In a recent announcement, the Layer 2 (L2) protocol Injective (INJ) has reached a major milestone with the launch of its inEVM Collapse layer 2 solution on the main network. This technology introduces an Ethereum Virtual Machine (EVM) environment to the Injective ecosystem, opening new perspectives for developers and blockchain interoperability.
By integrating with Ethereum (ETH), Cosmos (ATOM) and Solana (SOL), inEVM creates a multi-chain ecosystem that combines the benefits of different virtual machine environments.
inEVM for Ethereum, Cosmos and Solana
According to the March 7 announcementInEVM, which stands for inEVM Layer 2 rollup solution, allows developers to build applications using the Ethereum programming language Solidity within Injective’s platform.
This technology connects different blockchain networks by achieving composability in Cosmos and Solana. InEVM uses Caldera as the rollup provider, Hyperlane as the messaging layer, LayerZero for data and asset transfer, Celestia as the Data Availability (DA) layer, and Pyth as the Oracle provider.
These collaborations are reportedly designed to ensure a “secure and robust” environment for developers to deploy their projects.
Furthermore, by incorporating intoEVM, Injective will enable Ethereum developers to onboard its platform while maintaining compatibility with the broader blockchain space.
As announced, developers can now take advantage of the benefits of Injective, including the protocol’s transaction speeds, near-zero fees, and access to the Inter-Blockchain Communication (IBC) network.
The protocol also claims that InEVM will serve as a sandbox for developers to familiarize themselves with the broader Injective ecosystem, bridging the gap between Ethereum’s EVM world and that of Injective. WebAssembly (WASM) backbone.
TimeSwap and thetanauts make waves in injection platform
Another key feature of Injective’s inEVM is its stated integration with Caldera, Hyperlane, LayerZero, Celestia and Pyth, ensuring compatibility with existing smart contract standards, infrastructure and oracles.
This integration aims to facilitate interoperability and collaboration between virtual machine environments, paving the way for a ‘unified blockchain ecosystem’.
The release states that developers will also benefit from the ability to create synergies and leverage the strengths of Ethereum, Cosmos and Solana, while maintaining true composability and interoperability.
Finally, the protocol announced that several projects have already adopted inEVM and deployed it on the Injective platform. Notable among them is the TimeSwap lending protocol, which has raised significant funding of over $200 million from investors including Polychain Capital, Delphi Digital, and Bain Capital Crypto. In addition, Thetanauts, an on-chain options protocol, has also chosen to build on the inEVM.
Currently, Injective’s native token INJ has seen a notable price increase after stagnating and dropping 3% over the past seven days. Currently, INJ is trading at $43.20, up more than 13% following the announcement of the launch of Injective’s inEVM.
This marks the continuation of the token’s uptrend recorded over the rest of the time frames. The token registered a massive increase of over 1240% since the beginning of the year, 37% in the last 30 days and 23% in the last fourteen days, pushing the token to its current all-time high (ATH) of $46. on March 2.
Featured image from Shutterstock, chart from TradingView.com
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