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Injective Raises $40m Funding to Expand DeFi Applications

Injective, a popular New York-based blockchain platform built for finance, announced on Wednesday that it had raised $40 million in a funding round led by Jump Crypto, the cryptocurrency arm of the decades-old trading firm Jump Trading Group.

Injective is designed to build decentralized finance (DeFi) applications, such as derivatives exchanges, prediction markets, and options. It also produces decentralized financial applications (dApps) to power a new ecosystem of connected DeFi applications.

BH Digital, the crypto and digital asset division of global alternative investment management platform Brevan Howard, also participated in the funding round.

Eric Chen, co-founder and CEO of Injective Labs, talked about the funding raise: “We are excited to collaborate with our partners, including Jump Crypto, which we expect will be a major boon for the broader Injective ecosystem.”

Injective said it raised funds to add new stakeholders to its ecosystem. Chen said: “With Jump as a major force in the crypto ecosystem, the partnership will be focused on expanding Injective’s network and further providing shared liquidity across the Injective ecosystem. It’s really about bringing on valuable stakeholders rather than having more capital at hand.”

The blockchain platform stated that it would use the fresh capital to support incoming Injective developers and develop critical toolkits, support software and core upgrades to expand its ecosystem. The platform further said it would use the funding to increase utility for its native token, INJ, and provide liquidity and support to decentralized applications (dApps) on its blockchain.

Injective also mentioned that it would use the new funding to support a wider effort to bring in more institutions and offer greater liquidity to DeFi. Chen elaborated: “The Injective ecosystem is institution-ready and excited for sophisticated liquidity coming in. It’s a synergetic effort for broader adoption.”

Although digital asset markets have been unstable, the blockchain sector continues to scale as demand rises from both crypto-native and traditional institutions seeking to use the technology.

Chen said in recent months, there has been more interest in DeFi services from traditional institutions and people in the traditional finance landscape. The executive said: “This is definitely shown with financial service providers like investment banks, brokerage firms and asset managers regardless of market conditions. There’s no sign of them slowing down.”

Solana Apps May Soon be Ported to Cosmos Ecosystem

Developers of Solana Web3 apps may soon be able to port their apps to the Cosmos ecosystem, creating new opportunities for users and providing a greater variety of uses for Cosmos blockchains. This information has been made available as a consequence of a recent announcement made by Injective (INJ), a developer of a network based on Cosmos. The Injective team has reportedly launched a layer-2 testnet that makes use of Solana’s Sea Level Virtual Machine, as stated in the announcement that was made on the 30th of March (SVM). Because of this new advancement, certain Solana developers are now able to test their applications for usage in the Cosmos environment without having to switch either the programming language they use or the tools they use.

This marks a significant advancement for the Solana community as well as the Cosmos community. Developers can now reach a new audience and provide users with more opportunities to engage with their apps by porting Solana Web3 apps to the Cosmos ecosystem. This allows developers to expand their potential user base. In addition, the Cosmos ecosystem is able to capitalize on the benefits of Solana’s high-speed and low-cost transactions, which positions it favorably in comparison to other blockchain ecosystems.

Eclipse, a company that offers specialized zero-knowledge and optimistic rollups for software developers, was enlisted to assist in the development of the brand new layer-2 testnet. Eclipse has been instrumental in the creation of this new layer by utilizing their expertise to develop a safe and effective layer-2 solution that enables the seamless integration of Solana Web3 applications into the Cosmos ecosystem. This solution was made possible thanks to Eclipse’s contribution to the development of this new layer.

This brand new development is currently going through the testing phase, but it shows a lot of promise for the future of the Cosmos and Solana ecosystems. Because there will be more opportunities for cross-chain compatibility, developers will be able to create applications that are even more robust and innovative, and these applications will be able to take advantage of the distinctive characteristics of both Solana and Cosmos. As a consequence of this, the prospects for the future of the blockchain technology are more encouraging than they have ever been.

Injective (INJ) Becomes First Non-Ethereum Blockchain to Integrate Ethena's USDe

Ethena, the decentralized finance (DeFi) protocol that has amassed nearly $1 billion in Total Value Locked (TVL) within a month, has announced its exclusive integration with Injective, a lightning-fast interoperable layer one blockchain. This collaboration marks Ethena’s first integration outside the Ethereum ecosystem, paving the way for Injective users and the wider IBC community to access USDe, Ethena’s synthetic dollar, and participate in the protocol’s Shard Campaign.

Ethena has been making waves in the crypto sphere with its innovative approach to creating yield-bearing synthetic tokens. USDe, the protocol’s synthetic dollar, offers a censorship-resistant, stable, and scalable solution for the digital asset market. Unlike traditional stable assets, USDe is fully backed on-chain and free to compose on other protocols, relying on advanced technologies such as delta-hedging and established assets like ETH to maintain its peg to the dollar.

At the heart of the Ethena ecosystem is the Internet Bond, a high-yield financial instrument that democratizes investment opportunities and savings concepts. By leveraging staked ETH and derivatives markets, Ethena ensures the stability of the USDe peg while generating substantial yields, creating a new type of stable asset called the synthetic dollar.

Starting Wednesday, March 6th, USDe will be available to Injective users, granting them access to this innovative synthetic dollar. Moreover, through this exclusive collaboration, holders of USDe on Injective will be eligible to participate in the Ethena Shards Campaign beginning Monday, March 11th. Ethena will allow Injective users to receive shards for holding USDe in their Injective wallets, with users receiving 5x shards (or points) on the Ethena protocol as part of their “Shards Campaign” to promote engagement and community participation.

The integration between Ethena and Injective is made possible by Injective’s implementation of the Ethereum standard EIP712, allowing Ethereum wallets like MetaMask to seamlessly connect to the Injective network and generate an Injective wallet address automatically linked to an Ethereum wallet address. Ethena will leverage this integration to query the Injective network for Ethereum addresses holding USDe and grant shards to these users on the Ethena dApp.

Injective users can access USDe across various dApps built on the blockchain, including Helix, the premier decentralized exchange on Injective. With near-zero fees, dApps on Injective now serve as the cheapest gateway to earn Ethena shards. Users can track their shards directly on Ethena by connecting their MetaMask wallet associated with their Injective wallet address, with shards being updated every 24 hours on the Ethena platform.

Keplr users can also participate in Ethena’s Shard Campaign by importing their Keplr wallet address into a new MetaMask account to receive shards. They can obtain USDe on Helix with their Keplr account and connect their new associated MetaMask account to Ethena to view their earned shards.

The integration with Ethena exemplifies the seamless access between Ethereum and Injective, unlocking a vast array of opportunities for both the Injective community and the world of crypto as a whole. With Injective, Ethereum users can directly obtain novel Ethereum-based assets such as USDe at lightning-fast speeds, near-zero fees, while utilizing Ethereum native tooling and wallets like MetaMask.

As Ethena continues to revolutionize the DeFi landscape with its synthetic dollar and Internet Bond, the exclusive launch on Injective marks a significant milestone in the protocol’s expansion beyond the Ethereum ecosystem. This collaboration not only benefits Ethena and Injective users but also demonstrates the increasing interoperability and synergy within the broader crypto and blockchain community.