Injective Protocol launches governance for spot markets
Layer-2 decentralized exchange protocol, Injective, has announced the launch of its governance feature for spot markets. Following the launch, users will now be able to propose and vote on new spot market listings from Equinox staking.
Injective describes the launch as “a central part of [its decentralized] protocol,” which will play a key part in the upcoming mainnet release. Furthermore, taking part in market proposals via governance will unlock additional APYs on Equinox staking.
Recall that Injective officially released Equinox staking about a week ago. Since then, more than 2 million INJ has been staked on the platform (equivalent to $30 million, as of press time). Injective explained:
We hold the belief that in order for a network to be considered truly decentralized, it must be governed by a user base that is ideally distributed globally. In an effort to achieve full decentralization we chose to introduce governance as part of Equinox Staking.
In addition to being able to propose new spot markets on the Injective exchange, stakers will be eligible to vote on specific proposals. Only proposals that win the required number of votes will be passed and listed on the Injective exchange.
The network is expected to achieve increased decentralization as more individuals come on board.