INJ Price Soars 13% As Injective Unveils ‘inEVM,’ Ethereum And Solana Integration Expected
March 07 2024 - 11:00PM
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In a recent announcement, Layer 2 (L2) protocol Injective (INJ) has
reached a major milestone with the launch of its inEVM Layer 2
rollup solution on the mainnet. This technology introduces an
Ethereum Virtual Machine (EVM) environment to the Injective
ecosystem, opening up new prospects for developers and blockchain
interoperability. By integrating with Ethereum (ETH), Cosmos
(ATOM), and Solana (SOL), inEVM establishes a multi-chain ecosystem
that combines the advantages of different virtual machine
environments. inEVM For Ethereum, Cosmos, And Solana According to
the March 7 announcement, InEVM, which stands for inEVM Layer 2
rollup solution, allows developers to build applications using the
Ethereum programming language Solidity within Injective’s platform.
This technology connects different blockchain networks by achieving
composability across Cosmos and Solana. InEVM leverages Caldera as
the rollup provider, Hyperlane as the messaging layer, LayerZero
for data and asset transfer, Celestia as the Data Availability (DA)
layer, and Pyth as the Oracle provider. These collaborations were
reportedly designed to ensure a “secure and robust” environment for
developers to deploy their projects. Related Reading: Total ETH
Burned Crosses 1.5 Million Ahead Of Ethereum Dencun Upgrade
Furthermore, by incorporating inEVM, Injective will enable Ethereum
developers to onboard onto its platform while retaining
compatibility with the broader blockchain space. As
announced, developers can now take advantage of Injective’s
benefits, including the protocol’s transaction speeds, near-zero
fees, and access to the Inter-Blockchain Communication (IBC)
network. The protocol also claims that InEVM will serve as a
sandbox for developers to become familiar with the broader
Injective ecosystem, providing a bridge between Ethereum’s EVM
world and Injective’s WebAssembly (WASM) backbone. TimeSwap And
Thetanauts Make Waves In Injective Platform Another key feature of
Injective’s inEVM is its stated integration with Caldera,
Hyperlane, LayerZero, Celestia, and Pyth, ensuring compatibility
with existing smart contract standards, infrastructure, and
oracles. This integration aims to facilitate interoperability
and collaboration across virtual machine environments, paving the
way for a “unified blockchain ecosystem.” The release states
that developers will also benefit from the ability to create
synergies and leverage the strengths of Ethereum, Cosmos, and
Solana while maintaining true composability and interoperability.
Related Reading: Dogecoin Accumulation: DOGE Millionaires Have Shot
Up By 76% Lastly, the protocol has announced that several projects
have already adopted inEVM and deployed on the Injective platform.
Notable among them is the TimeSwap lending protocol, which has
raised significant funding of over $200 million from investors,
including Polychain Capital, Delphi Digital, and Bain Capital
Crypto. In addition, Thetanauts, an on-chain options protocol, has
also chosen to build on the inEVM. Currently, Injective’s native
token INJ has seen a notable uptick in price after stagnating and
dropping 3% over the past seven days. Currently, INJ is trading at
$43.20, up over 13% on announcing the launch of Injective’s
inEVM. This marks the continuation of the token’s upward
trend registered over the rest of the time frames. The token
recorded a tremendous surge of over 1240% year-to-date, 37% in the
past 30 days, and 23% in the past fourteen days, which led the
token to reach its current all-time high (ATH) of $46 on March 2nd.
Featured image from Shutterstock, chart from TradingView.com
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