Injective is integrating with stacks to enable fully decentralized Bitcoin derivatives to come up with a vibrant multi-chain ecosystem which is completely decentralized.

With Stacks collaboration, Injective is set to launch derivatives which are based on the Stacks Token (STX) alongside native assets, built on the Stacks blockchain.

They are set to deploy a bridge which will be able to interact with the Stacks blockchain. Users are going to be able to lock-up and transfer stacks-based tokens to the Injective Chain which will permit for both market creation and trading for STX and also other tokens based on the Bitcoin network.

DeFi enthusiasts will thus be able to take part in creating expiry futures and perpetuals across distinct networks like BUSD/STX.  This in turn will tap into both Binance Smart Chain (BSC) and Stacks for instance.

Stacks operates via Proof of Transfer (PoX) which serves as the consensus mechanism between Stacks and the Bitcoin.

Stacks transactions settle to Bitcoin, which eventually enables Stacks transactions to benefit from Bitcoin’s security while Stacks scales independently of Bitcoin.

Also Stacks holders consist of a broad range of people and organizations, which including leading venture funds such as Y-Combinator, Union Square Ventures, and SV Angel.

Crypto Market Summary from the Injective Labs:  Bitcoin is trading around $36,000, up almost 9% over the past 24 hours while constantly testing the 7-day moving average.

Open interest for Bitcoin futures has stabilized to around $680 Million while the BTC perpetual funding rate is slightly positive over the past week. The Put/Call Ratio is around 1.06. A slightly positive Put/Call Ratio indicates that the market is more bearish.

ETH is trading around $2,570, up 2.5% over the last 24 hours. ETH has had relatively strong support above the 100-day moving average over the past two weeks.

Open interest for ETH futures is around $370 Million while its perpetual funding rates were negative multiple times this week. The Put/Call Ratio for the June 11 expiry date is around 0.87, which gives a neutral-to-bullish signal.

Total value locked in DeFi is around $60 Billion, up over 25% since the lows at the end of May. Most major alts have slightly recovered from the crash this weekend.

DeFi enthusiasts can also take part in creating decentralized expiry futures and perpetuals across distinct networks such as BUSD/STX, which would tap into both Binance Chain (BSC) and Stacks for instance.

Injective are excited to continue building a robust exchange protocol through which traders can access multi-chain markets, allowing Injective Labs to bring forth a new paragon of decentralized finance.