Injective, a cross-chain decentralized finance (DeFi) platform, announced the launch of inEVM, a layer-2 rollup based on the Ethereum Virtual Machine (EVM).
inEVM stands out for its ability to achieve true composability between the Ethereum, Solana and Cosmos blockchains.
What does it mean?
- Developers can now build DeFi applications on Injective using the same code base used for Ethereum, without having to modify their code.
- DeFi applications on Injective can interoperate with applications on Solana and Cosmos, opening up new possibilities for cross-chain DeFi.
Advantages of inEVM
Certainly greater scalability, thanks to faster transactions and lower costs compared to Ethereum; advanced composability, i.e. DeFi applications on Injective can interact with the main blockchains, creating a more efficient and interconnected DeFi ecosystem. Last but not least, better security as it inherits the security of Ethereum's EVM.
Projects already active on inEVM
Celestia (TIA)
Objective: Provide layer 1 scalability for DeFi applications
Features: Modular blocks that can be parallelized to increase transaction speed and rollups to compress data and reduce transaction costs
Meaning for inEVM: Allows inEVM to scale to a higher number of transactions per second and reduces transaction costs for inEVM users
Pyth (PYTH)
Objective: Provide reliable and granular pricing for DeFi markets
Features: Decentralized oracle that aggregates data from different sources and updates prices in real time for a variety of assets
Significance for inEVM: Improves the security and reliability of more complex DeFi applications and improves both security and reliability of DeFi applications on inEVM.
TimeSwap
Objective: to provide a DEX for trading perpetual derivatives
Features: Perpetual derivative trading on a variety of assets and leverage to increase returns
Meaning for inEVM: Offer users new investment opportunities and increase the liquidity of the DeFi market on inEVM
Thetanauts
Goal: A blockchain-based NFT game that combines gaming and finance
Feature: Players can earn NFT tokens by playing games (play to earn) and trade the tokens on a marketplace
Significance for inEVM: Demonstrate the potential of inEVM for blockchain gaming and attract new users to inEVM's DeFi ecosystem.
Conclusions
inEVM offers a truly unique combination of scalability, composability and security that makes it an ideal platform for the next generation of DeFi applications. Furthermore, the projects mentioned above are just the tip of the iceberg. You can expect many more projects to launch on inEVM in the coming months and years.
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