Injective Protocol shared on Monday September 20, through its Twitter account, details and an overview about the launch of the Mainnet Canonical Chain.
“An overview of the Mainnet Canonical Chain release is ready! Thanks to the great Injective community for collaborating in this effort”, he said through the same social network.
What is the Canonical Chain?
According to the company, Canonical Chain represents the full version of the Injective Chain mainnet without any deposit or commercial limitations. Additionally, it marks the canonical manifestation of the Injection Protocol, the first fully decentralized cross-chain spot and derivatives exchange protocol.
Canonical chain release progress
Interconnected DeFi Center
In his view, with the launch of Injective Hub, people gained new capabilities to earn participation rewards, participate in governance and underwrite insurance funds.
The company explained that, to achieve its mission of creating a freer and more inclusive financial system through decentralization, it is critical that each component of the protocol is as decentralized and community driven as possible, including knowledge and governance. of the protocol. “To that end, we have been amazed by the vibrant Injective community by the critical role it has already played in shaping the protocol”, he commented.
Seamless cross-chain transfers
Injective’s decentralized cross-chain bridge to Ethereum has been running smoothly to date, securing over $100 million in crypto assets. Additionally, Injective Bridge features industry-leading withdrawal speeds, and withdrawals back to Ethereum take just minutes to process. Secure chain bridges are not trivial both to implement and to operate. “We are delighted to have pioneered the first production implementation of a two-way decentralized ERC-20 token bridge to a Cosmos-SDK-based chain”, he added.
Institutional Grade API: Enabling Access for Liquidity
The company assured that the phase of the Canarian chain has been a productive period to incorporate institutional market makers in the new institutional grade injection API.
According to the company, with the new Injective API, professional liquidity providers, algorithmic traders, and individuals alike can not only access a high-quality trading API but can also execute every part of the backend infrastructure without permission. necessary to obtain market data and carry out transactions. While designing our system in this way was no easy task, we believe it is crucial to ensure that there are no information barriers to accessing high-quality market data. Too often we have seen traders suffer from trades becoming unusable during periods of high load and volatility, precisely when having the ability to trade is most important.
Furthermore, with Injective’s API node architecture design, everyone can participate without trust and without permission in a decentralized exchange without facing centralized bottlenecks or restrictions. By providing this unfettered and unprecedented capacity, we strive to empower both individuals and institutions with the ability to allocate capital more efficiently in our society.
Chain rewards – trade, win, repeat
The company indicated that last week, the Injective community voted to approve Proposition no. 58, which provides a 0.2% manufacturer fee refund on the Axie Infinity spot market. Additionally, support for negative trade rates for manufacturers has been added to the injection chain, providing a sustainable way to incentivize long-term liquidity providers.
Similarly, on-chain support has been developed for new reward mechanisms that will greatly incentivize liquidity providers to bring more liquidity and trading volume to Injective. Expect to see a detailed report on the chain reward mechanism of our exchange protocol later this month.
Oracle integrations: Band, Chainlink and more
Integration with decentralized Oracle providers is a fundamental requirement to provide secure pricing for decentralized derivatives markets on our exchange protocol. So, the company stressed that, after the initial canonical launch, users will be able to create new markets with Band oracle prices transmitted through IBC and Chainlink’s OCR 2.0 (off-chain reporting) protocol.
Cosmos IBC: a new era of interoperability
Beyond the integration of band oracle pricing feed IBC, the company ensured that the injection chain will also allow IBC transfers that will enable the transfer of assets between chains from any IBC-enabled blockchain, including Cosmos Hub, ThorChain, Terra, etc. Being able to create new spot and derivatives markets with native assets from other blockchains.
Injective Exchange: improvements and updates
According to the company, full decentralization means that every part of the sharing experience is decentralized, including the user interface. “In recent months, we have welcomed new relays (exchange providers) as part of the Injective ecosystem, including Picasso Exchange and UpOnly Exchange, among others. The addition of each new relay offers users more options and helps to further decentralize the protocol”, he said.