INJ Jumps 14% as Injective Introduces Avalon Mainnet Update
Layer 1 blockchain network Injective has announced the activation of the highly anticipated Avalon upgrade on its mainnet, which has generated a wave of enthusiasm in the crypto community. As a result, the network’s native token, INJ, has seen a remarkable 14.4% rise in the past 24 hours, outperforming even the prominent cryptocurrency Bitcoin (BTC).
INJECTIVE LAUNCHES AVALON UPDATE ON ITS MAINNET
The Avalon update represents a significant improvement in the capabilities of the Injective ecosystem. By implementing Layer 1 scalability optimizations, Injective has taken a step toward improving performance, scalability, and the overall user experience.
The Avalon Mainnet Upgrade has been initiated to bring you the most powerful version of Injective to date.
The gov proposal is active and the upgrade scheduled to occur later this week.
🚀 L1 scalability optimizations
🚀 Sub-Second Block Times
🚀 PoS delegation revamp
— Injective 🥷 (@Injective_) May 28, 2023
These optimizations are expected to improve transaction efficiency, leading to smoother trading activity and faster speeds. Besides, the update sets the stage for sub-second block times, offering the potential to reduce latency and speed up operation executions. These enhancements are accompanied by strengthened security measures, promoting a more secure environment for users.
Injective is proud to be the first blockchain to offer self-executing smart contracts, revolutionizing the app landscape with unprecedented speed and innovation. The platform’s commitment to interoperability enables the secure transfer of crypto assets and Web3 data on prominent blockchains, fostering versatility and widespread adoption.
However, a key aspect of the Avalon update is its impact on the Proof-of-Stake (PoS) delegation mechanism. Injective aims to revolutionize this mechanism, giving users greater control over their staked assets.
INJ, As an exchange governance token, it plays a vital role in ensuring a fair and transparent decision-making process..
INJ TOKEN INCREASES MORE THAN 14%
The market has responded enthusiastically to the release of the Avalon update. INJ is currently trading at $7.67, which marks an impressive 14.4% gain in the last 24 hours.. In the weekly period, the token has also seen an interesting increase of 9.3%. Currently ranked #69, INJ’s market capitalization has risen to $603,626,353, with a circulating supply of 80,005,555 INJ.
This major update to Injective Avalon, launched on May 28, 2023, represents a breakthrough for the Injective network. By introducing scalability optimizations, sub-second block times, and revamped PoS delegation, Injective positions itself as one of the leading forces in the decentralized finance (DeFi) space.