The Injective crypto project has just launched inEVM on the mainnet, a layer-2 rollup built on the Ethereum Virtual Machine capable of achieving composability with the Solana and Cosmos blockchains.
After finishing the testnet phase with Caldera which began in September last year, Injective is now ready to expand the interoperability of the entire web3 landscape.
In the meantime, the INJ crypto is performing well on the market.
All the details below.
Ethereum blockchain: Injective lancia un layer-2 interoperabile con Solana e Cosmos
Injective’s blockchain platform has just launched layer-2 InEVMwhich allows developers to achieve unprecedented compatibility between the world of Ethereum, Solana and Cosmos.
Technically inEVM is a rollup scalability solution developed on top of the Ethereum Virtual Machine, capable of offering low-cost transactions and native interoperability between WASM and EVM environments.
It is precisely the interoperability component between multiple programming languages that elects Injective as the first L1 chain capable of offering developers a highly interconnected environment for the development of financial applications without the need for code alterations
It should also be noted that important messaging levels such as Hyperlane and LayerZero have been integrated within InEVM, allowing a continuous flow of data and resources.
For this type of latest generation layer-2, Celestia acts as DA (data availability) while the reference decentralized oracle is Pyth.
Injective’s launch of inEVM comes after the project successfully passed the Caldera testnet phase started in September 2023, with which it experimented and tested the correct functioning of the network.
Now thanks to the launch of the mainnet for this layer-2, the development team behind the network can follow up on its originally set goal of creating a network of “Electro Chains” capable of expanding its ecosystem and improving the interoperability of blockchain.
This means allowing you to natively run apps created on Ethereum also on networks such as Cosmos and Solanaunlocking the real potential of the web3 world.
In a statement prior to the launch of the rollup Eric Chen, CEO and co-founder of I njective Labs reported that:
“inEVM is a revolutionary solution that creates the first truly composable layer to scale on-chain finance to the global scale of traditional finance (TradFi). We are “laying the foundation for greater collaboration in the blockchain community.”
It should be underlined that this milestone for Injective arrived late according to the previously established roadmap, in which a launch was expected in the third quarter of last year.
The choice to delay the mainnet date is justified by the developer team’s desire to start the ecosystem with a myriad of dapps already available to the end user.
In this regard, among the most successful applications present on inEVM we find the TimeSwap lending protocol and the Thetanauts on-chain options protocol, which together have raised over 200 million dollars in capital to date from private investors such as Polychain Capital, Delphi Digital, Bain Capital Crypto and many others.
Price analysis of the INJ crypto
INJ, Injective’s native token, is one of the coins that has recorded the most explosive performances on a graphic level among the group of those operating on the Ethereum, Solana and Cosmos blockchains.
To tell the truth, since the beginning of the year the crypto has underperformed the trend of Bitcoin, posting “only” a +20% on the crypto exchanges. At the same time, however, INJ was coming off a totally crazy bull run in which he had scored a +470% from October 2023 and +3500% from January 2023.
After rising throughout 2023, prices have slowed down the very excited trend, waiting to continue the upward climb with another leg up.
INJ currently has a value per token of $43.15, very close to the all-time high of $46.5 reached last week.
The short-term situation with the bulls not allowing the bears to get anywhere near the 50 EMA on the weekly basis makes us think that another bullish breakout could arrive soon capable of pushing the crypto to other levels.
However, it should be noted that a downward break could cause the prices to collapse significantly as the graphic structure is very extensive.
Between the December prices and the current ones we also notice a bearish divergence on the RSI indicator, which indicates tiredness of the upward push.
At this juncture, how the general market outlook will evolve will be decisive, with BTC ready to record new all-time highs and ETH following with enthusiasm.
For Ethereum, it is also worth mentioning the imminent advent of the Dencun update, which will improve the scalable aspect of the layer-2 present on its blockchain.
If Injective’s inEVM can keep up with the wide range of second-level rollups developed on Ethereum, such as Starknet, Linea, ZkSync, Scoll, Blast and many others, managing to compete from the point of view of scalability and app development , it is likely that the INJ token will be able to appreciate even more in the coming months.
In particular, if composability with the Solana and Cosmos environments will bring advantages to the web3 sector and allow the creation of successful applications, the Injective token will certainly have a very bright future.
Source: https://cryptonomist.ch/2024/03/08/inevm-layer2-blockchain-ethereum-solana-cosmos/
