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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

How Injective and Band Protocol will take DeFi to the next level

Reynaldo Marquez
Reynaldo Marquez
Last Updated: April 9, 2021 8:00 pm
2 mins read
Band Protocol Injective Protocol BANDUSDT

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Injective Protocol has announced that it will expand its partnership with Band Protocol. As such, it will operate a validator node for BandChain.

In exchange, Band Protocol will begin participating in Equinox Staking, according to an official post. This is part of Injective Protocol’s testnet preparations for its upcoming mainnet deployment.

Injective is a second layer decentralized exchange created to offer derivatives and “borderless DeFi”. Users can trade any derivatives on its platform without the traditional market restrictions. The protocol is backed by Pantera Capital and Binance.

On the other hand, Band Protocol is an oracle service provider that operates cross-chain data connecting it to smart contracts. Its oracles are used to feed many decentralized applications such as DEX, prediction markets, on-chain games, and others. Backed by Sequoia Capital, it offers a platform without a single point of failure.

The partnership between the referenced protocols has a precedent with the launch of a platform for trading decentralized financial derivatives.

Developed in conjunction with Terra and Mirror Protocol, users can benefit from a decentralized platform to trade derivatives based on shares of Tesla, GameStop, Amazon, and other companies.

1/ 🚀@InjectiveLabs, the first layer-2 DEX for decentralized derivatives and borderless DeFi, is expanding their partnership with $BAND by operating a BandChain node. Band Protocol has also become a genesis validator on Injective’s Equinox Staking.https://t.co/sfGigvb7zR

— Band Protocol (@BandProtocol) April 8, 2021

Band Protocol’s Oracle integration with Injective Protocol

The latest cooperation is a reinforcement to strengthen the relationship between the protocols. According to the post, Band Protocol’s oracle service will be integrated into Injective Protocol’s financial derivatives ecosystem.

Thus the latter will be able to expand. Injective CEO Eric Chen believes that they have remained “close friends” with Band Protocol since its inception. Chen added:

We’re really excited for the Cosmos ecosystem projects to work together and secure a robust oracle and derivatives primitive alongside Band Protocol right from the start!

Band Protocol team said are “looking forward” to being able to support the expansion of Injective’s ecosystem with their oracles. In addition, they believe that Equinox genesis validators will have a “diligent” execution towards the mainnet.

CEO and Co-Funder of Band Protocol Soravis Srinawakoon said the following on the cooperation:

Band Protocol has been a close collaborator of Injective from the beginning — most notably, our teams launched the world’s first decentralized stock futures trading in collaboration with Terra and Mirror Protocol. We are proud to become a genesis validator on Injective in the lead up to their Mainnet and vice versa, have their team operate a BandChain node to further both teams’ interests.

At the time of writing, BAND is trading at $17,57 and seems to be reacting positively to the announcement with 1.8% gains in the daily chart. In the 7-day chart, BAND has 6.6% profits and 17.5% in the past month.

Band Protocol BAND BANDUSDT
BAND showing gains in the daily chart. Source: BANDUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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