injective Launches Flywheel Upgrade
Injective, a Layer 1 blockchain based on Cosmos, has taken a significant step forward in the blockchain space with its latest mainnet upgrade, Flywheel. This progress is a turning point integrated transferring real-world assets (RWAs) to the blockchain space. The flywheel upgrade introduces a new software module that facilitates a range of configured products.
These include tokenized versions of fiat currency pairs, treasury bills and different credit products. As a result, institutional and individual users now have a gateway to a thriving market that blends traditional financial assets with blockchain technology.
The tokenized securities market is still in its infancy and has witnessed rapid growth. There was a significant increase in value, with estimates exceeding $500 million. Injective’s Flywheel upgrade positions itself strategically in this emerging sector and aims to capture significant market share.Flywheel Mainnet upgrade proposal accepted with 99.98% approval rate
This makes it an executive proposal with the highest approval rate in history.
Flywheel Tomorrow. pic.twitter.com/3GLI2EYxdZ
— Injective(@Injective_) January 10, 2024
Increasing cross-chain interoperability
Additionally, Volan is extending the inter-blockchain communication (IBC) protocol within the Injective framework. This development promotes seamlessness interaction Among other chains in the Injective and cosmos ecosystem. Integration of IBC translates into more complex cross-chain transactions such as advanced order routing and swaps.
For example, users on Cosmos blockchains such as celestia or osmosis can initiate cross-chain swaps. These transactions can then be carried out via Injective’s order book module and exemplify the practical application of this upgrade.
Injective’s Ongoing Development
Injective Labs CEO Eric Chen highlighted the dual focus of the Flywheel upgrade. It aims to provide developers with unique tools for next-generation finance applications while improving blockchain connectivity. Known for its expertise in decentralized finance, Injective leverages its native token, INJ, for governance and transaction fees.
The flywheel upgrade also changes INJ’s on-chain inflation parameters, driving the token opposite an increasingly deflationary model. A new oracle has also been integrated that brings off-chain price feeds directly to the blockchain.
Injective’s journey, marked by a $40 million funding round led by Jump Crypto in August 2022, was supported by notable institutions such as Binance, Pantera Capital and Mark Cuban. This financial support is a testament to the potential of the project and the growing interest in applying blockchain technology to real-world financial assets.
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Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.
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