Injective Integrates Polygon to Accelerate Cross-Chain Composability
In may 31th 2023
Injective has unveiled an innovative integration with Polygon, facilitating genuine DeFi composability. This marks the inaugural occasion where assets native to Polygon and Injective can be harnessed for a wide range of cross-chain applications within both ecosystems.
Leveraging a fresh link through Wormhole, assets like MATIC and INJ are now transferable. Consequently, this integration sets the stage for heightened collaboration, liquidity, and accessibility, offering advantages to both chains and their communities.
What Is Polygon?
Polygon, formerly known as Matic Network, is a scaling infrastructure network designed for Ethereum. It features Polygon Supernets, a modular framework supporting various types of applications. Utilizing a Proof of Stake (PoS) consensus mechanism, Polygon addresses Ethereum’s scalability issues by processing transactions on a separate blockchain compatible with the Ethereum Virtual Machine (EVM). The Polygon zkEVM Mainnet Beta offers a leading ZK scaling solution that maintains EVM compatibility, ensuring smooth operation for existing smart contracts, developer tools, and wallets. Notably, prominent platforms like Reddit and Robinhood have adopted the Polygon network. Interestingly, Polygon and Injective have followed similar trajectories since their inception. Both projects began with launches via Binance Launchpad, and Sandeep Nailwal, co-founder of Polygon, was among the first angel investors in Injective.
Expanding Composability Between Polygon and Injective
Accelerating the growth of true composability has long been a significant goal for both Injective and the broader Web3 industry. The integration with the Polygon protocol, takes Injective one step closer to realizing the grand vision of seamless interoperability.
With the integration, users across the two communities can gain access to new assets, DeFi protocols, liquidity pools and tightly coupled infrastructure. For instance, Injective users can begin to utilize assets such as MATIC within dApps built on Injective. Similarly, Polygon community members can use INJ alongside other assets in the IBC world on its native applications as well.
The integration with Polygon brings together two vibrant communities, fostering a cross-pollination of ideas, assets and primitives. Rising interoperability and composability further helps to extend capital efficiency and overall user experience across sovereign blockchain networks such as Polygon and Injective.
With the integration, both networks provide an intuitive access point for transferring cross-chain assets while simultaneously introducing new opportunities for builders. DeFi protocols focused on functionalities such as lending, trading or derivatives can all leverage new assets powered by this collaboration.
The Future of Polygon and Injective
The integration between Polygon and Injective signifies an important milestone for DeFi as a whole.
Polygon ecosystem users can now begin to utilize native IBC assets while users on Injective can gain access to assets from the leading Ethereum scalability solution. By joining forces, both ecosystems look to bridge communities, boost liquidity, and expand user bases. The collaboration offers increased accessibility, scalability, and a wide range of DeFi opportunities to users of both Polygon and Injective.
With this latest integration, Injective further cements its position as a leading L1 blockchain for interoperability. All dApps within Injective’s ecosystem can natively access sovereign chains such as Ethereum, Cosmos, and now Polygon for frictionless interoperable communication. Builders and users alike can securely transfer crypto assets and Web3 data from Polygon alongside other prominent blockchains to utilize on any application built on Injective.
As the Web3 industry continues to evolve, groundbreaking integrations like this showcase the power of collaboration and pave the way for a more interconnected and inclusive financial future.
About Injective
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.
About Polygon Labs
Polygon Labs develops Ethereum scaling solutions for Polygon protocols. Polygon Labs engages with other ecosystem developers to help make available scalable, affordable, secure and sustainable blockchain infrastructure for Web3. Polygon Labs has initially developed a growing suite of protocols for developers to gain easy access to major scaling solutions, including layer 2s (zero-knowledge rollups), sidechains, app-specific chains and data availability protocols. Scaling solutions that Polygon Labs initially developed have seen widespread adoption with tens of thousands of decentralized apps, unique addresses exceeding 261 million, over 1.4 million smart contracts created and 2.7 billion total transactions processed since inception. The existing Polygon network is home for some of the biggest Web3 projects, such as Aave, Uniswap, QiDao and OpenSea, and well-known enterprises, including Robinhood, Stripe and Adobe. Polygon Labs is carbon neutral with the goal of leading Web3 in becoming carbon negative.
