The Injective Ecosystem Passes Proposal to Support Terra Developers

NEW YORK, May 17, 2022 /PRNewswire/ -- Injective, a blockchain optimized for building decentralized finance (DeFi) applications, has passed a major proposal to launch developer-focused incentives in light of the recent Terra downfall.

Injective is the first fully decentralized blockchain optimized for building dApps focused on exchanges, derivatives, prediction markets, and options. Injective uniquely brings Ethereum compatibility to the Cosmos IBC universe, allowing Terra developers to quickly create applications with familiar tooling, but with much farther reach for users.

The proposal was created on Injective's governance portal on May 12, after a number of Terra developers began to seek a new chain in order to continue building their projects. Within four days the proposal passed with nearly 99% in support of the initiative. The Injective community came together to reallocate incentives meant for themselves in order to ensure that Terra dApps would have the resources needed to smoothly transition onto Injective.

Injective is especially well suited for Terra developers given that it provides out-of-the-box financial primitives, such as an on-chain order book, that will allow Terra developers to get back up and running with a blockchain tailored to DeFi needs. Injective's forthcoming CosmWasm smart contract layer will also enable Terra projects to rapidly onboard without having to re-write their code from scratch, which would be the case if they transitioned to other chains.

"It's incredible to see how quickly the Injective community has banded together to show support for its fellow Cosmos IBC universe developers," said Eric Chen, CEO and co-founder of Injective Labs. "We are setting up dedicated teams to provide resources as developers continue to migrate over to Injective and with the upcoming CosmWasm smart contract layer, the Injective ecosystem will further thrive as a platform for all DeFi applications."

The initiative is expected to be synergistic for both Terra projects and Injective alike. The two projects are already well integrated with both Injective and Terra bridges supporting native asset transfers.

"Our team has been working with an influx of developers who have reached out after Terra's recent incident," said Mirza Uddin, Head of Business Development of Injective Labs. "We're putting together dedicated support teams to ensure proper resources are provided to new projects."

Injective allows for financial applications to experience rapid success. Injective Pro, the premier DEX built on Injective, is a prime example, having processed over $1 billion in trades within the first month of its launch.

To learn more about Injective Labs., follow @InjectiveLabs on Twitter, subscribe to the Injective Blog, or visit Injective.com.

About Injective
Injective is the first layer one proof-of-stake blockchain optimized for building financial applications. Injective is compatible with other layer-one chains, which allows it to congregate liquidity, creating more capital-efficient markets. The Injective ecosystem features a flexible and expressive programming environment which allows developers to take advantage of powerful DeFi primitives, namely on-chain order books and order matching. Injective Labs is one of the core contributors to Injective.

SOURCE Injective