Solana users will now be able to farm INJ tokens through the wINJ Covered Call vault on Katana.
INJ Arrives to Solana
The Injective Protocol has announced that its native token, INJ, is now available on the Solana blockchain.
Injective announced that the protocol has joined into a treasury management partnership with Katana, a Solana-based yield generation protocol, on January 7. The partnership lets users deposit their INJ tokens into the wINJ Covered Call vault on the Solana network. This marks the first time a Cosmos SDK-based chain has transferred assets to the Solana ecosystem.
“The wINJ covered call vault accepts wINJ deposits and earns yield via an automated wINJ covered call strategy. The strategy works by first depositing the underlying wINJ on PsyOptions and minting out-of-the-money wINJ calls in return. The vault then sells these call options earning the option premium as initial yield. If the price of wINJ is below the strike price at the time of expiry, the vault earns the full value of the options it sold and can repeat the strategy, compounding its WINJ over time,” explained the official blog about the wINJ covered call strategy.
As previously reported by Solana News, Katana was the grand prize winner of Solana’s Ignition Hackathon, as announced by the Solana Foundation on Oct. 29. The yield generating protocol won the hackathon out of 568 final project submissions and was rewarded with a prize of $75,000 and 2 tickets to the Solana Conference held in Lisbon between Nov. 7 to Nov. 10.
What is Injective?
Injective is an application-specific chain that is built using Cosmos SDK that enables instant transactional finality and lightning-fast speeds. The protocol is incubated by Binance and backed by several venture capital firms, including Pantera Capital, Hashed, QCP Capital, Blocktower, CMS Holdings, 3Commas, amongst others. Injective is also backed by eminent personalities like Mark Cuban and Sandeep Nailwal, the co-founder of Polygon.
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Source : solana.news