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Wormhole and Injective have teamed up to provide ten new blockchain applications to the Wormhole network

  • News
  • May 27, 2022
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The wormhole will soon be incorporated into the backbone of the Injective Bridge, allowing customers to transmit funds between different EVM networks or Solana with the touch of a button, according to Injective Labs.

Injective (INJ), a decentralized finance (Defi) technology, has teamed up with Wormhole to add “ten new blockchain applications” to its system.

Injective is a layer-2 decentralized exchange (DEX) powered by Cosmos that provides futures, token exchanges, and sports wagering futures markets. It also prioritises compatibility through cross-chain bridges, and it now handles digital products from Ethereum, Polkadot, and IBC-enabled networks like Cosmos.

The system’s creators, Injective Labs, stated in a May 25 release that the cooperation will allow customers to transmit and exchange commodities across any Wormhole-integrated channel.

“The Wormhole interface will substantially improve Injective’s compatibility potential.” The wormhole will soon be incorporated into the backbone of the Injective Bridge, allowing users to send and receive assets between different EVM networks or Solana with a single click,” according to Injective Labs.

A wormhole is a universal communication protocol that works with a variety of blockchain systems to provide features like cross-chain user support and token bridges.

Not all of the “ten new blockchain systems” are given names. Wormhole’s homepage only shows nine blockchains with seamless integration: Solana, Terra, Ethereum, Avalanche, Oasis Binance Smart Chain, and others.

With Terra collapsing and Ethereum now being allowed, it’s uncertain which of the remaining ten networks will be endorsed.

Injective’s potential to “act as the principal doorway for cross-chain native resources from Solana and other major Layer 1 networks” into the environment has been noted by the organization.

“Users’ choices can also expand much further than financial transactions. DApps on Injective, for example, might allow for smooth cross-chain commerce between the Cosmos and Solana economies, as well as offering returns on Solana (or any other Wormhole enabled commodity).”

“Builders using networks like Avalanche, Algorand, or Polygon can use Injective to retrieve resources across the Cosmos environment,” it noted.

So far, the revelation has had no influence on the profitability of Injective’s native currency INJ, which has dropped 2.6 percent in the last 24 hours to $2.21 at the moment of typing. As per CoinGecko data, the currency has dropped 91.1 percent from its just all peak of $24.89 in late April 2021.

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