Injective Protocol’s inEVM Development Approaches Finalization, Connecting Ethereum with Low-Cost Derivatives Trading

The Injective Protocol, a decentralized exchange (DEX) platform concentrating on derivatives, has informed the wider community that the development of its Injective Ethereum Virtual Machine, referred to as inEVM, is now 98% finalized.

Injective inEVM loading

A revolutionary Ethereum rollup for hyperscaling multi-VM development is almost here.

▓▓▓▓▓▓▓▓▓▓▓▓▓▓░░ 98%

— Injective (@injective) March 4, 2024

In a message on X, the derivatives trading platform characterizes inEVM as a “revolutionary Ethereum rollup intended to enable hyperscaling multi-VM development.”

Despite the scaling issues and relatively elevated trading fees associated with Ethereum, it remains a favored option among developers, particularly during bullish market conditions.

The inEVM will bridge the divide, connecting the low-cost and highly scalable Injective Protocol to Ethereum, allowing traders to exchange assets at a minimal expense. According to the platform’s main page, the average transaction fee is below $0.01.

Furthermore, integration with Ethereum will enable developers to launch their applications on the Injective Protocol. The inEVM combines the high efficiency of Injective with the extensive developer tools available on Ethereum.

By supporting multiple virtual machines, inEVM can expedite transaction processing and accommodate a larger user base. This improvement is crucial as Injective Protocol seeks to compete with centralized exchanges such as Bybit and Binance. The decentralized platform offers various features, including margin trading and perpetual swaps.

With the rollout of inEVM, an increase in the number of Injective Protocol users is anticipated, leading to a rise in transactions. As of early March 2024, Injective reported handling approximately half a billion on-chain transactions.

Nearing half a billion on-chain transactions https://t.co/ObrfGbMVuP

— Injective (@injective) March 3, 2024

Injective Protocol Token Increased Over 500% in 2023

In recent months, INJ, the native token of the protocol, has emerged as one of the leading performers. Following the trends of Solana (SOL) and several meme coins, INJ surged from approximately $8 to reach a peak of $45 in late December.

This price surge propelled the token into the top 50 by market capitalization. Currently, INJ is trading at around $40, reflecting a 10% increase in the past 24 hours, according to Coingecko data.

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