INJ, a decentralized finance Altcoin, has shown a remarkable surge of 100% over the last weekend. The price jumped from 4.8 dollars to 9.2 dollars straight.
Decentralized exchange injective protocol focuses on providing derivatives margin trading and other services over an extended cross-chain platform. Additionally, the interactive layer one protocol enables the building of cross-chain web 3.0 applications on decentralized finance.
Release of Injective Bridge V2
The release of the protocol makes the cross-chain network compatible with Defi space. It allows smooth interaction between Ethereum and Cosmos. According to Injective, the implementation of the new bridge will back up ERC20 tokens based on Ethereum. Also, it will support Cosmos IBC powered chains like Osmosis, Cosmos, and Terra.
The bridge will also come out as a launchpad for projects based on web 3 over injective. Hence, Defi projects like insurance applications, trading, savings, and lending will be applicable for various cross-chain use cases.
Addition and Support for the newer assets
Some of the fresh assets, including Cosmos (ATOM), are getting added support from the injective protocol as reported by Crypto News Flash. The further injective protocol has shown agreement for listing the Cosmos (ATOM) Perpetual Futures over the injective pro protocol. Aside from this, Injective is also adding spot trading for the project Chihuahua (HUAHUA) based on Cosmos. Besides, an active community is also proposing to add Juno.
Another remarkable point apart from the new asset addition on the injective is that the protocol is also experiencing a surge in staking activities. So, the price jump can also be a result of these practices.
Sudden injective surge exact cause
The expert community believes that the inclusion of new assets is the main reason for enhanced trading volumes over injective protocol. These new changes are providing a potential bridge between Ethereum and Cosmos, supporting the idea of cross-chain development.
We can say that injective protocol is providing everything crypto and blockchain communities were waiting for. Hence it received a quick and positive response.
