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Shortly after introducing the Injective Bridge v2 and the launch of DEX-based perpetual futures for ATOM, INJ records a 100 percent+ gain.

Trading perpetual futures contracts through decentralized applications is a promising crypto sub-sector, especially while concerns about regulation, taxes, and obligatory KYC at centralized exchanges continue.

Injective (INJ), an interoperable layer-one protocol meant to ease the building of cross-chain Web3 decentralized finance (DeFi) apps, is one DEX platform that has gained interest.

After hitting a low of $3.91 on February 3, the price of INJ has risen 157.8 percent to a daily high of $10.08 on February 11, with a 1,756 percent increase in its 24-hour trading volume to $306 million.

INJ/USDT 1-day chart. Source: TradingView

The inclusion of support for additional assets in spot and permanent markets, the introduction of Injective Bridge v2, and a rising total value locked on the protocol due to staking and the addition of new assets are three causes for the surge in demand for INJ.

Injective Bridge v2

The introduction of the Injective Bridge v2 at the end of January, which includes a range of modifications meant to aid cross-chain interoperability with Cosmos (ATOM) and Ethereum, was the most recent development that helped kick-start the price surge for INJ (ETH).

According to Injective, the new bridge may handle any ERC-20 token and numerous Cosmos-based tokens like ATOM, Osmosis (OSMO), and Terra (LUNA).

Over time, Injective hopes that the bridge will serve as a launchpad for future Web3 projects that wish to allow customers to move assets from the Ethereum network for no cost.

There are no bridge costs when moving funds into Inter-blockchain communication protocol (IBC)-enabled chains.

The Injective Protocol now includes support for new assets

Including additional assets to the DEX, including the first-ever decentralized perpetual futures for ATOM, is a second development that is helping to revitalize Injectively.

In addition to a permanent futures contract for ATOM, Injective has launched spot trading for the Cosmos-based project Chihuahua (HUAHUA), and there is an ongoing community vote to include Juno.

The arrival of additional assets has contributed to an uptick in trade activity on the protocol in recent days, after it reached its lowest level in several months on February 2.

While the increased trading volume on the protocol has pleased the Injective community, it’s worth noting that the current level is only a fraction of the volume observed on the top perpetual futures protocol dYdX, which had a daily volume of $3.2 billion on February 10 and $2.8 billion on February 11.

TVL skyrockets

The introduction of Injective Bridge v2 was also accompanied by an increase in the total value locked on the platform, with statistics from DeFi Llama indicating that the measure had reached a new all-time high.

The overall value on Injective as of February 11 is $147.35 million, up more than $100 million from its low of $43.96 million on January 23.

Total value locked on Injective. Source: Defi Llama

The TVL on INJ is made out of assets placed for trade purposes and INJ tokens staked on the network and earning an APR of 9.15 percent.

The VORTECSTM Score is an algorithmic assessment of past and present market circumstances based on various data sources such as market mood, trading volume, recent price changes, and Twitter activity.

The VORTECSTM Score for INJ soared into the green zone and touched a peak of 75 on Feb. 6, roughly 39 hours before the price began to climb 117 percent over the next three days, as seen in the chart above.

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