Saturday, June 10, 2023

INJ Rallies After Cross-Chain Launch


Shortly after the introduction of the Injective Bridge v2 and the launch of DEX-based perpetual futures for ATOM, INJ posts a 100 percent+ gain.

Trading perpetual futures contracts in decentralized apps, a crypto sub-sector poised for expansion. This happens especially as centralized exchanges grapple with issues like regulation, taxation, and obligatory KYC.

Injective (INJ), an interoperable layer-one protocol, meant to ease the building of cross-chain Web3 decentralized finance (DeFi) apps. It is one DEX platform that has gained interest.

According to data from Cointelegraph Markets Pro and TradingView, the price of INJ has risen 157.8% to a daily high of $10.08 on February 11. This is despite a 1,756 percent increase in its 24-hour trading volume to $306 million, after hitting a low of $3.91 on Feb. 3.

The addition of support for additional assets in spot and permanent markets, the introduction of Injective Bridge v2, and a rising actual amount locked on the protocol. As a result of staking and the addition of new assets are three causes for the surge in demand for INJ.

v2 of the Injective Bridge

The introduction of the Injective Bridge v2 accomplishes at the end of January. This includes a range of modifications aimed to aid facilitate cross-chain compatibility with Cosmos (ATOM) and Ethereum. Also it was the most recent development that helped kick off the price surge for INJ (ETH).

The new bridge, according to Injective, can handle any ERC-20 token. It does as well as numerous Cosmos-based tokens such as ATOM, Osmosis (OSMO), and Terra (LUNA).

Injective appears to be positioning the bridge as a type of launchpad for future Web3 projects. Those who wish to allow users to send assets from the Ethereum network for no fees.

When transferring funds into chains that use the Inter-blockchain communication protocol (IBC), there are no bridge costs.

Support for New Assets has Added to the Injective Protocol

They included new assets to the DEX, along with the first decentralized perpetual futures for ATOM. It is a second development that is helping to boost Injective’s momentum.

Injective has also enabled spot trading for the Cosmos-based project Chihuahua (HUAHUA). There was also an active community vote to add Juno.

The arrival of additional assets has contributed to a recent uptick in trade volume on the protocol. It had dropped to its lowest level in several months on February 2.

The increasing trading volume on the protocol has pleased the Injective community. It’s worth noting that it’s a small fraction of the amount seen on dYdX, the top perpetual futures protocol. This had daily transactions of $3.2 billion on February 10 and $2.8 billion on February 11.

TVL is On the Rise

The release of Injective Bridge v2 coincided with a surge in the total value locked on the platform. At the same time, DeFi Llama claims has hit a new high.

The overall value of Injective as of Feb. 11 is $147.35 million, up more than $100 million from its low of $43.96 million on Jan. 23.

The TVL on INJ is made up of assets that are placed for trade as well as INJ tokens that are staked on the network. They earn a 9.15 percent annual rate of return.

Prior to the latest price gain, VORTECSTM data from Cointelegraph Markets Pro began to detect a bullish prognosis for INJ on Feb. 6.

The VORTECSTM Score is a unique to Cointelegraph algorithmic assessment of past and current market conditions. It is based on a range of data sources such as market mood, trading volume, recent price fluctuations, and Twitter activity.


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