One unique altcoin has put up quite an amazing movement overnight. It doubled its value within one day. The crypto marketplace is recovering, while this particular altcoin is doing extremely well.
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.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
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