With the fresh development, Injective will be able to launch completely decentralized Bitcoin derivatives using the Stacks token (STX) alongside digital assets that are native to the network.
Digital currency exchange Injective Protocol will integrate with the Stacks blockchain. The move which was announced via a blog post published by the company will ensure that Bitcoin Derivatives become fully available on Stacks. The Stacks protocol is classified as a level 1 blockchain solution. The design brings smart contracts and decentralized applications to Bitcoin without compromising on stability and security.
1/ Injective is integrating with @Stacks to enable fully decentralized #BTC derivatives ⚡️@InjectiveLabs users will be able to access derivatives that are based on the Stacks token (STX) alongside native assets built on the Stacks blockchain.https://t.co/f0KTS4V8RE
— Injective 🥷 (@Injective_) June 10, 2021
By collaborating with Stacks, Injective hopes to create a hybrid ecosystem where everything is completely decentralized. As things stand, users of Injective Protocol can create, buy, and sell Bitcoin derivatives from different blockchain platforms.
With the fresh development, Injective will be able to launch completely decentralized Bitcoin derivatives using the Stacks token (STX) alongside digital assets that are native to the network. Users of the platform will be able to stack and transfer native tokens on Stacks to the Injective chain. This can then be used to create and transact STX and other Bitcoin-related tokens. The partnership between both platforms will also allow enthusiasts of Decentralized Finance (DeFi) to create futures and perpetual which will later utilize Stacks and the Binance Smart chain.
Stacks is on a global mission to build a multi-chain ecosystem that provides global market exposure. The company already has plans to integrate with such platforms as Avalanche, Binance Smart Chain, NEAR, Polkadot, to mention a few. By integrating with all these platforms, Stacks plans to create a unique hub from which its users can create and access new markets.
Previously, fully decentralized Bitcoin derivatives were not available despite the growing interest in the Decentralized Finance Sector. This was true for newbies and retail clients who had access to institutional Bitcoin derivatives cut off from them. With Stacks and Injective’s protocol integration, regular users are presented with a unique opportunity to access and experience DeFi in a novel way and manner.