Injective Protocol’s inEVM Nears Completion, Bridging Ethereum and Low-Fee Derivatives Trading
The Injective Protocol, a decentralized exchange (DEX) platform focused on derivatives, has announced that the development of its Injective Ethereum Virtual Machine (inEVM) is now 98% complete. This groundbreaking Ethereum rollup is designed to facilitate hyperscaling multi-VM development.
Connecting Injective Protocol with Ethereum
Ethereum has faced challenges with scalability and high trading fees, but it remains a popular choice among developers, especially during bull markets. The inEVM will bridge the gap between the low-fee and highly scalable Injective Protocol and Ethereum, allowing traders to swap at a fraction of the cost. On the Injective Protocol main page, the average transaction cost is less than $0.01.
The connection with Ethereum also enables developers to deploy their solutions on the Injective Protocol platform. By merging the high performance of Injective with the depth of developer tools present in Ethereum, inEVM offers a powerful solution for decentralized derivatives trading.
Enhancing Performance with Multiple Virtual Machines
The inEVM enables multiple virtual machines, which allows for faster transaction processing and increased user capacity. This enhancement is crucial as Injective Protocol aims to compete with centralized exchanges like Bybit and Binance. The platform supports margin trading and perpetual swaps, among other features.
With the launch of inEVM, the number of users on the Injective Protocol platform is expected to surge, leading to an increase in transactions. As of early March 2024, Injective reported processing approximately half a billion on-chain transactions.
Injective Protocol Token Rallied Over 500% in 2023
In recent months, INJ, the native currency of the Injective Protocol, has experienced significant growth. Alongside Solana (SOL) and other meme coins, INJ rose from around $8 to reach a peak of $45 in late December. This price surge propelled the coin to the top 50 by market cap. Currently, INJ is trading at around $40, with a 10% increase in the last 24 hours, according to Coingecko data.
Hot Take: A Game-Changer for Decentralized Derivatives Trading
The nearing completion of the inEVM by Injective Protocol is a significant development that brings together the best of both worlds – the low-fee and scalable nature of Injective Protocol and the robust developer tools of Ethereum. This integration opens up new possibilities for decentralized derivatives trading and is expected to attract more users to the platform.
With faster transaction processing and increased user capacity, Injective Protocol aims to challenge centralized exchanges and provide traders with a cost-effective alternative. The rally in the price of INJ further indicates growing investor confidence in the project.
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