The utility and governance token for the DEX Injective Protocol (ticker symbol INJ) rallied more than 100 percent in a single day last week following the February 9 listing of Cosmos (ATOM) perpetual futures on the platform.
Injective Protocol is a decentralised exchange that offers a variety of financial products usually associated with centralised exchanges, such as margin trading, derivatives trading and other exotic assets. The platform also features cross-chain trading, supporting assets across the Ethereum, BSC and Cosmos networks.
The price of INJ exploded from the upper US$3 range in early February to a high of US$10.08 on February 11 following the listing of ATOM perpetual futures. At the same time, its 24-hour trading volume spiked 1,756 percent to a high of US$306 million.
ATOM Listing a First for a DEX Platform
This listing by Injective Protocol is the first time ATOM perpetual futures have been listed on a decentralised exchange, marking a significant milestone for the platform.
It builds on a string of recent positive developments for Injective Protocol, including the listing of Cosmos-based project Chihuahua (HUAHUA) and the release of Injective Bridge V2 in January, which drastically improved users’ experience.
In the days since its rally, INJ has backtracked somewhat and is now trading in the low US$6 range.
The growth of more exotic financial products on DEXs is part of a larger trend in crypto as the industry seeks to expand into a more diverse range of investment classes, such as the tokenisation of real estate.
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