Injective Labs, the team behind the Injective altcoin token (INJ), has announced a revolutionary milestone with the launch of the gas compression feature.
This technical innovation aims to transform transaction costs on the Injective platform, positioning it as a leader in the cryptocurrency industry.
1/ Injective today is introducing one of the largest technical breakthroughs to date with the release of gas compression, making transaction costs on Injective the lowest in all of crypto.https://t.co/yy4kNm6S6u
— Injective 🥷 (@Injective_) January 19, 2024
The gas compression feature, according to the official announcement, will bring transaction costs to minimum levels, making virtually all transactions, from staking to trading in dApps, lending, NFT creation and voting on government proposals, incurring at effective costs close to zero.
This not only marks a new era of innovation for Injective, but also makes it the perfect entry point for cryptocurrency users.
Each transaction on the platform now carries a nominal cost of just 0.00001 INJ or $0.0003 USD.
This adjustment not only positions the company as a leader in the layer one (L1) space, but also presents it as the most scalable and affordable blockchain platform to date.
The consensual collaboration of validators was essential to achieve this transformation, consolidating its position as one of the fastest and most efficient chains.
The transition to this new cost structure has been implemented seamlessly across development tools and products.
Injective dApps can easily reap the benefits of the revised gas prices by simply adjusting their gas settings from the previous 500,000,000 INJ to the new rate of 160,000,000 INJ.
This Injective change has implications for all actors in the ecosystem
A practical example of its impact is the cost of mining 1,000 NFTs on Injective, which is now just $0.30, more than 100 times lower than on Ethereum and 500% lower than on Polygon.
Combining fast block times with gas compression not only reduces costs but also allows developers to perform thousands of transactions per second at a fraction of the cost compared to other chains.
This ability to group thousands of transactions into a single block opens new possibilities for dApp innovation and on-chain activities.
Injective Labs is ushering in a new era for both the Injective platform and Web3 as a whole.
With its focus on efficient and accessible transactions, the company presents itself as a key player in the evolution of the crypto space.
Powering this growing ecosystem, the native INJ token is backed by prominent investors such as Binance, Jump Crypto, Pantera, and Mark Cuban.
The gas compression feature not only redefines transaction costs, but also opens up a range of possibilities for developers, users and institutions
