Injective Integrates inEVM with Arbitrum's Orbit
Injective's inEVM protocol integrates with Arbitrum's Orbit toolkit, sparking speculation that the project is gearing up for its own Layer-3 development.
Injective Integrates inEVM with Arbitrum's Orbit. Photo: Arbitrum
Injective has announced the integration of its inEVM protocol with Arbitrum's Orbit toolkit. Community commentary suggests that Injective aims to elevate its current layer-2 inEVM to a layer-3 status.
Leveraging Arbitrum's Orbit infrastructure, inEVM will enhance connectivity between Cosmos and Ethereum. This move enables Ethereum developers to capitalize on Injective's optimized speed and low transaction fees. Furthermore, inEVM will reduce the circulating supply of INJ tokens through its weekly protocol fee burn mechanism, potentially driving up the price of INJ.
inEVM is unveiling its integration with @arbitrum today!
— Injective 🥷 (@injective) May 8, 2024
By customizing Arbitrum’s unique Orbit stack, inEVM unlocks new frontiers for developers everywhere, empowering them with lightning fast speeds and robust interoperability.
Details 👇https://t.co/NTnWHrFfQx
Additionally, the project is currently deliberating on a tokenomics upgrade proposal aimed at reducing INJ inflation, coupled with plans to adjust on-chain parameters for minting new tokens.
Fundamentally, Injective's latest integration is straightforward. The project seeks to inject fresh momentum into its ecosystem and "revitalize" its foundational token. At its peak in March 2023, INJ reached a market capitalization of $4 billion. However, INJ has been losing momentum, having dropped nearly 30% since the beginning of 2024.
1D chart of the INJ/USDT pair on Binance at 11:50 PM on 08/05/2024
Two months ago, Injective officially launched its mainnet for the inEVM layer-2. Injective noted that inEVM utilizes Celestia's DA layer, Pyth Network's Oracle, and technologies from LayerZero, TimeSwap, Thetanauts, among others. This solution facilitates Ethereum dApp developers in easily connecting and deploying their applications on this layer-2, thus unlocking new opportunities for Injective.
Last year, the project raised $40 million from Jump Crypto and introduced a $150 million ecosystem development incentive fund, with participation from Pantera, Jump Crypto, Kraken Ventures, Kucoin Ventures, and Delphi Labs.
