Injective Protocol, a Layer 2 decentralized exchange platform, has announced a strategic partnership with DeFi Web 3.0 data marketplace Big Data Protocol (BDP) to create and launch structured data token products.
Announcing the new collaboration via its official Twitter account, Injective Protocol stated that the partnership will soon provide users with the means to create and trade data derivatives based on the BDP Data Market.
Injective is partnering with @bigdataprotocol (BDP) to launch innovative structured data products 💫
— Injective Protocol (@InjectiveLabs) April 2, 2021
Injective explained that the partnership would enable users to create a data market using only the price feeds from Balancer with the ability to deploy it to the larger Injective ecosystem. It also noted that this could lead to the establishment of completely new decentralized finance markets.
Notably, structured data token products come in different distinct forms, among which are tokenized data futures. With tokenized data futures, Injective users will be able to trade data tokens (based on bALPHA and BDP Data Market data tokens) with leverage.
Also, as a result of Injective Chain’s EVM-compatible execution environment for DeFi applications, Injective will also be able to create both perpetual and expiry futures contracts.
In addition to launching a structured data token product, the decentralized exchange announced that the collaboration with Big Data Protocol (BDP) will also strengthen its oracle ecosystem, which includes leading blockchain networks like Chainlink, Band Protocol, and DIA.
Injective Protocol Partners Band Protocol
In a similar development, Band Protocol has expanded its collaboration with Injective Protocol, allowing both networks to operate validator nodes on each other’s networks.
— Injective Protocol (@InjectiveLabs) April 8, 2021
As a result of the partnership, the Band Protocol team has already set up a node and is participating in Equinox Staking on Injective.
Expressing his excitement with the partnership, Injective CEO Eric Chen said Band Protocol has been an early supporter of the Injective project, adding that the collaboration will “secure a robust oracle and derivatives primitive alongside Band Protocol right from the start!”
Similarly, Band Protocol co-founder and CEO Soravis Srinawakoon said both platforms, in collaboration with Terra and Mirror Protocol, launched the world’s first decentralized stock futures trading.
“We are proud to become a genesis validator on Injective in the lead up to their Mainnet and vice versa, have their team operate a BandChain node to further both teams’ interests,” he added.
As of time of publication, the Injective token (INJ) price went down by 6.7% over the last 24 hours. It was trading at $12.42, with a 24-hour trading volume of $34,352,000 and a market cap of $166,130,257. INJ currently has a circulating supply of 13.5 million coins and a max supply of one hundred million coins.
Meanwhile, the Big Data Protocol (BDP) token price has risen by 4.1% in the last 24 hours and was currently trading at $2.95.
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