INJ Price Skyrockets 13% Following Injective’s inEVM Launch and Ethereum Integration
Injective (INJ), the Layer 2 protocol, made a significant announcement recently that sent its token price soaring by 13%. The protocol unveiled its inEVM Layer 2 rollup solution on the mainnet, introducing an Ethereum Virtual Machine (EVM) environment to the Injective ecosystem. This integration opens up new opportunities for developers and enhances blockchain interoperability.
The inEVM solution integrates with Ethereum (ETH), Cosmos (ATOM), and Solana (SOL), creating a multi-chain ecosystem that combines the strengths of various virtual machine environments.
According to the announcement, inEVM enables developers to build applications using the Solidity programming language within the Injective platform. The technology facilitates composability across Cosmos and Solana by leveraging 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 ensure a secure and robust environment for developers to deploy their projects.
By incorporating inEVM, Injective allows Ethereum developers to onboard onto its platform while maintaining compatibility with the broader blockchain space. Developers can now enjoy Injective’s transaction speeds, near-zero fees, and access to the Inter-Blockchain Communication (IBC) network.
Furthermore, inEVM serves as a sandbox for developers to familiarize themselves with the broader Injective ecosystem and acts as a bridge between Ethereum’s EVM world and Injective’s WebAssembly (WASM) backbone.
Notably, several projects have already adopted inEVM and deployed on the Injective platform. TimeSwap, a lending protocol, has raised over $200 million in funding from investors like Polychain Capital, Delphi Digital, and Bain Capital Crypto. In addition, Thetanauts, an on-chain options protocol, has also chosen to build on inEVM.
The launch of Injective’s inEVM solution has had a positive impact on the price of their native token, INJ. After a brief stagnation and a 3% drop over the past seven days, the token has seen a significant uptick, currently trading at $43.20, up over 13%. This continuous upward trend has led the token to reach its all-time high of $46 on March 2nd.