- Injective is the flagship fully decentralized platform optimized for financial app development
- Pantera Capital, Kraken Ventures, Delphi Labs, Jump Crypto, Kucoin Ventures, Gate Labs back project
Injective, a blockchain specially designed to develop financial applications, announced a new ecosystem initiative worth $150 million to speed up the adoption of DeFi and interoperable infrastructure, Bankless Times learned from a press release.
A unique, decentralized platform
Injective, which was created using Cosmos SDK, is the flagship fully decentralized smart contracts platform optimized for financial app development. Its unique plug-and-play modules help developers create complex protocols quickly with a focus on lending, derivatives, options, and exchanges.
Leading Web3 firms behind the initiative
A consortium of leading Web3 firms backs Injective, one of the most interoperable networks in the world with native access to the Ethereum Mainnet and Cosmos IBC-enabled chains. It includes Pantera Capital, Kraken Ventures, Delphi Labs, Flow Traders, Jump Crypto, Kucoin Ventures, Gate Labs and IDG Capital.
The members will focus mainly on providing support for promising projects in areas like DeFi, PoS infrastructure, interoperability, trading, and scalability solutions. This is the biggest consortium within the broader Cosmos ecosystem in history.
It will provide support via bespoke equity and token investments as well as mentorship in marketing, cryptographic research, technical development, business development, community growth and more.
Surge in dev activity, increasingly popular with L1s
The consortium will place an emphasis on founders building within Injective as the latter experienced a recent surge in dApp deployments and developer activity, with projects like Kado, Frontrunner, and White Whale launching on the blockchain.
Developers from L1s such as Ethereum and Solana are increasingly shifting their focus to the ecosystem as the only blockchain customized for the financial sector. Injective Labs CEO Eric Chen said:
We're 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.
Contributors
