Injective Launches Mainnet for inEVM Layer-2

After six months of deploying the inEVM testnet, Injective has officially released the mainnet for this layer-2 solution.

Injective Launches Mainnet for inEVM Layer-2. Image: Blockworks

In an announcement on the evening of March 7th, the Cosmos-based layer-1 blockchain Injective began rolling out the inEVM layer-2 mainnet. The company positions its solution as the first Ethereum Virtual Machine rollup capable of true interoperability with Cosmos and Solana.

As previously reported by Coin68, inEVM is part of Injective's strategy to establish the "Electro Chain" network, expanding the layer-2 ecosystem and scalability to other blockchains.

Currently, inEVM utilizes Celestia's DA layer, Pyth Network's Oracle, and LayerZero's technology, alongside TimeSwap and Thetanauts. This integration enables developers of Ethereum dApps to easily connect and deploy their applications on this layer-2 solution, thus opening new opportunities for Injective.

In September 2023, Injective initiated the inEVM testnet deployment in collaboration with Caldera, a custom rollup solution developer. Initially slated for launch in Q4 of the previous year, Injective decided to proceed with the mainnet launch today.

Also last year, the project raised $40 million from Jump Crypto and introduced a $150 million ecosystem development fund with participation from Pantera, Jump Crypto, Kraken Ventures, Kucoin Ventures, and Delphi Labs.

As of January 2024, Injective has recorded over 438 million on-chain transactions, with over 50 million INJ tokens used in staking, making it one of the world's largest Proof of Stake blockchains at present. Moreover, the entire Injective ecosystem boasts over 350,000 active wallet addresses, processing a total value of $19.4 billion.

Following the news of the inEVM mainnet launch, the price of INJ tokens showed a modest increase, with the token rising nearly 40% over the month.

Chart: 1-hour INJ/USDT pair on Binance at 10:30 AM on March 8, 2024