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Injective, a Layer 1 (L1) blockchain, made an announcement on January 25th, 2023, of its $150 Million ecosystem initiative. Their initiative will accelerate developer adoption of the only lightning-fast blockchain optimized for financial applications.
Injective brings Cosmos and Ethereum interoperability to the premier finance applications. It provides developers with powerful modules for building exchange, DeFi, derivatives & Web3 apps. INJ is the native deflationary asset that powers the Injective Protocol.
According to Injective, their effort is joined by some of the largest institutions spanning Web3 and traditional finance. Such as Pantera Capital, Kucoin Ventures, Jump Crypto, IDG Capital, Gate Labs, Delphi Labs, Flow Traders, and Kraken Ventures. Additionally, the venture consortium is also the largest assembled within the broader Cosmos community.
About Injective’s Initiative
As Injective mentioned in its blog, the Injective Ecosystem Group is a venture initiative that will seek to bring unprecedented levels of growth by supporting the best builders on its platform. The core focus will involve backing builders pioneering new ideas across a diverse array of sectors that will include interoperability, DeFi, trading, PoS infrastructure, rollups, and scalability solutions.
The first fully decentralized smart contracts platform is witnessing huge growth in developer activity and dApp deployments with projects such as Helix, Frontrunner, and White Whale launching on the chain. Last week, one of the largest AMMs in history, Astroport, also selected Injective as its new L1 destination chain.
It seems like the Injective Venture Group seeks to further bridge the gap between traditional and decentralized finance.
Eric Chen, Co-Founder and CEO of Injective Labs said “They are 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,” Chen further added.
Last week, Injective co-founder shared a tweet that noted Astroport, an AMM protocol, launched its highly anticipated beta on the Injective testnet. That brought an advanced AMM to the Injective universe.
Astroport will begin its next evolution by building on the only blockchain for DeFi. It will kick off the testnet launch with Injective (INJ), ApeCoin (APE), Astroport (ASTRO), USD Coin (USDC), according to Injective’s blog.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
