Injective is generating interest from investors as the platform continues to work on on-chain development. These up-to-date integrations and information are electrifying investors, hitting the token price increased by over 21%. It is expected that continuous positive changes will continue to drive INJ on an upward path.
Given the conditions and positive development of Injective, its investors and traders have chosen INJ as the leading cryptocurrency for its native token, offering values to users and traders.
The “Fastest Layer 1 Blockchain” Reduces Block Time to Just 0.65 Seconds
Injective recently published a thread detailing the platform’s latest achievement: reducing the finalization time to just 0.65 seconds. The platform’s finalization time has been compared to other Layer 1 blockchains like Near, BNB, and Ethereum. According to threadnetwork dead times are caused by ““Carefully designed optimizations focused on several key areas, from optimized state synchronization and data handling to improved resource management.”
1/5 Injective continues to push the boundaries of blockchain scalability, with recent improvements providing the highest possible speeds.
Injection lock times have now been reduced to just 0.65 seconds, making it one of the fastest Layer 1 blockchains ever created ⚡️ photo: twitter.com/lFN3W1w2Ve
— Injectable 🥷 (@injective) August 21, 2024
This helps improve the user experience on the chain while providing developers with a solid platform to build on. Another aspect that Injective has looking towards is the institutional aspect of crypto. The extremely low block times will assist attract classic financial institutions to the platform with speeds that rival the top crypto networks.
Injective integrates with Balance, extending network services
This week, Injective also announced the integration of Balance, a cross-chain decentralized finance (DeFI) platform, onto the Injective mainnet. The integration opens up up-to-date opportunities for investors and traders as it introduces up-to-date assets such as bnUSD, Balance’s native stablecoin.
The partnership also enables collateralized loans on the platform. This allows users to exploit any asset as collateral, giving them up to two-thirds of the collateral value as a loan. With a low fixed interest rate of 2%, users of the platform can enjoy adaptable loan terms with brisk lock-in deadlines with Injective.
INJ faces rejection at this level, but with a possible bounce
At the time of going to press, the token’s momentum, while still significantly bullish, is meeting a rejection at $0.39, which traps the token in a tight range of $0.36–$0.39. This range could put pressure on bulls to lose momentum in the tiny term.
At this stage, the token’s correlation with Bitcoin and its recent performance have squeezed the last vestiges of optimism out of INJ, potentially opening the door to a downward trajectory in the coming days.
With the Relative Strength Indicator signaling that the bulls are almost or already exhausted, investors and traders should expect bears to attempt to break through the $0.36 level before settling within the token’s current trading range. If the bulls fail to defend this trading range, the Injective price level could soon revisit the $0.32 level.
Featured image from Snopes, chart from TradingView
