Layer 2 decentralized exchange protocol Injective has announced a partnership with Acala to integrate the Acala Dollar (aUSD) into its Polkadot-based derivative trading ecosystem.
According to the announcement, the integration of aUSD will provide a stable and well-built digital token that can be employed to collateralize Polkadot-based derivative products on Injective.
According to the decentralized protocol, this would provide more opportunities for users to create new derivative products alongside Injective as well as increase the use cases for aUSD.
Expressing his excitement with the new partnership, Injective CEO Eric Chen said both parties are thrilled with the new collaboration. He noted that both Injective and Acala are looking forward to unveiling a truly decentralized derivatives exchange that is able to attract the rapidly growing Polkadot community.
“As the Polkadot ecosystem continues to surge in usage and developer activity, it is important for Injective to cater to new DeFi hubs that exist outside of purely Ethereum,” he said.
Acala is the decentralized financial platform of Polkadot. The platform includes several collections of financial primitives, which include its multi-collateralized Acala Dollar stablecoin.
aUSD is backed by several digital assets, including Bitcoin, Ethereum, and Polkadot, which aid in retaining its decentralized nature.
Acala CEO Ruitao Su, in a statement, said his team was excited to collaborate with Injective towards the successful deployment of the aUSD on their derivatives exchange.
“We are excited to see the Acala Dollar being introduced to this platform, which will certainly lead to the creation of new derivative products and overall usage for our novel stablecoin,” he said.
It’s worth noting that Acala and Injective are both Pantera Capital portfolio projects and DeFi Alliance members. They share a similar vision to fully decentralize the traditional finance system.
About Injective Protocol
Injective Protocol is the first and leading Layer 2 decentralized exchange protocol that unlocks the full potential of borderless DeFi and decentralized derivatives.
Injective Protocol enables fully decentralized trading without any constraints. Invariably allowing individuals to trade on any derivative market of their choosing. It is currently backed by a prominent association of stakeholders, including Pantera Capital and top cryptocurrency exchange Binance.
Additionally, Injective recently partnered with Conflux to develop its cross-chain derivatives trading universe. According to the protocol, the partnership will focus on connecting assets deployed on Conflux onto Injective’s derivatives exchange in order to aid the creation and trading of new derivative products.
As of time of publication, the Injective token (INJ) price went down by 23.4% over the last 24 hours. It was trading at $12.66, with a 24-hour trading volume of $34,714,531 and a market cap of $173,360,587.
INJ currently has a circulating supply of 13.5 million coins and a max supply of one hundred million coins.
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