The Canary Chain will offer users the ability to accomplish their activities on the protocol with limited risk.
INJ Continues to Innovate
The Injective Protocol offers access to limitless Decentralized Finance (DeFi) markets with zero barriers, and now, it has grown in terms of utility. According to its Twitter publication on July 1st, the Injective Canary Chain is now live and will propel the start of its mainnet phase two and staking. Along with this, users now have a say in governance. They can now create and vote on new markets that the protocol needs to add to its revamped exchange in a few weeks.
Mainnet Phase Two: The Injective Canary Chain
As earlier mentioned, the launch of Canary Chain inaugurates Injective’s mainnet phase two. As per reports from its official blog post, the Canary Chain was deployed on the 30th of June at 1 PM UTC, using the genesis state. Now, users can stake $INJ using genesis validators on the Injective Chain.
What’s more, users can use the Peggy bridge to bridge over any ERC-20 token on the Injective Chain. In addition, users can partake in governance by creating and voting on new markets on the protocol’s exchange. Concerning derivatives markets, Injective protocol is working hard to ensure that virtually anybody has the license to create and underwrite insurance funds needed to trade.
Canary Chain Functionalities
Injective Protocol created the Canary Chain to reduce risks for its users. In short, it allows Injective users to use real funds within its ecosystem, doing so with insignificant risk. The Canary Chain functions similarly to canary birds used by coal miners in the past. Miners take these birds — The canaries to coal mines such that the birds’ death indicates that carbon monoxide is in circulation, warning them to leave.
Using the same concept, the Canary Chain will function as a barrier against outside attacks, ensuring that losses are minimized. To achieve this feat, the Canary Chain is built on the following core components:
Injective Chain Staking powered by genesis validators.
The Peggy Bridge facilitates the transfer of ERC-20 tokens from the Ethereum network to the Injective Chain. It serves as a token bridge that enables users to bridge over ERC-20 tokens to and from the Injective Chain.
Injective Chain Staking
Genesis validators power this. Now, users can stake on the Injective mainnet and maximize their earnings with an eye-catching Annual Percent Yield (APY). Staking can be done on its staking dashboard. Injective offers anyone the chance to be a delegator easily without the need to set up any node or complex hardware. The protocol’s developers have made everything easy for users to delegate tokens to validators and make good returns using their Ledger or Metamask wallets.
Users can use the $INJ token to vote and propose the protocol’s parameters through governance. Governance ensures that users propose on both spots and derivatives markets. Although anyone who stakes on Injective is eligible to vote, not all will get their proposals accepted until it meets the criteria.
One needs access to price feeds from Oracle providers to create new decentralized derivatives markets on the protocol. The Oracle Module will be used on the Canary Chain to obtain prices for different cryptocurrencies and synthetic assets that use decentralized price feeds.
The function of the insurance fund is to help leveraged traders adequately settle their balances should liquidation set in. The Insurance Fund will be added to the Canary Chain in a few weeks. To learn more about Injective insurance funds, read this article.
About Injective Protocol
Injective Protocol is the first decentralized multi-chain exchange protocol that spearheads the transformation of decentralized derivatives and borderless DeFi. The protocol gives users access to numerous decentralized markets for spots, futures, perpetual, synthetics, etc. Injective boasts of top-notch support from prominent stakeholders like Binance, Mark Cuban, and Pantera Capital.
The Canary Chain will ensure that users’ activities are carried out with ease while facing limited risks. All these features and many others to be integrated will contribute to the Injective protocol’s stability, allowing users to enjoy its unique offerings as they also propose new features. Next up for Injective is mainnet Phase three, which will feature the launch of yet another innovation — The Canonical Chain. We can only explore the features of the Canary chain as we anticipate more advancement.
Source : bsc.news
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