Injective Protocol, a blockchain platform dedicated to decentralized finance (DeFi) and derivatives trading, is currently at the center of attention. The platform’s proposed upgrade, Injective 3.0, aims to revolutionize its tokenomics by introducing deflationary measures for INJ.

This upgrade seeks to address the issue of token inflation, a common challenge faced by many DeFi tokens, by implementing mechanisms to control the creation of new tokens and incentivizing users to stake their existing INJ holdings.

Injective: Creating Token Scarcity

One of the key objectives of Injective 3.0 is to increase the scarcity of the INJ token. By reducing the rate of token creation and encouraging staking activity, the upgrade aims to create a supply-demand dynamic that could drive up the token’s price.

This strategy reflects a broader trend within the cryptocurrency space, where projects are exploring innovative ways to enhance token utility and value proposition.

INJ is now trading at $27.62. Chart: TradingView

Meanwhile, Injective (INJ) has seen a remarkable surge in value. Over the past week, INJ has soared by an impressive 12%, building upon a substantial 24% gain over the last month.

This surge in price has prompted speculation about the token’s future trajectory and the factors driving its bullish momentum.

INJ weekly price action. Source: Coingecko

Analyst Optimism And Price Predictions

Amidst the excitement surrounding Injective’s upgrade proposal, crypto analyst World Of Charts has issued a bullish prediction for INJ. The analyst’s analysis points to a bullish flag pattern emerging in INJ’s price chart, a technical indicator often associated with significant price breakouts.

$Inj#Inj In Strong Uptrend And Now Consolidating In Bullish Flag Incase Of Breakout Expecting Move Towards 50$ Expecting Almost 80-90% In Coming Weeks#Crypto pic.twitter.com/wsiID0YaTl

— World Of Charts (@WorldOfCharts1) April 18, 2024

According to World Of Charts, if INJ breaks out of this pattern, it could potentially reach the $50 mark, representing a substantial increase from its current price and signaling further upside potential for the token.

Positive Prospects

While the prospects of INJ’s price surge are enticing, investors are advised to tread cautiously. The cryptocurrency market is inherently volatile, and factors beyond the upgrade proposal could influence INJ’s performance.

Injective Protocol just took a big step forward with their upgrade to Injective 3.0. This update brings new features to the platform, and the INJ token is looking attractive as a result.

The changes could be a draw for both experienced investors who understand the DeFi space and those who are just starting out and looking for exciting new opportunities.

Featured image from Pixabay, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Singapore, Singapore, April 3rd, 2024, Chainwire

Skate is backed by leading founders in web3, including EigenLayer, Polygon, Manta, Axelar, Pendle, A41 and Galxe, supporting its vision to make web3 efficient for a modular future by solving application fragmentation 

Range Protocol, a unified liquidity provisioning platform, today announced the launch of Skate, the universal application layer that empowers apps to run on thousands of chains with one state. 

Designed with an intent-centric approach, Skate aims to efficiently address the application fragmentations as a single hub for all code deployment across all chains. Backed by leading web3 players, including EigenLayer, Polygon, Manta, Axelar, Biconomy, Pendle, A41, Vertex, Navi, Galxe, Pontem and more, Skate will deliver its vision with faster finality and universal application scope, paving the way for its mainnet launch within the year. 

In today’s multi-chain landscape, applications face pressing needs to deploy, adapt and maintain across an increasing number of chains. Skate introduces the concept of a Universal Application Scope, where essential applications are developed collectively and maintained in a shared pool accessible to all chains — regardless of its underlying Virtual Machine environment. With Skate, users and developers are able to efficiently and instantly access thousands of chains by interacting with one application instance.

Siddharth Lalwani, Co-Founder and CEO of Range Protocol shared, “The rise of modularity powered innovations such as improved throughput and reduced transaction costs. However, it also came with its own set of challenges, most notably, application fragmentation. Skate introduces the concept of the Universal Application Layer, where essential applications are developed collectively, and maintained in a shared pool accessible to all chains. This ensures foundational needs of builders and users are met efficiently, allowing each chain to focus on creating value-added services and laying the building blocks for a modular future.”

Move from Duplication to Innovation: One Skate, One State

Skate is the only intent-centric application layer in the ecosystem, enabling applications to run across thousands of chains and different tech stacks at the same time through a single interface. Moving past duplication of deployments, Skate works as a hub for deploying, developing and maintaining a singular version of smart contracts while servicing users across diverse chains. 

One of the key innovations of Skate is the embedding of interoperability within the application logic, reversing the legacy approach of building apps first and integrating interoperability afterwards. Skate ensures that all applications are created with interoperability as a foundational component, streamlining the development process and removing the necessity to bridge assets, but also significantly enhances the user experience by providing a fluid, interconnected ecosystem where transactions and information flow effortlessly between chains.

Aside from the underlying interoperability networks, Skate will be connected to all the blockchains through Fast Finality Network, secured by EigenLayer actively validated service (AVS), to send state attestations from Skate with sufficient trust minimized assumptions. This brings instantaneous cross-chain intent-driven settlements and reduces slippage when making trades while removing unnecessary complexities from an end-user perspective.

Securing the Modular Future, Backed by Web3 Pioneers

The launch of Skate is supported by buy-ins from leading web3 players, including EigenLayer, Polygon, Manta, Axelar, Biconomy, Pendle, A41, Vertex, Navi, Galxe, Pontem and more. Forged by the same team of financial engineers and web3 developers behind Range Protocol, a unified liquidity provisioning platform covering key DeFi asset classes, the Skate team brings deep cumulative experience from leading companies like Altonomy, Point72, Bybit, Certik and Citigroup. Skate’s launch also follows Range Protocol’s $3.75M seed round last year, led by HashKey Capital and Nomad Capital. In the coming months, Skate aims to introduce Testnet Campaigns to community members with unique incentives. To keep up to date on Skate and its upcoming testnet campaigns, make sure you follow their Twitter: https://twitter.com/skate_chain.

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Siddharth Lalwani, Co-Founder and CEO of Range Protocol is available for interview.

About Range Protocol and Skate

Underpinned by robust on-chain trading infrastructure, Range Protocol is a unified liquidity provisioning platform. Harnessing advanced expertise and professional strategies, Range Protocol covers key DeFi asset classes through its vault offerings. Combining the best of automated market makers (AMMs) and request-for-quote (RFQ), Range Protocol empowers sound decision-making and optimized strategies for the next generation of investors — with no intermediaries needed. 

Forged by a team of financial engineers and web3 developers with extensive crypto trading proficiencies, Range Protocol brings deep experience from leading companies like Altonomy, Point72, Bybit, Certik and Citigroup. Its most recent $3.75M seed round was led by HashKey Capital and Nomad Capital.

Range now expands into Skate, the universal application layer that empowers apps to run on 1000s of chains with one state. Skate was born with the realization of the limitations of the legacy on-chain trading infrastructure, which deploys repetitive blocks on every new chain. Underpinned by innovation, Skate delivers fast finality across all chains, secured by EigenLayer actively validated service (AVS), and acts as a single hub for all code deployments. Separating assets from pricing, Skate introduces the concept of a Universal Application Scope, where essential applications are developed collectively and maintained in a shared pool accessible to all chains — regardless of its underlying Virtual Machine environment. Solving for dApp/chain-liquidity fragmentation in a modular web3 landscape, Skate ensures foundational needs are met efficiently, allowing each chain to focus on creating unique, value-added services.

For more information, please visit:

Website: http://skatechain.org/

Twitter/X: https://twitter.com/skate_chain  

Contact

Skate / Range Protocol
range@wachsman.com

George Town, Cayman Islands, April 3rd, 2024, Chainwire

The VGX Foundation, a Cayman Islands Foundation, has partnered with Genopets to integrate the VGX token as a reward in their popular move-to-earn NFT mobile game on Solana. The partnership introduces VGX as a reward token in the Genopets game, creating utility and rewards for using VGX within the Genopets ecosystem. 

VGX is a token that bridges multiple chains and is focused on bridging utility across GameFi and gaming ecosystems. 

Genopets launched in 2021 and is one of the largest games on Solana with more than 200k active players during their private beta. It’s a free-to-play mobile game where players summon digital pets (their “Genopet”), which evolve and grow as players move around and stay active in the real world. Each day players bank the steps they take in the real world to earn energy they can use to upgrade and customize their Genopet through stages of evolution. Now VGX can be awarded to players for the Energy they earn in the game.

The partnership starts with a series of competitions for Genopets players to earn VGX from a $150,000 prize pool by banking their steps daily and competing on the Energy leaderboard. The leaderboard competition is open to new and existing Genopets players.

Additionally, new players downloading Genopets can claim a special reward of rare food and toys for their Genopet by using referral code “VGX” when they sign up as a new user and bank their first steps during this campaign.

To further expand the partnership, players who earn VGX will also be able to take their VGX to Gala Games and use it to purchase a season pass for Voyager: Ascension, which will unlock further rewards in future games.

“We’re thrilled to announce a synergistic partnership with Genopets, an original leader in web3 gaming on Solana,” said Claire Abrehart, Director of VGX (BVI) Ltd. “This collaboration, alongside our recent success with Gala Games, further unlocks new possibilities for the VGX ecosystem. By integrating our token with both Genopets’s vibrant player community and the dedicated Gala Games audience, we’re fostering an innovative future for in-game rewards and experiences across the Web3 gaming landscape.”

“Partnering across foundations to bring new incentives to players in Genopets with leaders in Web3 Gaming like the VGX Foundation and Gala Games is a huge opportunity for our foundation,” said Jay Chang, Co-founder of Genopets. “Genopets was created to make living an active lifestyle more fun and rewarding by bridging physical and digital worlds and there couldn’t be better partners to grow our foundation’s ecosystem with.”

Earlier this year, the VGX Foundation also announced a partnership with Gala Games, using the GalaChain SDK to integrate VGX into Gala Games as a reward token used to acquire in-game items and unlock engagement opportunities. After integration is complete, gamers will be able to earn VGX-based rewards for in-game achievements within specific titles.

About the VGX Foundation

The VGX Foundation leads the evolution of decentralized gaming economies through its dynamic blockchain-based gaming token, VGX. Serving as an in-game currency and reward mechanism, VGX empowers diverse gaming communities. The VGX Foundation actively fosters growth by facilitating grants and partnerships for game developers and platforms, enabling the expansion of the token’s use case and nurturing a thriving VGX ecosystem.

About Genopets

Genopets is a Free-to-Play, Move-to-Earn NFT mobile game that makes it fun and rewarding to live an active lifestyle. A Genopet is a digital pet whose evolution and growth are inextricably linked to your own. The steps you take everyday power your journey through the Genoverse as you explore, battle, and evolve — earning crypto while you play.

Contact

Account Director
Jonathan Duran
Melrose PR
jonathan@melrosepr.com