Injective integrates with Polygon, boosting cross-chain composability in DeFi. 

INJ token shows bearish tendencies despite the recent bullish trend.

Injective Labs has announced a pivotal integration with Polygon, marking a historic leap in cross-chain composability within the DeFi (Decentralized Finance) ecosystem. This groundbreaking alliance allows native assets from Polygon and Injective to be exploited across various cross-chain scenarios within their collaborative ecosystems.

The integration was made possible by establishing a new connection via Wormhole, facilitating the transfer of assets such as MATIC and INJ. This collaborative effort ushers in a new era of liquidity, accessibility, and partnership, benefiting both the Polygon and Injective communities.

Injective’s Pursuit of Accelerated Composability

A long-standing objective for Injective and the broader Web3 sector has been the acceleration of true composability. This strategic integration brings Injective closer to the ultimate vision of seamless blockchain interoperability. Users from both communities can now access new assets, DeFi protocols, liquidity pools, and closely integrated infrastructures.

For example, Injective users can now incorporate assets like MATIC into dApps built on Injective. Simultaneously, the Polygon community can use INJ and other assets within its native applications. Cross-communication of assets, ideas, and primitives further enhances the user experience and boosts capital efficiency across sovereign blockchain networks such as Polygon and Injective.

This integration also opens up many new opportunities for DeFi protocol builders, specifically those focused on trading, lending, or derivatives. These protocols can leverage newly available assets to power their operations and expand their offerings.

Injective Price Analysis

The INJ token has predominantly been on a bullish trajectory for the past seven days. Nevertheless, recent trends show a bearish shift in INJ’s performance within the day, according to data from CoinMarketCap. It reached intraday lows of $7.1487 and $7.0843, showing a significant downturn from its previous intraday peak of $7.7225.

Injective 24-hour chart (source: Coinmarketcap)

The INJ token is priced at $7.28, marking a 4.27% decrease over the last day. The token currently boasts a market capitalization of $581 million, landing it in the 69th spot in the cryptocurrency market cap rankings, a decline of 4.28%. Its daily trading volume also sits at $58 million, indicating an 18.73% drop from the previous day.

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Filed under: Bitcoin - @ June 1, 2023 1:44 am