Is Injective Protocol (INJ) soaring on mainnet launch news?

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Is Injective Protocol (INJ) soaring on mainnet launch news?

 Is Injective Protocol (INJ) soaring on mainnet launch news?
Image source: © Kviztln | Megapixl.com

Highlights:

  • The Injective Protocol announced that its mainnet upgrade went live on July 5.
  • The INJ token trades on exchanges like Bilaxy, Huobi Global, etc.
  • It returned over 9% gains in the last seven days.

The Injective Protocol (INJ) crypto gained significant traction after the smart contracts went live on the platform following its mainnet upgrade. Its price was up more than 2% in the last 24 hours. However, its one-day volume declined by over 52% in the same period.

What is Injective Protocol (INJ) crypto?

Injective Protocol offers limitless access to decentralized finance markets. The users could build any financial market on the Injective's decentralized exchange protocol. It claims its exchange protocol is fully decentralized, secured, fast, cross-chain, and has zero-gas fees.

The platform is custom-built for supporting Ethereum-compatible decentralized finance (DeFi) apps that reach instant finality, with 2-second block times and a speed of 10,000 transactions per second (TPS). Injective's trading infrastructure is backed by a central limit order book, with a user-friendly interface and decentralized exchange features.

Its unique decentralized protocol supports cross-chain trading of cryptos, futures, and other assets across different blockchains like Ethereum, BSC, etc.

INJ is the native token of the platform used in governance, exchange value capture, liquidity mining, and staking. It traded on crypto exchanges like Bilaxy, Huobi Global, Uniswap, etc.

Meanwhile, Injective announced that its Injective CosmWasm Smart Contract Layer or Mainnet upgrade went live on July 5. After the upgrade, features like self-executing smart contracts, binary options, interchain accounts, etc., were introduced on the platform.

Injective said that its upgrade proposal was approved by over 99.50% of its community members. The CosmWasm Mainnet Upgrade or Injective Canonical 1006-rc1 has added various improvements for project developers.

Injective Protocol (INJ) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The INJ crypto was priced at US$1.29 at 8:17 am ET on July 7, up 2.23%, while its trading volume for the trailing 24 hours fell 52.57% to US$10.17 million. It has a market cap of US$83.99 million, and its fully-diluted market cap is US$129.20 million.

The token has a maximum and total supply of 100 million, and its current circulating supply is more than 65.00 million. It returned gains of 9.19% in the last seven days.

The INJ token saw the highest price of US$2.32 and the lowest price of US$1.14 in the last 30 days.

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