XRP is coming to the Injective ecosystem as the Injective community recently voted to pass a proposal seeking to include an XRP/USDT perpetual pair.
The Injective community has voted to bring XRP to the ever-expanding Injective ecosystem by listing the XRP/USDT perpetual pair. This development is expected to bolster XRP and USDT liquidity on the Injective protocol and expand available trading pairs.
The official Injective Twitter handle highlighted the development in a recent tweet, calling the public’s attention to its significance.
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
Notably, the proposal, dubbed IIP-238, was submitted by an Injective Labs team member, Chris, on Jul. 13. Chris proposed the idea a few hours after Judge Analisa Torres declared in the SEC vs. Ripple case that XRP is not a security.
Details from the draft suggest that, if approved, the proposal will launch a perpetual market pair on Injective with XRP as the base denom and USDT as the quote denom. The trading pair will feature a minimum quantity tick size of 0.1 and a minimum price tick size of 0.0001.
Per information from the Injective Hub governance section, the community has voted to pass the proposal as of press time. This comes four days after Chris submitted it. Notably, an overwhelming majority of votes, about 99.78%, went for “Yes.”
The development comes less than two months after Injective integrated Polygon into its ecosystem to allow market participants cross-use native assets on both the Injective and Polygon protocols. Recall that Injective also integrated assets from Solana in February.
XRP Faces Surging Interest
Including the XRP/USDT trading pair is the latest effort from the Injective community to meet demands from market participants and bolster composability with external assets and protocols. The development will also contribute to liquidity and give traders on Injective the opportunity to bet on XRP.
The proposal followed the ruling from Judge Torres on the SEC case. Notably, XRP has witnessed surging interest on the back of the ruling. Multiple exchanges have relisted XRP trading pairs in response. The inclusion of the XRP perpetual pair on Injective aims to meet this demand from the Injective community.
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