Injective Launches First-Ever Tokenized Index for BlackRock's BUIDL Fund

The BUIDL token, which is at the core of this new product, has a fixed value of $1 per token. In addition to the token’s stability, investors are rewarded with a dividend that accrues every day and is distributed monthly.

Cryptocurrency exchange Injective has announced the launch of the first tokenized index for BlackRock’s BUIDL Fund.

According to a tweet from the platform, this new perpetual index product will track the supply of the $BUIDL fund itself.

1/10 Injective is introducing the first ever tokenized index for @BlackRock’s BUIDL Fund, a perpetual index product that tracks the supply of the $BUIDL fund itself.

Now users can access the fund with the lowest fees and fastest speeds in crypto.https://t.co/jAupnilJ3b

— Injective ? (@injective) September 4, 2024

The BUIDL token will have a fixed value of $1 per token. In addition to the token’s stability, investors will be rewarded with a dividend that accrues every day and is distributed monthly.

The fund’s yield will be derived from a range of sources, including cash, US Treasury bills, and repurchase agreements, delivering a consistent stream of income for investors.

The BUIDL Index was created as a result of a collaboration between Injective and Stork, a decentralized pricing feed provider that operates on and off-chain. This index perpetual market will monitor the BUIDL fund’s supply, allowing users to make accurate predictions regarding the direction of inflows and outflows.

This is a significant technical feat since it allows for real-time tracking of an asset’s supply, allowing traders to more accurately predict market changes.

Injective’s innovation in tokenization does not end with the BUIDL Index. The platform’s first Real World Asset (RWA) module allows developers to easily create new tokenized items. This RWA module, together with the development of the RWA oracle, set the path for the BUIDL Index to be released to the market.

These solutions enable the seamless integration of traditional financial assets into the cryptocurrency ecosystem, lowering the barrier to entry for both developers and investors.

Previously, entry to the BUIDL fund was limited to institutional investors with a hefty minimum investment of $5 million. Through Injective, anyone can now participate in the BUIDL index perpetual futures market for as little as $1.

This democratization of finance enables a broader spectrum of investors to profit from exposure to high-performing assets.

The BUIDL Index will be solely available through a number of decentralized applications (dApps) on the Injective platform, including Helix.

These dApps will provide a streamlined gateway to the tokenized fund, with the lowest costs and fastest transaction speeds in the industry, ensuring a seamless and efficient trading experience for consumers.

In other news, CNF has reported that Injective has released the Remix Web IDE, which enables developers to build, test, and deploy smart contracts directly from their browser. This technology, together with Injective’s average block time of 0.65 seconds, has attracted liquidity for high-frequency trading while improving the platform’s overall speed and efficiency.

Injective’s native token, INJ, is currently trading at around $17.12, reflecting a 7.28% gain in value over the last 24 hours. Furthermore, its 24-hour trading volume has increased by 38% to $101.32 million.

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