As the world witnesses an unparalleled AI explosion, Injective Protocol (INJ) has been soaring on the wings of cutting-edge innovation and expansion, boasting a remarkable price surge of over 300% year-to-date (YTD).
Attaining a 90-day peak of $5.44 on April 3, the INJ token has emerged as a subject of earnest discussion among crypto enthusiasts. At the time of writing, the price has experienced a slight retraction, with INJ trading at $5.3.
Why is the Injective Protocol rising?
Injective, a layer-1 blockchain network, stands at the forefront of the decentralized finance (DeFi) revolution, offering a seamless “plug-and-play” financial infrastructure, integrating artificial intelligence (AI) into its systems.
This groundbreaking automation feature empowers users to effortlessly launch decentralized applications (dapps) through Injective’s cutting-edge smart contract layer.
Among the array of noteworthy dApps under Injective’s umbrella, Helix, Frontrunner, and Astroport stand out as shining examples. Helix, an orderbook exchange, and Astroport, an AMM exchange, cater to different trading needs, while Frontrunner presents an exhilarating prediction market.
Injective unveils Sealevel Virtual Machine rollup
In a pioneering move, Injective announced the launch of the first-ever Sealevel Virtual Machine (SVM) rollup, in collaboration with rollup provider Eclipse, on March 31.
Tailor-made for the Injective Blockchain Community (IBC), the SVM system empowers Solana (SOL) developers to seamlessly deploy their Solana smart contracts and dApps directly onto Injective’s blockchain ecosystem.
This groundbreaking advancement enables Solana developers to experiment with their apps in the Cosmos ecosystem without necessitating alterations to the programming language or tooling employed, thereby offering users a plethora of opportunities to engage with top-tier web3 dapps within a unified network.
Injective Protocol’s $150 million fund to support Cosmos ecosystem
In January, Injective Protocol launched a staggering $150 million fund to foster the adoption of the Cosmos ecosystem, garnering support from esteemed blockchain investment firms such as Kraken Ventures, Pantera Capital, and Jump Crypto.
The future of INJ
The meteoric ascent of Injective Protocol’s INJ token can be ascribed to the ongoing AI revolution, astute partnerships, and inventive developments within both the Injective and Cosmos ecosystems.
As exhilarating as the current market landscape may be, investors are urged to tread cautiously, conducting thorough due diligence and maintaining a diversified portfolio to mitigate risks in the ever-volatile world of cryptocurrencies.