Injective Protocol, a DeFi-centric platform using Cosmos tech, is gaining traction, looking at the gas fee revenue distributed to its validators in Q3 2024. While INJ, the native currency of the protocol, is under pressure, cooling off after rallying to as high as $52 early this year, the recent development is a huge confidence boost. Looking at trends may signal that more users are flowing to Injective, a net positive for INJ in the coming sessions. Injective Generates More Revenue Than The BNB Chain, Avalanche According to CryptoRank data, Injective Protocol generated $4 million in revenue derived from gas fees. Every transfer or smart contract deployment attracts a gas fee like every other public ledger like Bitcoin or Solana. This fee is distributed to the winning validator or miner as an incentive to operate a node. With $4 million in revenue, Injective created more than the BNB Chain, one of the largest blockchains by market cap, and Avalanche, a network in the top 20, according to CoinMarketCap. These platforms generated $3.4 million and $2.1 million, respectively. Related Reading: Bitcoin Price Forecast: This Week’s Trends And Historical Patterns For Q4 At this level, Injective also surpassed what some of the top Ethereum layer-2 solutions like Arbitrum, Optimism, and Blast generated over this period. For comparison, Arbitrum, despite being the largest and managing over $13.2 billion, according to L2Beat. Ethereum, Tron, Solana, and Base churned more revenue than Injective. Ethereum funneled $159 million to its validators from July through September, while Tron and Solana cumulatively moved over $200 million. The expansion of revenue, mostly from Tron, a scalable platform, is due to the meme coin activity on its network following the launch of SunPump in August. At the same time, Solana also benefited from meme coins and an uptick in decentralized exchange (DEX) volume over this period. Will INJ Rise To $50? It remains to be seen whether the recovery of DeFi activities while boosting Injective and its total value locked (TVL). As of October 8, the protocol manages over $40 million, looking at DeFiLlama data. At the same time, the platform has processed over 1 billion onchain transactions. Related Reading: Short-Term Bitcoin Holders Panic Sell: Here’s Why It Might Be Great News For BTC In early October, Injective announced the launch of Injective 3.0. This upgrade allows the protocol to change its tokenomics and make INJ deflationary. With this activation, a portion of INJ will be removed from circulation, making it more scarce. Presently, INJ is inside a descending channel, finding support at $15. While buyers of Q1 2024 are still in the picture, the token is down 60% from March highs. A break above this descending channel could see the coin soar to 2024 highs of around $52. Feature image from iStock, chart from TradingView
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Bitcoin Price Pauses, Eyeing a Fresh Increase: Can Bulls Deliver?
Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and might aim for a fresh increase above the $62,500 resistance. Bitcoin is holding gains above the $61,850 zone. The price is trading below $62,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a close below the $61,700 zone. Bitcoin Price Eyes Another Increase Bitcoin price failed to settle above $65,000 and started a fresh decline. BTC traded below the $64,000 and $63,500 levels. It even broke the $62,500 support. A low was formed at $61,825 and the price is now consolidating losses. There was a minor increase above the $62,250 level. The price tested the 23.6% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $62,500 level. There is also a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair. The first key resistance is near the $63,150 level or the 50% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. A clear move above the $63,150 resistance might send the price higher. The next key resistance could be $64,200. A close above the $64,200 resistance might initiate more gains. In the stated case, the price could rise and test the $65,000 resistance level. Any more gains might send the price toward the $65,500 resistance level. More Losses In BTC? If Bitcoin fails to rise above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $62,000 level. The first major support is near the $61,850 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $62,000, followed by $61,850. Major Resistance Levels – $62,500, and $63,150. NewsBTC
Wall Street Surges Ahead with Exciting Crypto Spot ETF Launch
Canary Capital Group filed paperwork with the Securities and Exchange Commission on Tuesday to launch the Canary XRP ETF, a crypto spot ETF. NewsBTC