Another remarkable partnership has happened in the decentralized finance (DeFi) space. This time around, the partnership is between Layer 2 DEX platform Injective Labs and UniLend. According to an official blog post, the partnership is aimed at launching yield farming for derivatives. To achieve this, both platforms have important and distinct roles to play.
Injective Labs, for one, will help in trading derivatives. UniLend, on the other hand, will put its lending and borrowing feature to use, creating more use cases for the derivative markets. Interestingly, both platforms will list each other’s native token. That is, Injective Lab’s INJ will be available on UniLend, while UniLend’s UFT will also be available on Injective Labs in the near future. Therefore, providing both tokens and platforms with a wider user base.
1/ Major News! UniLend & @InjectiveLabs Strike an Integral Partnership to Usher in Yield Farming for Derivatives🔥
📈Users will be able to utilize UniLend’s powerful borrowing & lending functionality with Injective’s derivative products.
🌐Details: https://t.co/PLnmBQMyHw pic.twitter.com/W02uE5mQ3u
— UniLend Finance (@UniLend_Finance) January 29, 2021
Interested persons will be allowed to carry out yield farming on UniLend while making use of Injective Lab’s derivative products. The partnership, if successful, will open up the decentralized finance (DeFi) space to a myriad of amazing use cases.
More Details of the Partnership
Injective Labs has, in recent times, entered into many strategic partnerships. The platform is looking to take over the DeFi space. Recently, it entered into a three-way partnership with TomoChain and Ramp DeFi. Last December, it partnered with Binance Smart Chain (BSC) to drive the adoption of derivatives. Last month, it also entered a strategic partnership with Fantom Finance, also in a bid to drive awareness and the subsequent adoption of derivatives.
Speaking on the partnership, UniLend revealed that it was pleased by its alliance with Injective Labs. Adding that, together, both partners will drive the DeFi space to new and unexplored heights. UniLend also disclosed that Injective’s decentralized ledger will work seamlessly with its “permissionless capabilities for lending and borrowing.”
Other Injective Markets
Injective Labs is taking the DeFi space by surprise. The platform is out to completely explore and expand the DeFi space, reaching out to previously uncharted aspects of decentralized finance. With this in mind, it has launched several remarkable and unique markets. One such market is its recently launched decentralized FX markets. This market is also the world’s first-ever decentralized forex futures trading market.
According to UniLend, the partnership with Injective Labs is a step in the right direction in achieving its vision of becoming “an unmatched DeFi leader.”
INJ and UFT Price
At the time of publication, INJ was trading at $13.12, with a market cap of $176,019,030 and a 24-hour trading volume of $50,333,363. Meanwhile, UniLend (UFT ) is currently trading at $0.844557, with a market cap of $21,847,509 and a 24-hour trading volume of $2,079,440.
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