Injective (INJ) Skyrockets 21% As Proponents Weigh In On New Developments
August 24 2024 - 3:30PM
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Injective piques investors’ interest as on-chain developments
continue on the platform. These new integrations and information
excite investors, bumping the token’s price by over 21%. The
continuous positive developments are expected to further steer the
INJ on the bullish path. Related Reading: Stacks: New Developments
Push STX Price 18% Higher – Details Given the conditions and
positive developments of Injective, its investors and traders have
chosen the status of INJ as a prime crypto for its native token,
providing values to users and traders. ‘Fastest Layer 1 Blockchain’
Slashed Blocktimes To Just 0.65 Seconds Injective recently posted a
thread detailing the platform’s most recent achievement: slashing
finality times to just 0.65 seconds. The platform’s finality times
were compared to other layer 1 blockchains like Near, BNB, and
Ethereum. According to the thread, the network’s finality times are
caused by “carefully engineered optimizations focused on several
key areas from optimized state synchronization and data handling to
enhanced resource management.” 1/5 Injective continues to push the
boundaries of blockchain scalability, with recent upgrades
delivering the fastest speeds imaginable. Injective block times
have now been slashed to just 0.65 seconds, making it one of the
fastest layer 1 blockchains ever created ⚡️
pic.twitter.com/lFN3W1w2Ve — Injective 🥷 (@injective) August 21,
2024 This helps improve user experience on-chain while providing
developers with a robust platform to build on. Another aspect that
Injective is looking towards is the institutional aspect of crypto.
The extremely low block times will help attract traditional
financial institutions to the platform with speeds rivaling that of
the top crypto networks. Injective Integrates With Balance,
Expanding Network Services This week, Injective also announced the
integration of Balance, a cross-chain decentralized finance
platform (DeFI), on the Injective mainnet. The integration opens
new opportunities for investors and traders as it introduces new
assets like bnUSD, Balance’s native stablecoin. The
partnership also enables overcollateralized loans on the platform.
This enables users to use any asset as collateral, giving them up
to two-thirds of the collateral’s value as a loan. With a low 2%
fixed interest, users on the platform can flexible loan terms with
fast block time finality with Injective. INJ Faces Rejection
On This Level, But With A Possible Rebound As of press time, the
token’s momentum, although still significantly bullish, is facing
rejection on the $0.39 ceiling, trapping the token in the narrow
$0.36-$0.39 range. This range might pressure the bulls to lose
momentum in the short term. Related Reading: Floki Has ‘More
Room To Climb,’ Targets 96% Rally – Analyst At this point, the
token’s correlation with Bitcoin and its most recent developments
has squeezed the last bit of bullishness out of INJ, possibly
opening the doors to a downward trajectory in the coming
days. With the relative strength index signaling that the
bulls are nearly or already exhausted, investors and traders should
expect the bears to attempt a breakthrough on the $0.36 floor
before stabilizing on the token’s current trading range. If the
bulls are unsuccessful in defending this trading range, the price
floor of Injective might move back to $0.32 soon. Featured
image from Snopes, chart from TradingView
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