INJ token rallies 100% after launching a cross-chain support for Cosmos and the launch of DEX-based perpetual futures for ATOM so let’s read further in today’s latest cryptocurrency news.
Trading perpetual futures contracts in decentralized apps is a growing sector in the crypto community especially as discussions of regulations, taxation, and KYC policies at centralized exchanges continue to take place. One DEX platform that started to gain traction is Injective Protocol or INJ as an interoperable layer one protocol designed to facilitate the creation of cross-chain Web3 DEFI applications. The data from Tradignview shows that after hitting a low of $3.91 the price of INJ rallied 157% to a daily high of $10.09 and it also increased by 1,756% in the 24-hour tradign volume to $306 million.
The new Injective Bridge is here!
Injective Bridge V2 brings a vastly superior user experience for all @ethereum and @cosmos users.
The bridge will serve as a core launchpad for new cross-chain Web3 projects looking to deploy on Injective
— Injective
(@InjectiveLabs) January 28, 2022
Three reasons for the increase in INJ demand include the addition of support for new assets in spot markets, the release of the Injective Bridge v2, and climbing a total value locked on the protocol as a result of the staking of new assets. The most recent development which helped kick off the price growth of the INJ token was the release of the Injective Bridge v2 at the end of January which included plenty of upgrades designed to help facilitate cross-chain compatibility with ATOM but also ETH.
According to Injective, the new bridge will support any ERC-20 token and multiple Cosmos-based tokens like Osmosis, Terra, and ATOM. Over time, Injective aims to have the bridge become the main launchpad of sorts for the Web3 projects which it wants to allow users to transfer assets from the ETH network for zero fees. There are zero bridge fees when transferring the funds into the inter-blockchain communication protocol-enabled chains. The second development helping to bring more momentum to Injective has been the addition of new assets to the DEX including the decentralized perpetual futures for ATOM.
Along with the perpetual futures contract for ATOM, Injective added spot trading for the Cosmos-based project Chihuahua that has an active community vote to add Juno. The addition of the new assets helped lead to an increase of trading volume on the protocol in the past few days after reaching a low level for the past few months. Now, the INJ Token surged and it is worth noting that the current volume is a small fraction of teh volume seen on the perpetual futures protocol dYdX with a daily volume of $3.2 billion.
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