Smart Contracts Go Live On Injective After Mainnet Upgrade

Injective published a blog post to inform the community that the Injective CosmWasm Mainnet upgrade was live. It allows the execution of smart contracts to be done manually and automatically.

It consists of many more upgrades, which are termed as Injective CosmWasm Mainnet Upgrade or Injective Canonical 1006-rc1.

These include:

  • Addition of support for binary options market
  • Support for negative maker fee
  • Interchain account support through IBC v3

The upgrade was a part of Injective Improvement Proposal 159, passed by the community, with 99.56% of participants siding in favor of the upgrade. The CosmWasm mainnet upgrade is a set of improvements released for developers and builders to build their projects.

Smart contracts generally seek an external agent to process their execution. However, the mainnet upgrade allows developers to perform that execution automatically without involving any external agent in the network.

It helps the community as developers can now create advanced applications that are permissionless and decentralized. Applications can be loaded with more complex features, and yet the ecosystem would be able to carry the progress.

Additionally, the automatic execution of a smart contract highlights the paradigm shift in methodologies of interacting with a blockchain.

Another upgrade involves taking the maker fees on the negative side across all the decentralized applications built on top of Injective. The maker fees will now be distributed to market markers instead of taking the maker fee from them.

The upgrade helps the community by providing incentives and stability to market makers, who will now receive a percentage of their total trade as a rebate.

The most recent upgrade will support Binary Options markets. Binary Options are financial contracts where a payoff is based on one of two outcomes of an underlying question or asset. It helps the community as Binary Options will now support building new types of applications on Injective.

Other upgrades include:-

  • Support for new provider oracle
  • Addition of historical prices and trade volatility that can be tracked on exchange and oracle modules
  • Scaling the previously recorded fees paid values by 500 so that the existing tracker can adapt to the volume
  • Addition of a new market settlement capability through governance
  • Revising the liquidator reward share rate that was initially set to 5%

Injective is a layer one protocol that enables developers to build powerful derivatives, DeFi, exchange, and Web3 applications. Its native asset is INJ, responsible for powering the Injective protocol and its ecosystem, which is constantly growing.

Injective is backed by Pantera Capital and has been incubated by Binance. Many more upgrades can be expected in the future, subject to approval through governance from the community. The current upgrade received tremendous support, and others are expected to have the same receipt.

The automatic and manual execution of smart contracts through the recent mainnet upgrade remains the major highlight within the community.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button