Injective Protocol (INJ/USD) price has defied gravity in the past few days. The token continued soaring and reached a high of $6.05, the highest point since April 2022. It has been one of the top-performing cryptocurrencies this year, having jumped by ~367% from its lowest.
Injective hackathon and liquid staking
Injective Protocol is a small but fast-growing platform in the blockchain industry. Backed by Mark Cuban, the platform is aiming to become the best platform for creators of Decentralized Finance (DeFi) platforms. It is built on top of the Cosmos blockchain.
Its key differentiating features are its superior speeds compared to Ethereum and BNB. It also has lower transaction costs and its dApps are interoperable. This means that it’s DeFi apps can access other layer 1 chains like Solana and Ethereum.
Injective has been used to build several dApps. Some of those in its ecosystem are Astroport, Frontrunner, Qwerty Exchange, Wavely, and Helix.
The main reason why INJ price is rising even as other cryptocurrencies waver is the ongoing virtual hackathon. This hackathon is a four-week event that will let users compete for exciting prizes. It has up to $1 million in global prizes and funding opportunities for well-known venture capital firms.
The grand champion will win $30,000 while the second and third-place winners will win $20,000 and $10,0000, respectively. The judges for the hackathon are creators of platforms like Astroport, Jump, and Wavely.
There has been other important Injective news. For example, the developers unveiled the launch of liquid staking for INJ through partnering with Stride. To celebrate the milestone, Stride announced that it will airdrop 1000k STRD tokens tk Injective stakers.
Invest in the top cryptocurrencies quickly & easily with the worlds largest and most trusted broker, eToro.
79% of retail CFD accounts lose money