Injective, an interoperable layer-one protocol designed to facilitate the creation of cross-chain Web3 DeFi applications has been gaining traction with the recent release of the Injective Bridge v2. It included a range of upgrades designed to accommodate Cosmos (ATOM) and Ethereum (ETH).
The new bridge serves as a core launchpad for new cross-chain Web3 projects that want to be deployed on Injective. Injective Bridge v2 is capable of supporting any ERC-20 token and multiple Cosmos-based tokens, including ATOM, Osmosis (OSMO), and Terra (LUNA).
The platform is working towards becoming a launchpad of sorts for new Web3 projects that want to allow users to transfer assets through the Ethereum network for zero fees. The zero bridge fees also apply when transferring funds into the inter-blockchain communication protocol (IBC)-enabled chains.
The spike in INJ is also attributed to the addition of new assets to the DEX. Moreover, Injective has added spot trading for the Cosmos-based Chihuahua (HUAHUA). Plus, there is an active community vote to add Juno. The new assets helped increase the trading volume on the protocol over the past few days. INJ had been at an all-time low on February 2. As such, the INJ community is jubilant to see gains in trading volume on the protocol.
Furthermore, the new bridge has helped unlock the total value on the platform. The total value on Injective, as of February 11, is $147.35 million. This is an increase of more than $100 million from its low of $43.96 million on January 23.