Injective, a blockchain specifically designed for building financial applications, announced a new $150 million ecosystem initiative “to further accelerate the adoption of interoperable infrastructure and DeFi.”
Injective claims it is the first fully decentralized smart contracts platform “optimized for building finance applications.” Injective was “created using the Cosmos SDK and uniquely provides plug-and-play modules that help developers rapidly build complex protocols focused on areas such as exchanges, options, derivatives, and lending.”
Injective further claims it is already “one of the most interoperable networks in existence with native access to Cosmos IBC enabled chains and Ethereum.”
This new ecosystem initiative is “backed by a consortium of leading firms in Web3, including Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital.”
The core focus for the members will be “to support promising projects building within a diverse array of sectors including interoperability, DeFi, trading, PoS infrastructure and scalability solutions.” This is also “the largest consortium assembled to date within the broader Cosmos ecosystem.”
Support will be “provided via bespoke token and equity investments, alongside mentorship in technical development, cryptographic research, business development, marketing, community growth and more.”
The consortium looks “to focus on founders building within Injective and the broader Cosmos community, as Injective witnessed a recent surge in developer activity and dApp deployments, with projects such as White Whale, Frontrunner and Kado launching on the chain.”
Astroport, one of the largest AMMs to date, has also “selected Injective as its new destination chain.” Builders from L1s such as Solana, Ethereum and Terra are continuing “to shift their focus to Injective in order to further scale their applications on the only blockchain specifically designed for the financial sector.”
Eric Chen, co-founder and CEO of Injective Labs, said:
“We’re thrilled to see some of the largest names in the industry joining Injective’s mission to create a more democratized financial system through decentralization. Developer activity on Injective is rapidly increasing with major projects and this new ecosystem fund will provide unmatched opportunities for new builders entering Web3 and the Cosmos ecosystem overall.”
To kick off this new ecosystem fund, Injective also is launching the “Injective Global Virtual Hackathon,” calling together builders worldwide “to not only learn how to build on Injective, but to also submit new project proposals for venture funding.”
As covered, Injective claims it is “a lightning fast interoperable layer one blockchain that brings Cosmos and ethereum interoperability to the premier finance applications.”
Injective provides developers “with powerful modules for building exchange, DeFi, derivatives & Web3 apps. INJ is the native deflationary asset that powers the Injective Protocol and its rapidly growing ecosystem.”
Injective is incubated by Binance and is “backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.”
