Injective Protocol announced last Monday, March 29, through its Twitter account, its association with Kylin Network, to integrate with the Polkadot data economy.
“Injective is partnering with Kylin Network to integrate with Polkadot’s data economy. In the future, users will have perfect access to create new derivative products that use Polkadot-based assets”, said the company through an article published on the Medium platform.
According to the company, the goal of Kylin Network is to build a cross-chain platform that powers the data economy in Polkadot. “Kylin is supported by the Web 3 Foundation and currently works closely with leading Polkadot-based projects such as Edgeware”, he said.
“The ability to access robust and accurate underlying asset price data, especially when it comes to sophisticated derivative products, is not only important but crucial. Working with Kylin will provide us with a new avenue to incorporate new substrate-based actives into Injective. Kylin can provide us with native access to Polkadot-based asset pricing with the need for wrappers”, he added.
Notably, Injective indicated that it is integrating with some of the “best data providers in the industry today“, such as Chainlink, Band Protocol, and DIA. Adding Kylin to the Injective Data Alliance “will help further expand the possibilities in our DEX”.
In addition, he commented that among his objectives is to create a series of unique derivative products that can use the native Kylin token. “We have already started to integrate with the Polkadot ecosystem through their work with Moonbeam. We plan to create new indices and futures that would consist of the Kylin token. This would provide our users with new ways to interact with the Kylin token economy”, he highlighted.
For his part, Kylin Network CEO, Dylan Dewdney, said that “we are very pleased to be part of a strategic partnership with the Injective protocol, being able to offer them unique DOT-based native asset pricing oracle services. In addition, we are huge fans of what they are accomplishing for their users by offering an extremely cost-effective, fast and truly decentralized DEX”.
“Kylin is quite an innovative platform that provides data sources for Polkadot-based assets. They will play an integral role within the Injective ecosystem going forward as we seek to introduce new cross-chain derivative products that span the larger Polkadot-based ecosystem”, said Eric Chen, CEO of Injective Protocol.