Injective Partners with Huobi ECO Chain to Accelerate DeFi Derivatives

Share Article
In Brief
  • Huobi's Heco Chain has partnered with Injective.

  • The partnership's primary goal is cross-chain asset transfers.

  • INJ and HT surge to all-time highs over the weekend.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

Decentralized derivatives trading platform Injective has joined forces with Huobi’s ECO Chain to increase cross-chain derivatives adoption in the industry.

Sponsored



Sponsored

According to the announcement, the collaboration will enable traders to seamlessly bridge over Huobi ECO Chain (Heco) assets onto Injective, enabling the creation of new DeFi derivative products.

Heco is Huobi’s version of Binance Smart Chain — its own high-throughput public blockchain to rival the industry-standard Ethereum. Injective Protocol is a Layer-2 decentralized exchange (DEX) that focuses on decentralized derivatives and cross-chain interoperability.

Sponsored



Sponsored

The DEX, which has already partnered with Binance Smart Chain, is hoping to expand its collaboration with Huobi Global as well.

Huobi and Injective Growing DeFi Markets

Injective is one of the first teams to utilize the Heco Chain and testing began in January when its native INJ token was listed on the centralized exchange.

The DEX protocol kicked off its testnet in November 2020, with an early access program that enabled the team to test the network’s capabilities and rollout novel markets such as decentralized forex and stock futures.

The primary goal of this partnership is to create a user-friendly interface that enables traders to seamlessly transfer funds between Heco and the Injective Chain. Heco also supports Ethereum Virtual Machine (EVM) smart contract compatibility which should enable even more cross-chain interoperability.

According to the blog post, Heco has already processed over 14 million transactions and is rapidly approaching 2 million active user addresses.

Injective CEO, Eric Chen, stated;

“We are delighted to be the first decentralized derivatives exchange to work alongside the Heco ecosystem. It is our underlying belief that cross-chain trading will become the bedrock of crypto moving forward,”

Injective has also announced staking incentives called “Equinox” which will allow both validators and delegators to stake on the platform in preparation for its mainnet launch in Q2. On Feb. 4, it announced that it was partnering with data monetization platform Ocean Protocol to create innovative data derivative products.

INJ and HT Price Outlook

Injective’s native INJ token is up 11% on the day reaching $12.70. It has been on fire recently with a surge of 145% over the past thirty days and an all-time high of $13.65 on Feb. 6.

There is a circulating supply of just 13.5 million out of a maximum of 100 million and INJ’s market cap currently stands at $153 million as reported by CoinGecko.

Huobi token (HT) is up nearly 5% today, reaching the $9 level. It too has made solid progress over the past few weeks with a 110% gain since the beginning of 2021.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go