Injective has launched inEVM on the mainnet. inEVM is an acronym for Injective EVM and aims to hyperscale multi VM development. Developers accessing inEVM can leverage two core features of injective: near-zero fees and fast speed. This enables them to better achieve composability across the EVM and WASM world.
Celestia and Pyth are confirmed to have integrated with inEVM. They will serve as the data availability layer and the Oracle provider. Messaging layers like LayerZero and Hyperlane have also integrated with inEVM. The projects that will be deployed are Thetanauts and TimeSwap. Both have secured more than $200 million in investments from companies like Bain Capital Crypto and Polychain Capital.
The development has been good for INJ, the native token of Injective. It is up by 2% in the last 24 hours at the time of writing this article. INJ is listed at $42.96, which reflects a surge of 0.21% in the previous seven days and 33.165 in the last 30 days.
The objective behind launching inEVM on the Mainnet is to be able to shape the way Ethereum developers interact with the blockchain sphere. inEVM has been developed in association with Caldera to demonstrate the ability of Injective to sustain multiple virtual machine environments. This helps developers architect innovation across multiple layers.
Injective chose Hyperlane to empower developers to build interchain applications. Features of Hyperlane that were considered before choosing it for the interaction are contracts, agents, and applications.
For starters, Hyperlane exposes on-chain contracts, tasked with enabling apps to send and receive messages. Next, agents are deployed to enhance security and relay messages across chains. Next, it is up to users to efficiently apply Hyperlane. They can ideally use it to send and receive messages between various chains that it has secured.
What separates inEVM from other EVMs is the functionality of horizontal composability. It integrates Ethereum into the IBC ecosystem to contribute to holistic composability.
Integration with several blockchains makes Injective an ideal candidate to host inEVM. Builders can deploy dApps to access liquidity from other networks along with their users. All they have to do is connect to Injective.
Applications built on inEVM include, with no limitation whatsoever, TimeSwap, Interport, UpvsDown, Poolshark Protocol, and Thetanuts.
Moving forward, Injective is expecting to onboard a large number of developers via its intuitive offering. It is likely to rely on native Ethereum tooling and integrations that will be exclusive to inEVM. With its help, developers will be able to achieve interoperability seamlessly, not just with Injective but also with other chains like Solana and Ethereum.
That said, the 24-hour volume of INJ has surged by 9.96%, and the market cap is up by 0.30%. With the token at ~$42, holders expect it to test resistance at $50 by the end of this year.
