On October 12, Binance Launchpad, Binance’s IEO platform, announced that Injective Protocol’s public sale will be hosted in an effort to scale the company and help introduce its services to the crypto community.
Injective Protocol is a layer-2 decentralized exchange protocol that is said to support various derivative products such as CFDs and perpetual swaps. According to the announcement, the tech stack on the protocol will bring an order of magnitude speed-up by scaling trade execution and settlement on layer-2, while simultaneously retaining decentralization. Moreover, users will be able to permissionlessly create and trade derivatives markets in the DeFi space.
“It’s great to see more and more projects joining Binance Launchpad. We are pleased to provide our support for Injective Protocol and help grow the DeFi space together,” said Binance CEO and Founder, CZ (Changpeng Zhao). “We’re looking forward to seeing Injective leverage decentralization to build a more efficient financial ecosystem”.
In the announcement, Binance claimed that Injective has built every component of its network to be fully trustless, censorship-resistant, publicly verifiable, and front-running resistant. By launching their public sale, the platform will ensure that the INJ native token of the protocol will be used for functions such as protocol governance, liquidity mining, and staking. After the initial IEO, a $3.6 million token sale will follow with a lottery-format ticket claim, beginning on October 13.
“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.