Injective x NEAR Protocol Integration
Injective is integrating with NEAR Protocol to expand multi-chain trading universe alongside Aurora.
With NEAR integration, Injective will be able to launch derivatives that are based on the NEAR token alongside native assets built on the NEAR blockchain. Bridging assets across Injective and Near will be accomplished via Aurora, which provides an Ethereum-compatible smart contract platform powered by Near.
In pursuit of this goal, they have already started exploring integrations with promising layer one blockchains such as Polkadot and Avalanche. Currently, many of these networks offer unique benefits but remain largely siloed which inevitably leads to poor user adoption. On the other hand, Ethereum enjoys an unmatched degree of organic usage while continuing to face scalability and network congestion issues.
Injective helps to rectify the problems that seem to be pervasive within the crypto space today. Users are able to access entirely new markets across chains while still interfacing with an Ethereum-native framework.
“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,” said Eric Chen, Injective CEO.
Their work with NEAR is an extension of overarching mission to create a decentralized multi-chain ecosystem for financial markets. By having Aurora deploy on Injective’s Etheremint layer (the Cosmos EVM implementation), users can have access to extremely low cost token bridging. The ERC-20 token is then bridged over to the Injective Chain where trades can occur. On a frontend level, we abstract away the procedure so the user just sees one transaction rather than the intermediary steps. As a result, new decentralized markets such as NEAR/USDC spots can be made available on Injective in just a few clicks.
“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,“ said Alex Shevchenko, Aurora Labs CEO.
The technologies built by the teams at Aurora and NEAR aid us in further expanding the capabilities offered by protocol. Moving forward, users will have access to a robust Injective Chain that is able to work across disparate layer one networks so novel market creation and trading become more seamless than ever before.
What is Near Protocol?
Near Protocol is a decentralized application platform designed to make apps usable on the web. The PoS blockchain acts as a public, sharded, and developer-friendly platform. Near is led by a team of developers emerging from companies such as Google and is backed by leading VCs such as Andreessen Horowitz and Coinbase Ventures.
About Injective Protocol?
Injective is the first decentralized multi-chain exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective enables access to unlimited decentralized markets for futures, perpetuals, spots, synthetics, and much more. Injective is backed by a prominent group of stakeholders including Mark Cuban, Pantera Capital, and the leading cryptocurrency exchange, Binance.
What is Aurora?
Aurora is implemented as a smart contract on the NEAR blockchain. Aurora is composed of two core components: the Aurora Engine and the Aurora Bridge. The Aurora Engine allows for the deployment of Solidity and Vyper smart contracts while the Aurora Bridge enables the permissionless transfer of tokens and data across Ethereum and Aurora.
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