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Injective is generating interest from investors as on-chain developments continue on the platform. These new integrations and information are generating interest from investors, collision The token price has increased by more than 21%. Continued positive developments are expected to further guide INJ on an upward path.
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Given the positive conditions and developments that Injective has witnessed, its investors and traders have chosen to position INJ as the primary cryptocurrency for its native token, providing value to users and traders.
“The Fastest Layer 1 Blockchain” Reduces Block Time to Just 0.65 Seconds
Injective recently published a thread detailing the platform’s latest achievement: reducing its end times to just 0.65 seconds. The platform’s end times were compared to other layer 1 blockchains such as Near, BNB, and Ethereum. According to The threadNetwork end times are caused by ““Carefully designed optimization processes that focus on several key areas from improving state synchronization and data handling to improving resource management.”
Injective continues to push the boundaries of blockchain scalability, with recent upgrades delivering the fastest speeds imaginable.
Block injection times have now been reduced to just 0.65 seconds, making it one of the fastest layer 1 blockchains ever created ⚡️ pic.twitter.com/lFN3W1w2Ve
— Injection 🥷 (@injective) August 21, 2024
This helps improve the user experience on the chain while providing a robust platform for developers to build on. Another aspect of Injective is Looking forward The institutional side of cryptocurrencies is that ultra-low block times will help attract traditional financial institutions to the platform with speeds that rival those of leading cryptocurrency networks.
Injective integrates with Balance to expand network services
Injective also announced this week the integration of Balance, a cross-chain decentralized finance (DeFI) platform, onto the Injective mainnet. The integration opens up new opportunities for investors and traders as it introduces new assets such as bnUSD, Balance’s native stablecoin.
The partnership also enables over-collateralized loans on the platform. This allows users to use any asset as collateral, giving them up to two-thirds of the collateral value as a loan. With a low fixed interest rate of 2%, users on the platform can get flexible loan terms and fast loan closing with Injective.
INJ faces rejection at this level, but with the potential for rebound.
As of press time, the token’s momentum, while still significantly bullish, is facing rejection at the $0.39 ceiling, which has confined the token to a tight $0.36-0.39 range. This range could pressure bulls to lose momentum in the near term.
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At this point, the token’s correlation with Bitcoin and its recent developments have put pressure on the last bit of upside in INJ, which could open the doors for a downward trajectory in the coming days.
With the RSI indicating that bulls are almost or already exhausted, investors and traders should expect bears to try to break the $0.36 level before settling into the token’s current trading range. If bulls fail to defend this trading range, Injective’s price level could move back to $0.32 soon.
Featured image from Snopes, chart from TradingView
