Cosmos-based Layer 1 blockchain Injective has released a mainnet upgrade named Volan. Central to the upgrade is the integration of a software module focusing on real-world assets (RWA).
The objective is to enable both institutional and individual users to access a variety of structured products. These planned real-world asset offerings include tokenized fiat currency pairs, treasury bills, and exclusive credit products.
The market for RWAs is still nascent but rapidly growing. In particular, tokenized securities have seen a swift increase in value over the last year, with the market size estimated at over $500 million, according to Dune data. Injective aims to tap into that with Volan.
Another aspect of the Volan upgrade is the expansion of the inter-blockchain communication (IBC) protocol on Injective, allowing improved interaction between Injective and other chains within the Cosmos ecosystem.
Integrating IBC, the network is set to facilitate complex cross-chain transactions, including advanced order routing and swaps. An example of its utility will be evident in scenarios where a user can initiate a cross-chain swap using a decentralized application on another Cosmos blockchain like Celestia or Osmosis, and route it through Injective’s order book module for execution.
Connectivity enhancements
“This Injective Volan Mainnet upgrade is focused on providing developers with unmatched native building blocks for next-gen finance applications while simultaneously improving connectivity to other blockchains and applications,” said Eric Chen, CEO of Injective Labs.
Injective is an interoperable blockchain specialized in decentralized finance use cases and uses its native token, INJ, for governance and transaction fees.
With the Volan upgrade, Injective has introduced changes to the token’s on-chain inflation parameters, aiming to make INJ increasingly deflationary over time. Furthermore, the upgrade brings a new oracle, integrating off-chain price feeds directly into the blockchain.
In August 2022, it closed a $40 million funding round led by Jump Crypto. The project is also backed by Binance, Pantera Capital, and Mark Cuban.
Source : Crypto News / Jan 14, 2024