- Injective’s daily active addresses surged 2,000%, surpassing 1 billion transactions, highlighting growing interest in its blockchain.
- INJ 3.0 introduces a 400% increase in token burns, strengthening Injective’s position as a highly deflationary crypto.
In October 2, with the total number of transactions hitting an amazing 1 billion, Injective’s daily active on-chain addresses soared by more than 2,000%.
Fascinatingly, just two days before, active addresses had already clearly increased. Though the surge was less spectacular, it nevertheless indicated a steady increase in user involvement since it exceeded the 30-day average.
This consistent activity indicates that, in spite of market swings, Injective is progressively acquiring popularity in the larger crypto market.
$INJ has no chill…
On-chain daily active addresses + 2000% today
Hit a total of 1 Billion transactions on InjectiveWhat's your prediction for @injective this cycle? pic.twitter.com/3rJ0CoktkQ
— Crypto Rand (@crypto_rand) October 2, 2024
Optimistic Sentiment Among Traders Reflects in INJ Long/Short Ratio
Regarding trading, CoinGlass’s data shows a noteworthy trend: the Long/Short ratio for the INJ/USDT pair on Binance came out at 1.8977. This number suggests a more hopeful attitude among traders expecting INJ’s price to rise despite the current market drop since for every short position there are almost two long holdings.
Beside that, as we previously reported, with the release of INJ 3.0, which introduced a 400% increase in token burning, Injective will become one of the most deflationary cryptocurrencies available on the market nowadays.
As more INJ tokens are staked on-chain, the Injective protocol’s real-time adjustment mechanism guarantees that deflationary rates keep rising. This not only lowers the overall INJ circulating supply but also creates a scarcity layer that helps long-term users.
On the other hand, the first tokenized index that Injective created for BlackRock’s BUIDL Fund represents yet another important development, according to CNF. The biggest tokenized fund to date, this creative action provides customers quick, low-cost access to the fund, managing assets exceeding $500 million.
Further appealing to a broad spectrum of investors seeking safe and profitable solutions in the distributed finance (DeFi) market, the BUIDL token offers consistent value and monthly dividends.
Meanwhile, INJ tokens are trading around $20.07 at the time of writing; declined 9.48% over the last 24 hours among more general market reductions brought on by the collapse in Bitcoin.
