Under-the-Radar Decentralized Finance Altcoin Rallies Over 100% in Less Than a Day As Ecosystem Explodes

Time Stamp: February 13, 2022 3:04 AM
Source Node: 1173149

One overlooked altcoin has put in an incredible move, doubling in less than a day while most of the crypto market corrects.

Injective Protocol (INJ) is a decentralized exchange (DEX) that offers margin trading, derivatives and other services on an extensive cross-chain platform.

The project has optimized connections to the main Ethereum (ETH) chain while being backed by a Cosmos-enabled layer-2 sidechain infrastructure. Injective’s architecture also allows for zero gas fees while also controlling network congestion.

INJ is the exchange’s native utility and governance token, which plays a role in collateralization, security, incentives and fees.

INJ has been on fire this weekend, skyrocketing from around $4.78 on Friday to $10.00 the following day, representing an increase of nearly 110% in just 24 hours.

The token’s parabolic move coincides with several developments, including an announcement from the Injective team that it is working on a new user interface to allow anyone to list a spot market trading pair.

“Working on an instant nINJa listing UI. Basically, it’ll allow anyone to list any spot market of their choice instantly by using $INJ

It’ll be out in a few days max.”

The team also announced it has enabled zero-gas fee leverage trading for Cosmos (ATOM) perpetual futures on its platform.

INJ has cooled off from its price explosion and is currently trading at $6.86.

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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia

The post Under-the-Radar Decentralized Finance Altcoin Rallies Over 100% in Less Than a Day As Ecosystem Explodes appeared first on The Daily Hodl.

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