The Injective Layer 1 blockchain network has announced the activation of the highly-anticipated Avalon upgrade on its mainnet, ushering in a wave of excitement in the crypto community. As a result, the native token of the network, INJ, has experienced a remarkable surge of 14.4% in the past 24 hours, outperforming even the prominent cryptocurrency Bitcoin (BTC).
Injective initiates the Avalon Mainnet Upgrade
The Avalon upgrade represents a significant enhancement to 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 enhance transaction efficiency, leading to smoother trading activities and faster speeds. Furthermore, the upgrade lays the groundwork for sub-second block times, offering the potential to reduce latency and accelerate trade executions. These improvements are coupled with reinforced security measures, cultivating a safer environment for users.
Injective pride itself on being the first blockchain to offer auto-executing smart contracts, revolutionizing the landscape of applications with unparalleled speed and innovation. The platform’s commitment to interoperability allows for the secure transfer of crypto assets and Web3 data across prominent blockchains, fostering versatility and widespread adoption.
However, one key aspect of the Avalon upgrade is its impact on the proof-of-stake (PoS) delegation mechanism. Injective aims to revolutionize this mechanism, empowering users with greater control over their staked assets.
INJ, acting as the governance token of the exchange, plays a vital role in ensuring a fair and transparent decision-making process.
INJ token surges by over 14%
The market has responded enthusiastically to the release of the Avalon upgrade. INJ is currently trading at $7.67, marking an impressive 14.4% rally within the past 24 hours. In the weekly timeframe, the token has also experienced an interesting increase of 9.3%. Currently ranked #69, INJ’s market capitalization has risen to $603,626,353, with an 80,005,555 INJ supply in circulation.
This Injective Avalon mainnet upgrade, initiated on May 28, 2023, represents a major leap forward 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.