Litentry is thrilled to announce our strategic integration with Injective Protocol to unleash the full capacity of borderless DeFi by bringing in decentralised identity (DID) aggregation, which is a process of integrating a wide range of digital identities from multiple networks.
DID & DeFi
Injective Protocol is the first layer-2 decentralised exchange protocol which enables fully decentralised trading without any restrictions and allows individuals to trade on any derivative market of their choosing. Injective was designed from day one to be a market-leading bespoke application specific chain for derivatives trading. Given the flexible nature of their chain, developers can launch a diverse array of DApps on top of Injective.
Litentry is a decentralized identity aggregator, allowing users to collect their historical cross-chain data including credit and on-chain reputation and aggregate them into one identity, which can be widely adopted in user-centric DeFi platforms like Injective.
We share similar core values in that both projects strive to contribute to the decentralisation, scalability, and interoperability nature of blockchain. The objective is to optimise service to better reflect users’ characteristics and address significant on-chain governance issues in the DeFi space.
Unleashing the full capacity of borderless DeFi
As part of this collaboration, Litentry will integrate identity data in Injective Protocol to its identity aggregation protocol. The identity data can be used to feed the credit computation model in an effort to provide a more accurate representation of user identity. This also means that users are able to link and verify their Injective identity data on Litentry platform and third-party dApps can obtain real-time DID data of an identity owner under user’s authorisation in a secure way.
Meanwhile, Injective Protocol will integrate and leverage Litentry’s on-chain aggregated DID data and computation system, which will help them to better understand characteristics of traders such as trading frequency, position size, preferred trading assets that are not listed on Injective, etc. By acquiring and conducting in-depth study of this information, Injective will be able to design more user centric features to optimize overall experience as well as marketing campaigns to attract target traders from other platforms.
Injective also plans to launch new derivative products that are able to leverage the Litentry token. In addition, new derivative products can be utilized that focus on identity related assets within the crypto sector.
Quotes from Litentry and Injective protocol:
“We are thrilled to be integrating with Injective Protocol to explore the combination of DID and DeFi in an innovative manner. I believe it will significantly enrich identity related data and eventually lead to unique optimized DeFi services.”
— Hanwen Cheng, Litentry CEO
“Injective is excited to be working with the team at Litentry. This collaboration can aid in acquiring dynamic user data to optimize our products and user experience moving forward,” said
— Eric Chen, Injective CEO.
In the future, Litentry and Injective will be working closely and exploring further integrations. The goal is to bring more flexibility into product design and on-chain governance to reflect user engagement & contribution to the ecosystem.
This partnership accelerates the adoption of the Litentry Aggregated Identity service and further makes the Identity Data Pools more diverse and valuable.
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.
Litentry is a cross-chain identity aggregation protocol that features a Substrate-built network, mobile app and identity-related tools. The protocol enables identity linking across different networks and facilitates decentralization and transparency in identity credit computation. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time credit/reputation of an identity owner across different blockchains.