With the brand new development, Injective is going to be able to launch completely uncharted Bitcoin derivatives using the Stacks token (STX) alongside electronic assets which are indigenous to the network.
Digital currency Injective Protocol will integrate with all the Stacks blockchain. The move which was announced using a blog post published by the company is going to ensure that Bitcoin Derivatives become entirely available on Stacks. The Stacks protocol is categorized as a degree 1 blockchain alternative. The plan brings intelligent contracts and decentralized applications to Bitcoin without compromising on stability and security.
1/ Injective is incorporating @Stacks to empower fully decentralized #BTC derivatives ⚡️@InjectiveLabs users will be able to access derivatives that are derived from the Stacks token (STX) alongside native assets assembled on the Stacks blockchain. https://t.co/f0KTS4V8RE
— Injective (@InjectiveLabs) June 10, 2021
By Dealing with Stacks, Injective expects to make a hybrid ecosystem where everything is completely decentralized. As things stand, users of Injective Protocol can create, buy, and sell Bitcoin derivatives from different blockchain platforms.
With the fresh development, Injective will be able to launch fully decentralized Bitcoin derivatives utilizing the Stacks token (STX) alongside digital assets which are native to the network. Users of the platform will be able to stack and transfer native characters on Stacks to the Injective chain. This can subsequently be used to create and transact STX along with other Bitcoin-related tokens. The partnership between the two platforms will even allow enthusiasts of Decentralized Finance (DeFi) to create futures and perpetual which will afterwards use Stacks along with the Binance Smart chain.
Stacks is really on a global mission to construct a multi-chain ecosystem that offers global market exposure. The company already has plans to integrate with such platforms as Avalanche, Binance Smart Chain, NEAR, Polkadot, to mention a few. By integrating with all these programs, Stacks plans to make a unique hub where its customers can create and access new markets.
Previously, entirely decentralized Bitcoin derivatives were not accessible despite the growing interest from the Decentralized Finance Sector. This is true for newbies and retail clients who had access to institutional Bitcoin derivatives cut off from them. Together with Stacks and Injective’s protocol integration, most regular users are presented with a exceptional opportunity to get and expertise DeFi at a novel way and manner.
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