Open blockchain network, Injective has collaborated with Polygon, a layer 2 scaling solution. Confirming the development in its Wednesday blog post, Injective noted that its collaboration with Polygon is geared toward ensuring true DeFi composability. By virtue of this, native tokens of both protocols can now be explored for a variety of cross-chain use cases within their ecosystems.
The duo also aim to leverage a new connection from Wormhole. This connection allows easy transfer of Polygon’s MATIC and Injective’s INJ. According to Injective, it embarked on this collaborative journey to enhance liquidity and accessibility of both chains. The open blockchain network is also confident that the development will benefit their respective communities.
Over the years, the two firms enjoyed a good relationship with one another. Apart from sharing similar paths, the co-founder of Polygon is one of the leading angel investors in Injective. For Injective, it gives ultimate priority to the growth and development of true DeFi compatibility. Occasioned by its collaboration with Polygon, the blockchain platform is edging closer to achieving steadfast interoperability.
This is because users from Polygon and Injective communities will now be able will now be able to easily access new assets, DeFi protocols, liquidity pools, and tightly coupled infrastructure. For emphasis, it is now possible for Polygon users to use INJ within the applications running on its network. It is also the same with Injective. Its users will also be able to use MATIC on apps thriving on its ecosystem.
Consequently, Injective and Polygon bring their two communities together through true DeFi composability efforts. According to Injective, it believes true interoperability and composability help to extend capital efficiency and as well foster overall user experience.
Launching of $150 million ecosystem fund by Injective
Meanwhile, this development comes barely few months after Injective unveiled its $150 million ecosystem fund. According to its announcement at that time, it aimed to channel the funds toward supporting developers building on Cosmos. Remarkably, the funding witnessed the participation of notable actors in web3 and traditional finance industries. They include Pantera Capital, Kucoin Ventures, Jump Crypto, IDG Capital, Gate Labs, Delphi Labs, Flow Traders and Kraken Ventures. Developers who aimed to benefit from the funding were told to submit a quick application. In the application, they were asked to provide detailed information about the project idea, its team, and the current development stage.
Read More: