Focused on the DeFi industry, think of Injective Protocol in similar terms as Ethereum, Solana, and Cardano. It’s a Layer 1, open, interoperable blockchain optimized for Web 3.0 finance applications.
The protocol has an average transaction cost of less than a penny, and it can handle thousands of transactions per second (TPS).
With a market cap in excess of $1 billion, Injective is the 44th largest blockchain project in the world by market capitalization. So, what’s the reason for the solid pump over the week?
On October 24, Injective announced its integration with Google Cloud’s data exchange platform, CloudHub. That got the INJ community pumped for the Web3 platform’s future possibilities.
Eric Chen, CEO and co-founder of Injective Labs, said:
“This integration is a major step forward for the Injective ecosystem in continuing to expand its footprint into institutions and traditional finance.”
Kelly Sitarski, Director of Data and Content Partnerships at Google Cloud, said:
“We are excited to add Injective blockchain datasets to the Analytics Hub catalog to help customers enhance their Web3 finance applications.”
Sitarski noted the team at Google Cloud helps customers like Injective Labs connect their first-party data with third-party data in Google’s BigQuery enterprise data warehouse to enable powerful AI-driven analytic capabilities.
Injective’s blockchain ecosystem is bustling in 2023. Popular DApps like Helix, Black Panther, and Talis are seeing major growth in development and user activity.
An announcement last week that multichain NFT marketplace Dagora had integrated into Injective’s platform likely added support to the Injective price pump.
According to Injective’s DeFi Trader Survey 2023, a majority of respondents (64%), drawn from various crypto trading communities, said a long-term holding strategy is their “preferred strategy when it comes to DeFi trading.”
In addition to Injective’s integrations and ecosystem growth in recent weeks, the Bitcoin price rally in October was a rising tide that lifted all boats. That was, of course, another primary tailwind pushing Injective price ahead last week.