The cryptographic project Injective has just launched on mainnet inEVM, a layer-2 rollup built on the Ethereum Virtual Machine capable of achieving composability with the Solana and Cosmos blockchains.
After completing the testnet phase with Caldera that started in September of last year, Injective is now ready to expand the interoperability of the entire web3 landscape.
The crypto INJ is performing well on the market in the meantime.
All the details below.
Summary
Ethereum blockchain: Injective launches an interoperable layer-2 with Solana and Cosmos
Injective’s blockchain platform has just launched the InEVM layer-2, which allows developers to achieve unprecedented compatibility between the Ethereum, Solana, and Cosmos worlds.
Technically, inEVM is a rollup scalability solution developed on top of the Ethereum Virtual Machine, capable of offering low-cost transactions and native interoperability between WASM and EVM environments.
It is precisely the interoperability component between multiple programming languages that elects Injective as the first L1 chain capable of offering developers a highly interconnected environment for the development of financial applications without the need for code alterations
It is worth noting how important messaging levels such as Hyperlane and LayerZero have been integrated within InEVM, allowing for a continuous flow of data and resources.
For this type of next-generation layer-2, Celestia acts as DA (data availability) while the decentralized oracle of reference is Pyth.
The launch of inEVM by Injective comes after the project successfully passed the Caldera testnet phase initiated in September 2023, during which it experimented and tested the proper functioning of the network.
Now, thanks to the launch of the mainnet for this layer-2, the development team behind the network can pursue its originally set goal of creating a network of “Electro Chains” capable of expanding its ecosystem and improving blockchain interoperability.
This means allowing native dApps built on Ethereum to also run on networks like Cosmos and Solana, unlocking the true potential of the web3 world.
In a statement before the launch of the rollup, Eric Chen, CEO and co-founder of Injective Labs, reported that:
“inEVM is a revolutionary solution that creates the first truly composable layer to scale on-chain finance globally in traditional finance (TradFi). We are laying the groundwork for greater collaboration in the blockchain community.”
It is worth noting that this milestone for Injective has arrived late according to the previously established roadmap, which had planned for a launch in the third quarter of last year.
The decision to delay the mainnet date is justified by the development team’s desire to launch the ecosystem with a myriad of dapps already available for the end user.
In this regard, among the most successful applications on inEVM we find the lending protocol TimeSwap and the on-chain options protocol Thetanauts, which together have raised over $200 million from private investors such as Polychain Capital, Delphi Digital, Bain Capital Crypto, and many others.
Analysis of the price of the crypto INJ
INJ, the native token of Injective, is one of the coins that has experienced explosive performance in terms of price charts among those operating on the Ethereum, Solana, and Cosmos blockchains.
Actually, since the beginning of the year, the crypto has underperformed the performance of Bitcoin, achieving “only” a +20% in the cryptographic exchanges. At the same time, however, INJ came from a completely crazy bull run in which it had marked a +470% since October 2023 and a +3500% since January 2023.
After rising throughout 2023, prices have slowed down the frenetic trend, waiting to continue the climb upwards with another leg up.
At the moment INJ has a token value of 43.15 dollars, very close to the historical high of 46.5 dollars reached last week.
The short-term situation with bulls not allowing bears to get close to the weekly EMA 50, makes us think that another bullish breakout could arrive soon capable of pushing the crypto to new levels.
It should be noted, however, that a downward break could cause prices to collapse significantly as the graphic structure is very extensive.
Between the prices of December and the current ones, we also notice a bearish divergence on the RSI indicator, which signals exhaustion of the upward momentum.
At this juncture, it will be crucial how the overall market outlook evolves, with BTC ready to set new all-time highs and ETH following enthusiastically.
For Ethereum, it is also worth mentioning the imminent arrival of the Dencun update, which will improve the scalability of the layer-2 solutions on its blockchain.
If inEVM by Injective manages to keep up with the wide range of second layer rollups developed on Ethereum, such as Starknet, Linea, ZkSync, Scoll, Blast and many others, being able to compete in terms of scalability and dapp development, it is likely that the INJ token will appreciate even more in the coming months.
In particular, if the compatibility with Solana and Cosmos environments will bring advantages to the web3 sector and allow the creation of successful applications, the Injective token will definitely have a very bright future.
