According to CryptoPotato, Injective Protocol, a Layer 1, open, interoperable blockchain optimized for Web 3.0 finance applications, has experienced a significant price increase following its integration with Google Cloud's data exchange platform, CloudHub. With a market cap of over $1 billion, Injective is the 44th largest blockchain project globally by market capitalization. The protocol boasts an average transaction cost of less than a penny and can handle thousands of transactions per second (TPS).
On October 24, Injective announced its integration with CloudHub, which excited the INJ community about the Web3 platform's future possibilities. Eric Chen, CEO and co-founder of Injective Labs, stated that the integration is a major step forward for the Injective ecosystem in expanding its footprint into institutions and traditional finance. Kelly Sitarski, Director of Data and Content Partnerships at Google Cloud, expressed excitement about adding Injective blockchain datasets to the Analytics Hub catalog to help customers enhance their Web3 finance applications.
Injective's blockchain ecosystem has seen significant growth in 2023, with popular DApps like Helix, Black Panther, and Talis experiencing major development and user activity. Last week's announcement that multichain NFT marketplace Dagora had integrated into Injective's platform likely contributed to the price surge. According to Injective's DeFi Trader Survey 2023, 64% of respondents from various crypto trading communities prefer a long-term holding strategy when it comes to DeFi trading. The recent Bitcoin price rally in October also played a role in pushing Injective's price ahead last week.
