In a pivotal move for the future of Ethereum’s DeFi ecosystem, we are proud to announce the successful integration of Injective’s native INJ token into The Open Liquidity Network.
This makes INJ the first asset integrated into The Open Liquidity Network. This strategic deployment is a demonstration of the power of using open standards to solve the existential problem of fragmentation that has been developing throughout the Ethereum ecosystem which harms end users, application developers, and token issuers.
The Open Liquidity Network Integrates Injective
Injective, the fastest L1 blockchain for finance, has officially been integrated as the first chain in The Open Liquidity Network.
By embracing open standards, particularly xERC20, Injective is setting a new standard for open composability. The usage of xERC20 eliminates the reliance on traditional bridge protocols, which have repeatedly failed and harmed crypto users. This deployment allows the INJ token to be readily available across multiple rollups, enhancing its utility and accessibility for users. This move is a significant stride towards creating a unified rollup ecosystem, as it preserves the benefits of rollups (higher throughput and lower fees) without fragmenting liquidity.
A New Era For Ethereum
The integration signifies a shift from the norm of proprietary bridging protocols to a more open and standardized approach. Historically, expanding token accessibility was a complex process, fraught with systemic risks and liquidity fragmentation issues. Token issuers were bound to specific bridging protocols, which operated in silos, creating segmented markets within the Ethereum network. The transition to open standards like xERC20 represents a paradigm shift in how tokens grow throughout the Ethereum ecosystem. It grants Injective community members even further use cases for INJ itself.
The growth of open standards will have have far-reaching implications for Ethereum's ecosystem. It introduces a new level of security and economic efficiency, crucial for the long-term sustainability and growth of the network. By removing the need for reliance on proprietary systems we will establish a new era of open liquidity for Ethereum.
The integration of Injective into The Open Liquidity Network marks a significant milestone in our journey towards a more integrated Ethereum ecosystem. This collaboration is a key example of our broader strategy to reduce fragmentation within the Ethereum network and enhance its overall scalability and usability. We are excited about the potential this integration unlocks and look forward to further developments in this space. In the coming weeks, we will be sharing additional updates on our progress as we continue to work towards a united future of Ethereum.
Omni is a low-latency, high-throughput interoperability network for the Ethereum ecosystem. Secured by Ethereum itself, Omni empowers developers to expand their applications across all rollups, unifying Ethereum’s liquidity globally.
Omni is backed by $18M from prominent investors such as Pantera Capital, Two Sigma Ventures, and Jump Crypto.