- INJ price shoots as the network activity for DeFi applications on the Injective Protocol spikes.
- The Injective Bridge V2 supports cross-chain compatibility for Web 3 decentralized finance applications.
Over the last weekend, decentralized finance altcoin Injective (INJ) rallied a straight 100 percent from $4.8 to $9.2. This rapid price surge came as this under-the-radar DeFi altcoin protocol has made key developments in recent times.
Decentralized exchange Injective Protocol (INJ) specializes in offering margin trading, derivatives, and other services on an extensive cross-chain platform. Recently, the DEX platform Injective Protocol has gained solid traction. The interactive layer-one protocol facilitates the creation of cross-chain Web 3 decentralized finance applications.
The reasons behind this INJ price could be different! The Injective Protocol has been witnessing an uptick in the staking activities along with the addition of the new assets.
Let’s take a look at some of the key developments that have led to a rally in the INJ price last week.
1. The Injective Bridge V2 release
Two weeks back, the Injective Protocol released the Injective Bridge V2 which seeks to bring cross-chain compatibility in the Defi space facilitating interaction between Cosmos and Ethereum.
As per Injective, the new bridge will support Ethereum-based ERC20 tokens along with Cosmos IBC-enabled chains such as Cosmos, Terra, and Osmosis. The new Injective Bridge version V2 will help in majorly improving the experience of traders, users, and developers on Injective.
Besides, this enhanced bridge user experience will serve as a launchpad for Web 3 projects on Injective. It will further help other projects in DeFi such as “trading, lending, savings, and insurance applications” for different cross-chain use cases.
The launch of the Injective Bridge V2 also resulted in a surge in the total value locked (TVL) on the Injective Protocol. The Injective Protocol TVL surged by $100 million in as the total value locked has reached now close to $150 million.
2. Injective Protocol adds support for new assets
As said, the Injective Protocol has also been working on adding support to fresh assets such as the Cosmos (ATOM). Last week, Injective announced support for listing the ATOM Perpetual Futures on the Injective Pro protocol. The announcement notes:
It’s the moment you Cosmonauts have been waiting for all along: ATOM Perpetual Futures are now listed on Injective Pro! You can now trade ATOM with leverage on an entirely decentralized orderbook with zero gas fees.
In addition to ATOM’s perpetual futures contracts, Injective has also added spot-trading for the Cosmos-based project Chihuahua (HUAHUA). Besides, there’s also an active community vote for adding Juno.
This addition of the new assets has resulted in increased trading volumes taking place on the Injective Protocol. However, Injective has a long way to go in competing with some of the top players like perpetual futures protocol dYdX.
