Injective Protocol (INJ) rallies 100%+ after launching cross-chain support for Cosmos
Trading perpetual futures contracts in decentralized apps is a crypto sub-sector ripe for growth, especially as discussions of regulation, taxation and mandatory KYC at centralized exchanges continue to take place.
One DEX platform that has begun to gain traction is Injective (INJ), an interoperable layer-one protocol designed to facilitate the creation of cross-chain Web3 decentralized finance (DeFi) applications.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.91 on Feb. 3, the price of INJ has rallied 157.8% to a daily high of $10.08 on Feb. 11 amidst a 1,756% spike in its 24-hour trading volume to $306 million.
Three reasons for the spike in demand for INJ include the addition of support for new assets in spot and perpetual markets, the release of Injective Bridge v2 and a climbing total value locked on the protocol as a result of staking and the addition of new assets.
The most recent development that helped kick off the price growth for INJ was the release of the Injective Bridge v2 at the end of January, which included a variety of upgrades designed to help facilitate cross-chain compatibility with Cosmos (ATOM) and Ethereum (ETH).
The new Injective Bridge is here!Injective Bridge V2 brings a vastly superior user experience for all @ethereum and @cosmos users.The bridge will serve as a core launchpad for new cross-chain Web3 projects looking to deploy on Injective https://t.co/tzN9czynjS
According to Injective, the new bridge is capable of supporting any ERC-20 token and multiple Cosmos-based tokens including ATOM, Osmosis (OSMO) and Terra (LUNA).
Over time, Injective looks to have the bridge become a launchpad of sorts for new Web3 projects that want to allow users to
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