- Injective has been one of the most popular players in the blockchain industry.
- INJ, its native token, has surged by over 1,300% since January.
- Helix and Ninja Blaze have become popular players in the ecosystem.
Injective (INJ) has been one of the best-performing cryptocurrencies in the market this year. It jumped to an all-time high of $18 on Tuesday morning, which was much higher than its January low of $1.2. This means that it has surged by over 1,300% from the lowest point in January.
Injective is a blockchain network that is built specifically with the financial services industry in mind. It is backed by the likes of Binance, Pantera Capital, and Mark Cuban, the owner of Dallas Mavericks.
Injective aims to be a better network than popular blockchains like Ethereum, Solana, Cardano, and Polkadot. It does that by being solely focused on the financial services areas like betting, lending, and trading.
It has extremely low transaction costs, with the average transaction cost of less than $0.01. The average block time stands at 0.8 seconds. As a result, the network has helped to handle over 319 million transactions while the number of blocks produced has soared to more than 50 million.
There are several apps in Injective’s ecosystem. Helix, the biggest of them all is a decentralized finance orderbook exchange that makes it possible for people to trade cryptocurrencies and derivatives.
It has grown so fast that its weekly trading volume has jumped to over $279 million. Last week, the developers unveiled the largest upgrade in its ecosystem by unveiling LP Rewards. Traders in the ecosystem can earn money as they trade. Another big news was the collaboration with KAVA to launch new markets like $KAVA and Kava $USDT.
The other big players in the Injective ecosystem are Mito, Black Panther, and Talis. Mito is in the automated trading and yield farming industries while Black Panther is an asset management platform.
Therefore, Injective’s INJ token price has rallied because of the continuing growth of its ecosystem. For example, Ninja Blaze, a new game dApp in its ecosystem has gained popularity as the number of unique users jumped to over 10,000 in its testnet. They have also placed 170k tokens in positions.
It also jumped because of its association with Mark Cuban, a well-known billionaire. Also, hype has played a role as investors bought the ongoing unstoppable rally.
