Injective Protocol’s native token, INJ, is among the big winners this week, up 22,6%.
The value of the INJ token has risen by 22,6% on the week, according to data published by the price monitoring platform CoinMarketCap. INJ is trading at around $1,96 per unit and its market capitalization has risen to $140,2 million.
According to the platform's data, the trading volume on INJ has increased by more than 470% since last Wednesday, exceeding $41 million currently traded.
Source: CoinMarketCap
One of the main drivers of INJ’s price on the market seems to be the launch of “Project X”, scheduled for today, September 26.
On Twitter, Injective Protocol developers reported that “Project X” will revolutionize finance built on this interoperable smart contract platform, based on a Cosmos network parachain and compatible with Ethereum, optimized to popularize the new generation of DeFi applications.
He too Injective Protocol rebrands to “Helix” The new feature announced earlier this month appears to be boosting INJ’s price. Through Helix, the DeFi protocol is integrating a wide range of advanced trading upgrades and improvements to offer users ultra-fast, zero-gas-fee transactions that are more accessible and secure.
Helix seeks to make Injective a gateway to bring cryptocurrency trading to the masses.
Injective Protocol, bringing DeFi to the masses
Injective Protocol has seen significant development in recent months.
In October 2021, Injective launched the Injective Pro derivatives exchange platform and, on top of it, the first perpetual price floor market for the Bored Ape Yatch Club collection NFT tokens, with the BAYC/wETH market quote.
The protocol has also been integrated into the Lead Cosmos wallet to expand the use cases of Injective-based decentralized applications and has been integrated with Interchain Accounts (ICAs), to expand its interoperability and composability with the Cosmos blockchain ecosystem.
Driving the growth of Web3 DeFi
Last August, this decentralized protocol raised $ 40 million dollars in a financing round participated by the largest venture capital firms, Jump Crypto and HB Digital.
Injective Protocol developers reported that the funds will be used to strengthen their Web3 strategy, to accelerate the adoption and growth of the new decentralized finance economy: DeFi Web3. The funds will also help Injective Protocol boost the utility of its native token INJ and create new liquidity avenues for DApps based on its protocol.
What is Injective Protocol?
Injective Protocol is a high-throughput, permissionless, fully decentralized token swap protocol built on the Cosmos network and compatible with the Ethereum network. This protocol is capable of processing up to 10.000 transactions per second via Tendermint and allows users to create any derivatives market of their choice without limitations.
Furthermore, Injective Protocol is governed by the community of users through a DAO (Decentralized Autonomous Organization) and is interoperable with multiple blockchain networks via Injective Bridge.
Continue reading: Zilliqa announces a new video game console with Web3 capabilities
Main image from TechCrunch
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