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.
It's here Cosmonauts: The first ever decentralized $ATOM Perpetual Futures are on Injective Pro!
Trade @cosmos perpetuals with leverage & zero gas fees. Injective Pro brings the best CEX features to the first fully decentralized derivatives exchange
https://t.co/U8Q09NdMkb — Injective
(@InjectiveLabs) February 9, 2022
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.