Injective Protocol Nears Completion of inEVM, Boosting Ethereum Integration
The Injective Protocol, a decentralized exchange (DEX) platform specializing in derivatives, has made a major announcement that its Injective Ethereum Virtual Machine (inEVM) is now nearing completion, with progress reaching an impressive 98%. The inEVM is poised to play a pivotal role in bridging the gap between the highly scalable and cost-effective Injective Protocol and Ethereum, ultimately empowering traders to execute swaps with significantly reduced fees.
This development holds particular significance, as the Injective Protocol sets its sights on challenging major centralized exchanges such as Bybit and Binance. As the inEVM is launched, an influx of users is anticipated, leading to an upsurge in transactions on the platform, solidifying its position in the market.
Described as an innovative Ethereum rollup, the inEVM has been expertly designed to facilitate the seamless scaling of multi-VM development. Despite Ethereum’s well-documented scaling challenges and relatively high trading fees, it remains a popular choice among developers, particularly during bullish market conditions. By integrating with Ethereum, developers will be able to effortlessly deploy their solutions on the Injective Protocol. This merger effectively harnesses the exceptional performance capabilities of Injective while utilizing the extensive array of developer tools available on Ethereum. Multiple virtual machines will be enabled, enabling faster transaction processing and accommodating a larger user base. Margin trading and perpetual swaps are just a few of the features supported by this decentralized platform, which showcased its strength by processing around half a billion on-chain transactions as of early March 2024.
Over the last few months, INJ, the native currency of the Injective Protocol, has experienced remarkable growth. Following in the footsteps of Solana (SOL) and other meme coins, INJ skyrocketed from approximately $8 to a staggering peak of $45 in late December. This surge propelled the coin to secure a position among the top 50 by market capitalization. Presently, INJ is trading at around $40, exhibiting a noteworthy 10% increase within a 24-hour period, according to Coingecko data.
With the nearing completion of the inEVM and the forthcoming integration with Ethereum, Injective Protocol displays strong potential for cementing its position as a leading player in the DEX market. Traders stand to benefit immensely from the reduced fees and heightened efficiency facilitated by this groundbreaking integration.
Analyst comment
Positive news.
As the Injective Protocol completes its inEVM and integrates with Ethereum, it is expected to attract more users and increase transaction volume. This development positions the protocol as a strong competitor to major centralized exchanges, leading to a surge in market presence. The native currency, INJ, has already experienced significant growth, and with reduced fees and improved efficiency, the protocol has the potential to become a leading player in the DEX market.
