Injective Protocol Launches Mainnet Canary Chain, Offering DeFi Users Spot Trading

Injective Protocol ramps up growth as the protocol brings spot trading and spot trading markets to interested investors.

By
John Tunney
on
July 21, 2021
Category:
Blockchain News

Injective Protocol Brings Spot Trading 

The decentralized finance (DeFi) platform Injective Protocol has launched their Mainnet Canary Chain, bringing spot trading to the Injective exchange. Injective broke the news of their Canary Chain launch on July 19th via a recent tweet.

Source 

Injective Protocol aims to bring 17 initial spot markets that will launch with their spot trading feature. According to Investopedia, spot trading refers to any transaction (buy or sell) of a financial instrument or currency on a specified date. 

Liquidity for said markets will be provided by top-tier automated market makers (AMM) and users of the exchanges. Initially, users will be restricted to only $50 deposits. This is so Injective Protocol can test their security and protect the safety of users. In time, the deposit restriction will be lifted. 

Injective disrupts the crypto markets with their well-known warp speed transactions and lack of gas fees. These attributes are enabled by their layer 2 Proof of Stake (PoS) model, which allows the protocol to achieve instant finality to transactions. Users will be able to spot trade by using Injective’s powerful processes. 

In time, Injective looks to reconstruct the decentralized exchange (DEX) model so that novice and sophisticated investors can both easily participate. 


Injective Relayers

The Injective Protocol at its core has a heightened focus towards decentralization. With this in mind, Injective allows dApps to be built on its protocol. 

What is incredibly interesting is that Injective Protocol’s design allows the ability to host exchange relayers. An exchange relayer is effectively a DEX that’s powered by or runs on the Injective Protocol. 

Each Injective relayer offers various applications, functionalities, and interfaces. The offerings bring traders an expanded suite of trading options. The relayers can also be region-specific to comply with local laws––increasing global accessibility. 

At the current time, there are two live relayers on Injective: UpOnly Exchange and Injective Relayer.

Using the Injective Protocol is simple. Click here to launch the Injective website. From there, interested traders click “trade” in the upper right hand of their web browser. From there, they may select a relayer exchange to use. 


What Comes Next?

The Protocol looks to bring further trading optionality to their platform. Injective has said that they hope to add futures and perpetuals trading in the coming weeks. 

Source

As shown from the Mainnet phase timeline above, Injective looks to drop the Canonical Chain in the next phase. Injective claims that the Canonical Chain release will “mark the beginning of a new era of decentralized trading.” 


What is the Injective Protocol? 

The Injective Protocol is a layer-2 exchange platform that looks to unlock the power of DeFi by creating a platform that is globally accessible and easy to use. The platform offers trading options such as derivatives, spot trading, margin trading, etc. While leveraging their cross-chain, the model adds capability and liquidity to traders for all their transactions. 

Injective utilizes a two-way Eth peg adding cross-chain trading with zero restrictions. Injective Protocol has become popular for its zero gas fee model while maintaining high transaction speeds. 

The platform is also notably backed by affluent and notable investors, such as Mark Cuban, Binance, and Pantera Capital

Where to find Injective:

Website | TelegramTwitter | Discord |


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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

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