DeFi Derivatives Project Launches $120 Million Incentive Program

The derivatives platform for the Decentralized Finance (or DeFi, its acronym in English) sector is being launched this Tuesday (16) in style.

Developed at Cosmos , the Injective Protocol is trying to become the foundation of the DeFi sector's decentralized trading platforms by offering a set of different financial instruments.

According to the marketing materials, tradable assets include the usual cryptoactives such as bitcoin (BTC) and non-fungible tokens (or NFTs) , and the team is determined to add synthetic assets such as tokenized stocks and gold.

However, at launch, Injective Protocol only offers five tradable assets: bitcoin, Injective's native token (INJ), wrapped ether (WETH), chainlink (LINK) and Axie Infinity (AXS) .

That list will soon grow, according to the Injective team.

Assets available in the Injective Protocol.

That's because the Injective community (ie users who have the INJ token) is responsible for creating proposals to launch new markets.

“Up until this month, the community will vote on listings for perpetual contracts from ETH, INJ and BNB,” said Mirza Uddin, business development leader for the Injective Protocol, in an interview with Decrypt.

“In the future, the idea will be to have every market listed on Injective, including low-cap [and] mid-cap [altcoins] as well as synthetic assets,” he added.

It is the final asset class that caught Injective's attention when it came into the picture.

In December 2020, Injective announced that it would launch big stocks such as Facebook, Google, Amazon and others in its Solstice test network.

In April, the project raised $10 million from investors like Mark Cuban and Pantera Capital to continue developing their decentralized version of the popular Robinhood trading platform.

Now, with the launch of the core network, Uddin said "the community plans to vote on synthetics like FAANG [ Facebook , Apple , Amazon , Netflix and Google ] stocks in the coming weeks."

Becoming DeFi's Robinhood is an ambitious goal, but the team hopes to accelerate growth through the launch of its incentive program called Astro.

Giving a boost to the growth of the Injective Protocol

The crypto industry is full of incentives. Users can start borrowing and lending using a protocol simply because the project is distributing its native cryptocurrency to do so.

Other programs take the form of bonuses for development teams to create using new technology, and so on.

Injective is launching a similar program called Astro, equivalent to $120 million, to attract users to the platform.

“The incentive program is expected to operate over the next five years,” Uddin told Decrypt. The program will be used to attract new market makers to the protocol, in addition to providing traders with a discount on fees they pay to use the platform.

Uddin also said that "there are more funds in the treasury" for additional programs that integrate developers to create using Injective in the future.

*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co .

Post DeFi Derivatives Project Launches $120 Million Incentive Program first appeared on Bitcoin Portal .

Click to rate this post!
[Total: 0 Average: 0]