Injective today unveiled one of its biggest technological breakthroughs to date with the release of gas compression, making Injective’s on-chain transaction costs the lowest of any cryptocurrency.
Essentially, any transaction will now be effectively zero cost, whether it’s staking, trading on a dApp, lending, minting NFTs, voting on governance proposals, etc. This not only ushers in a new era of innovation for Injective, but also makes Injective the perfect entry point for users into the industry.
Empowering the Injective ecosystem with affordable trading capabilities
The impact doesn’t stop there. This major adjustment has far-reaching implications for all stakeholders. Each transaction on the platform now costs just 0.00001 INJ, or $0.0003 USD. In turn, this not only makes Injective a leader in the L1 space, but also the most scalable and affordable blockchain platform in existence, opening the door to a multitude of possibilities for developers, users, and institutions alike.
This transition is achieved through collaborative consensus of Injective's validating nodes, which are critical to maintaining the integrity and efficiency of the network. Today's Injective is also one of the fastest chains ever built, and the reduction in costs brings the entire ecosystem to new heights.
Seamless transitions and advanced accessibility
The changes in gas prices have been applied to all Injective development tools and products, ensuring a seamless transition for users. In addition, Injective's dApps can easily take advantage of these revised gas prices by simply adjusting their gas configuration from the previous 500000000inj to the newly established 160000000inj.
Reduce transaction costs between operations
Perhaps you can easily imagine the convenience and applications brought by Injective's low cost through a few examples.
For example, the cost of minting 1,000 NFTs on Injective is just $0.30, which is over 100 times lower than Ethereum, 500% lower than on chains like Polygon, and 50% lower than Solana.
High-frequency traders or dApps that require complex transactions can send hundreds or even thousands of transactions per second at a fraction of the cost of any other chain. In particular, on Injective, users are able to batch thousands of transactions into a single block.
Injective’s lightning-fast block times combined with gas compression enable developers to enable new forms of on-chain activity and dApp innovation that would not be possible anywhere else. This is the beginning of a new era for Injective and Web3 as a whole.
About Injective
Injective is an interoperable Layer-1 blockchain that provides developers with out-of-the-box modules needed to create mainstream applications. It can be used to build powerful DeFi and Web3 applications. INJ is the native asset of Injective, powering the Injective blockchain and its rapidly growing ecosystem. Injective was incubated by Binance and supported by Pantera Capital and Jump Crypto.
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