Decentralized finance (DeFi) protocol Injective (INJ) has partnered with Wormhole to integrate “10 new blockchains” to the network.
Injective is really a Cosmos (ATOM) layer-2 decentralized exchange (DEX) that provides derivatives, token swaps and sports betting conjecture markets. It’s also centered on interoperability via mix-chain bridging, and presently supports digital assets from Ethereum (ETH), Polkadot (Us dot) and IBC-enabled chains for example Cosmos.
Injective Labs, the protocol’s developers, noted inside a Wednesday announcement the partnership will enable users to transfer and trade assets across any chain that’s integrated with Wormhole.
“The Wormhole integration will vastly enhance Injective’s abilities regarding interoperability. Users will quickly find Wormhole built-into the backend from the Injective Bridge whereby transferring assets from distinct EVM chains or Solana (SOL) can be achieved using the mouse click,” Injective Labs mentioned.
Injective announces new integration with @WormholeCrypto ‼️
Wormhole brings ten new chains, for example @Avalancheavax and @Solana, to Injective’s already interoperable chain, making Injective the main gateway to go in the @cosmos world ⚛️ https://t.co/Zu8belwh7d
— Injective Cosmos IBC Ethereum compatible (@InjectiveLabs) May 25, 2022
Wormhole is really a generic messaging protocol that interacts with various blockchains, supplying services for example mix-chain application support and token bridges.
Not every one of the “10 new blockchains” are named particularly. Wormhole’s website also only lists nine chain integrations including Solana, Terra (LUNA), Ethereum (ETH), Avalanche (AVAX), Oasis Binance Smart Chain, Polygon (MATIC), Fantom (FTM) and Aurora (AOA).
With Terra falling right into a heap and Ethereum already being supported, it’s unclear exactly what the other remaining chains from the total of 10 are.
However, the work has highlighted ale Injective to “serve because the primary gateway for mix-chain native assets from Solana along with other prominent layer-1 chains” to go in the ecosystem.
“The choices for users can extend beyond asset transfers too. For example, DApps on Injective could enable seamless mix-chain buying and selling over the Cosmos and Solana environments whilst having the ability to offer yields on Solana (or other Wormhole supported asset).”
“Builders utilizing chains for example Avalanche, Algorand or Polygon have access to assets inside the broader Cosmos ecosystem via Injective,” it added.
Cosmos developers may also be in a position to incorporate Wormhole’s generic messaging layer and add mix-chain functionalities inside their dApps.
— Wormhole (@wormholecrypto) May 25, 2022
The announcement has been doing little to sway the need for Injective’s native token INJ to date, using the cost shedding 2.6% previously 24 hrs to sit down at $2.21, during the time of writing. The token can also be lower 91.1% since its all-time a lot of $24.89 at the end of April 2021, according to data from CoinGecko.