

It is no secret that partnerships and collaborations are important to crypto projects, and Injective is collaborating with some big shots in the industry. Injective has collaborated with API3, Big Data Protocol, Band Protocol, Persistence, Litentry, Harmony, Klaytn, and UMA. The partnership with UMA is a strategic partnership that will bridge the gap between decentralized finance (DeFi) and synthetic assets. Injective does not just partner, it also integrates some of the solutions of its partners to its platform. For instance, the collaboration between Injective and UMA will see the integration of UMA's Optimistic Oracle.

Asides from partnerships, Injective is also listed on some of the largest cryptocurrency exchanges such as Gemini and Binance. Also, Alpha Homora vBSC now supports leveraged yield farming pools of BNB/INJ (2.5x) on PancakeSwap. Injective even teamed up with Binance to commit $50,000 in INJ tokens as rewards for users.

About Injective Protocol

Injective Protocol is a decentralized derivative protocol. It enables decentralized and borderless trading without any restrictions. Injective is the first layer-2 decentralized exchange protocol to allow full decentralized trading on any derivative market of their choice. Injective has just finished a $10 million funding round and is backed by prominent stakeholders including Pantera Capital and Mark Cuban.

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Rebecca Asseh

Rebecca Asseh is a crypto and blockchain Writer with an interest in emerging technologies and financial psychology. When she's not writing, she's watching medical and crime shows.