In an exciting development for the Injective ecosystem, the Injective community has voted in favor of a proposal to incorporate an XRP/USDT perpetual pair.
The decision to bring XRP into the ever-expanding Injective ecosystem is expected to enhance liquidity for both XRP and USDT on the platform while broadening the range of available trading pairs.
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The official Injective Twitter account highlighted the significance of this community vote on the 17th of July, drawing attention to the integration of XRP into their ecosystem.
The Injective community has overwhelmingly voted YES to bringing $XRP into the ecosystem with IIP-238 passing just hours ago!
Up Next: New use cases 💪
— Injective 🥷 (@Injective_) July 17, 2023
The proposal, known as IIP-238, was initially submitted by Chris, a member of the Injective Labs team, shortly after Judge Analisa Torres’s Ripple-SEC lawsuit ruling, declaring that XRP is not a security.
According to the details provided in the proposal, if approved, Injective will launch a perpetual market pair featuring XRP as the base denom and USDT as the quote denom. The trading pair will have a minimum quantity tick size of 0.1 and a minimum price tick size of 0.0001.
As of press time, the Injective Hub governance section reports that the community has overwhelmingly voted in favor of passing the proposal, with approximately 99.78% of votes supporting the integration.
This integration comes less than two months after Injective integrated Polygon (MATIC) into its ecosystem, allowing market participants to cross-use native assets from both Injective and Polygon protocols. Additionally, Injective integrated assets from Solana in February, showcasing its commitment to expanding its ecosystem by integrating various protocols.
Read Also: Ripple Wins SEC Lawsuit: Analyst Predicts Massive Surge for XRP, Targets $3
The decision to include the XRP/USDT trading pair is a response to the high demand from market participants and aims to improve composability with external assets and protocols on the Injective platform. It will also contribute to overall liquidity and provide traders on Injective with an opportunity to engage in XRP trading.
The proposal was put forth following the ruling by Judge Torres in the SEC case, which sparked renewed interest in XRP.
In response, multiple exchanges have relisted XRP trading pairs. The introduction of the XRP perpetual pair on Injective aims to meet the growing demand from the Injective community and align with the prevailing market interest in XRP.
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