Trading perpetual futures contracts in decentralized apps is a crypto sub-sector ripe for growth, especially as discussions of regulation, taxation and mandatory KYC at centralized exchanges continue to take place.

One DEX platform that has begun to gain traction is Injective (INJ), an interoperable layer-one protocol designed to facilitate the creation of cross-chain Web3 decentralized finance (DeFi) applications.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.91 on Feb. 3, the price of INJ has rallied 157.8% to a daily high of $10.08 on Feb. 11 amidst a 1,756% spike in its 24-hour trading volume to $306 million.

INJ/USDT 1-day chart. Source: TradingView

Three reasons for the spike in demand for INJ include the addition of support for new assets in spot and perpetual markets, the release of Injective Bridge v2 and a climbing total value locked on the protocol as a result of staking and the addition of new assets.

Injective Bridge v2

The most recent development that helped kick off the price growth for INJ was the release of the Injective Bridge v2 at the end of January, which included a variety of upgrades designed to help facilitate cross-chain compatibility with Cosmos (ATOM) and Ethereum (ETH).

According to Injective, the…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.