- Injective’s Wormhole integration enables the ability for greater sophistication of transfers across its network, the company said
- The move will also allow for cross-chain trading across various networks, according to Injective Labs’ CEO Eric Chen
Decentralized blockchain network Injective said Wednesday it has integrated with cross-chain messaging protocol Wormhole in an effort to drive liquidity and boost the accessibility of its platform.
With the addition of Wormhole, Injective is aiming to tap into more than ten additional layer-1 and layer-2 blockchains, including Polygon, Algorand and Solana, by bridging them to its network.
The move is an attempt to transform Injective from an exchange-focused blockchain to a decentralized finance hub. The aim is to provide more use cases for owned digital assets to be utilized beyond their origin chain, Eric Chen, CEO of Injective Labs told Blockworks in an email.
Wormhole is a generic message-passing protocol that connects high-value blockchains allowing applications to leverage the messaging layer to facilitate interoperability between different ecosystems.
The protocol has not been impervious to nefarious actors seeking to exploit it when it became the target of an attack in February.
Still, the area of focus following the integration is to allow applications on other chains to access and compose with the Injective ecosystem as well as enable more sophisticated transfers — such as arbitrary messages, Chen said.
“This integration will help increase the range of possibilities and functionalities for builders,” said Chen. “The first key area of focus is to enable asset transfers from all chains.”
Apps developed on Injective could open possibilities for cross-chain trading across various networks or offer yields on Solana-based assets, the CEO added.
Injective is a Layer 1 proof-of-stake blockchain geared toward building financial applications. Its ecosystem touts the ability to enable developers to leverage critical DeFi primitives including liquidity, risk, leverage and arbitrage opportunities.
“This integration opens up the pool of users that can utilize an application,” Chen said. “It broadens the audience scope for the developer, which allows a larger market to exist when thinking of a product-market fit.”