According to a press release by Binance, the cryptocurrency exchange’s curated token projects launch platform, has just announced its very first token sale for a DeFi project – Injective Protocol. Injective is also the first of projects incubated by Binance Labs to hold its sale on the Launchpad platform.
“Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized cross-chain derivatives trading and borderless DeFi. The platform supports a diverse array of derivative products such as CFDs, perpetual swaps, and more. The tech stack on the protocol brings an order of magnitude speed-up by scaling trade execution and settlement on layer-2 all while being fully decentralized,” the press release reads.
DeFi has become a focal point for Binance in recent months after the explosive growth exhibited by the sector. Aside from listing DeFi project tokens for trading on Binance’s main trading platform, it has also launched a DeFi Composite Index and offers futures contracts based on the index. Binance’s Launchpool debuted prior to this, featuring Bella Protocol as its very first project.
Injective Protocol’s platform works between the Ethereum and Cosmos ecosystems, which enables gas-free trading for users when they make cross-chain transactions. Its proprietary token, INJ, will be used for governance, liquidity mining, derivatives collateralization and more.
“Binance has been a strong partner for us at Injective since day one. We are excited to be conducting our public sale on Binance Launchpad which has served as a great starting point for a number of promising projects in the past,” said Injective co-founder and CEO, Eric Chen.
The $3.6 million token sale commenced on October 12, and Binance’s lottery ticket allocation and claim applies to the sale as well.