Covalent Partners with Injective Protocol to Bring its Indexing-querying Solution to the Decentralized Derivative Exchange | Covalent

Covalent Partners with Injective Protocol to Bring its Indexing-querying Solution to the Decentralized Derivative Exchange

Feb 5, 2021

VANCOUVER, February 5th, 2021 - Covalent is delighted to announce a technical partnership with Injective Protocol, a fully decentralized and robust cross-chain DEX supporting a diverse array of derivatives including CFDs, perpetual swaps and more. A pioneer in the space, Injective Protocol aims to bring power back to the people by enabling truly free and decentralized trading for everyone.

At the heart of this partnership is the user. By partnering with Covalent, Injective Protocol will have access to real-time and granular blockchain data through the enterprise-grade Covalent API. Such data will not only provide valuable insight into the domain of DeFi, but traders will be able to export their trading data with full historical context which will allow benchmarking of investor performance and record-keeping as evidence for tax purposes. Ultimately, the Injective Protocol user experience will be enhanced.

A core backbone to Injective’s layer-2 derivatives platform is the Injective Chain which hosts a fully decentralized orderbook, trade execution coordinator, EVM execution environment, and bi-directional token bridge to Ethereum. Once live, Covalent will be indexing the Injective Chain. By enabling instant access to the data on the Injective Chain, Injective Protocol will be able to bolster the capabilities of the platform through, for example, analytical dashboards and terminals while again, improving the user experience.

Quote from Ganesh, Covalent’s CEO

At Covalent, we have a lot of admiration for Injective Protocol given the decentralized approach they have taken in building its DEX. Now, as a major component of Injective’s ecosystem, Covalent looks forward to mutually building our respective communities and elevating the DeFi user experience to new levels.

Quote from Eric Chen, Injective Protocol CEO

Injective is excited to be working with the team at Covalent. Proper data feeds are an integral component of building a robust derivatives DEX, so this integration can aid in bolstering our ecosystem further.

About Injective Protocol

Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.

Twitter: @InjectiveLabs

Telegram: Injective Protocol

Discord: https://discord.com/invite/NK4qdbv

About Covalent

Covalent leverages big-data technologies to create meaning from hundreds of billions of data points, delivering actionable insights to investors and allowing developers to allocate resources to higher-utility goals within their organization. Instead of pain-stakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains and data feeds. The Covalent API then sources end users with individualized data by wallet, including current and historical investment performance across all types of digital assets. Most importantly, Covalent returns this data in a rapid and consistent manner, incorporating all relevant data within one API interface.

Twitter: @Covalent_HQ

Telegram: https://t.me/CovalentHQ

Discord: https://bit.ly/Covalenthq_discord

Niall Yorke

Product, Covalent

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