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Injective Announces NEAR Protocol Integration for Expanding Its Multi-Chain Trading Ecosystem

UTC by Bhushan Akolkar · 2 min read
Injective Announces NEAR Protocol Integration for Expanding Its Multi-Chain Trading Ecosystem
Photo: Unsplash

This integration will allow users to seamlessly trade assets from other discrete blockchain networks while ensuring that its users get to enjoy the native Ethereum experience.

On Wednesday, June 2, the Injective platform announced the integration of NEAR protocol, a move aimed at expanding its multi-chain trading ecosystem. This is a step further in creating a free and decentralized financial ecosystem.

This integration will allow Injective users to seamlessly trade assets from other discrete blockchain networks. At the same time, Injective also ensures that its users get to enjoy the native Ethereum experience.

Also, the NEAR Protocol integration will allow Injective to launch derivatives based on the NEAR token along with other native assets built on the NEAR blockchain network. Aurora will accomplish the bridging of assets across Injective and NEAR by leveraging the Ethereum-based smart contract platform powered by Near.

As said, Aurora works as a smart contract on the NEAR blockchain network. It consists of two components, the Aurora Bridge and the Aurora Engine. The Aurora Bridge facilitates the permissionless transfer of tokens as well as data across Aurora and Ethereum.

Similarly, the Aurora Engine facilitates the deployment of Solidity and Vyper smart contracts. Thus, Aurora aims to offer a high-performance blockchain infrastructure layer powered by nearly. It also manages to deliver an Ethereum-focused development experience. Alex Shevchenko, Aurora Labs CEO said:

“Bridges between ecosystems simplify and enrich the user experience by allowing developers to access new markets easily. We’re excited to work with Injective Protocol to enhance the interoperability between blockhains and enable the Open Web“.

Injective Is Creating a Multi-Chain Ecosystem with NEAR Integration

With the NEAR integration, the goal of Injective Protocol is to build a multi-chain ecosystem that will allow the users to seamlessly access the novel DeFi markets. The NEAR blockchain network employs a Delegated Proof-of-Stake (DPoS) consensus model that uses sharding. This helps to increase scalability while also retaining some distinct set of interoperability features.

Injective has now started to explore integrations with other layer-one blockchain networks such as Avalanche and Polkadot. This will allow its users to explore new markets while still interfacing with an Ethereum-native framework. Injective CEO Eric Chen said:

“We are excited to work alongside the team at Aurora and NEAR in order to bring forth a paradigm shift within the multi-chain universe. Users will be able to effortlessly move across unique derivative markets and access a wide array of novel NEAR-based markets not available elsewhere”.

The platform aims to become a robust Injective Chain that can access work across other disparate layer-one networks.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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