Last week, Injective Protocol (INJ) posted a remarkable jump with an increase of over 116% from its lowest level, $ 4.64 on Oct. 10 to its daily high, $ 10 on Oct. 11.
This unexpected move seems to have something to do with a recent update:
Injective Bridge V2
Launched in late January.
Involves various updates for the purpose of facilitating cross-chain compatibility with Cosmos (ATOM) and Ethereum (ETH) networks.
This latest connector is capable of supporting any ERC-20 standard token and various Cosmos-based tokens, including: ATOM, Osmosis (OSMO), and Terra (LUNA).
Developers also want to use this link as a launchpad for any recent Web3 projects:
Offers users zero transaction charges per transaction from Ethereum.
Such privileges also include the transfer of funds into networks that enable blockchain communication protocols (IBCs).
Support for new assets
Injective Protocol has introduced the latest assets for decentralized exchanges (DEX), including the first decentralized permanent futures for ATOM.
The addition of these assets also involves spot trading for the Cosmos -based project, Chihuahua (HUAHUA).
The active community was also found to have voted to include the addition of Juno.
Spike in number of locked values (TVL)
The launch of Injective Bridge v2 was followed by a record improvement in TVL.
It is understood TVL on the network reached a level of more than $ 147.3 million from a low of $ 43.96 million (January 23).
TVL refers to the number of assets entered for trading, including tokens at stake in a network.
For Injective, the annual percentage rate (APR) for INJ tokens at stake is 9.15%
However at the time of writing, INJ is down over 16% in 24 hours, trading at $ 5.97. The asset still needs a jump of around 80% to redeem an all -time record high (ATH), $ 25.32 on April 30, 2021.
