The collaboration will bring liquidity rewards to INJ holders through the MDEX exchange.
A Big Partnership
On June 8th, Injective protocol announced their new partnership with MDEX. MDEX is a popular decentralized exchange (DEX), supporting 50 tokens with zero fees on the platform. Injective protocol is a layer-2 supported protocol built on the Ethereum network to help investors access DeFi markets. The new partnership between the two protocols looks to provide liquidity mining services for INJ alongside single-token staking.
Having the ability to take part in both liquidity mining and staking would in theory provide a more secure, reliable, and cost-effective transaction experience. Injective has also promised to continue to grow their multi chain ecosystem across layer-1 protocols including Binance Smart Chain and HECO.
There is a lot of excitement behind the new partnership, and the Injective team was particularly excited when announcing the collaboration.
Injective CEO Erik Chen said, “We are thrilled to work with the MDEX team on bringing more funds and flow to our respective networks, while offering an array of diverse new products to meet the demands of distinct user profiles.”
MDEX is a decentralized exchange platform based on an automated market-making mechanism. It aims to integrate the distinct advantages of a variety of basic public chains to create a high-performance compound DEX ecosystem. Utilizing dual mining incentives through liquidity mining as well as transaction mining, MDEX maximizes the returns for participants. The transaction fee charged is utilized to repurchase and burn the platform token, which contributes to materializing a self-driving closed loop for value capture. With total value locked (TVL) exceeding $3 Billion, MDEX is becoming a leading DEX in terms of both transaction volume and TVL.
Injective Protocol is the first layer-2 decentralized exchange protocol that looks to unlock the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing investors and users to trade on any derivative market of their choosing.
The new partnership is a big step for both protocols. It seems that Injective is the primary benefactor, as the protocol can now leverage MDEX for liquidity mining purposes. MDEX also secures a big win though, as their platform has now partnered with the massive borderless DeFi protocol Injective. Partnerships like this one can only increase the user base of the platform. Backed by impressive stakeholders including Mark Cuban, Pantera Capital, and the leading cryptocurrency exchange, Binance, Injective looks poised to really shake things up in the crypto industry. It will be fascinating to see the project grow and what effect it brings to the crypto world.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.