Injective (INJ), the native token of the Injective Protocol, has experienced a significant price surge of over 10% in the past 24 hours. This uptick comes as a result of positive developments for the protocol, including the launch of the CW-404 standard, the Volan upgrade, and continued growth in its DeFi ecosystem.

CW-404: Bridging the Gap with Ethereum

Injective recently introduced the CW-404 standard, a replica of the popular ERC-404 standard on Ethereum. This allows for the creation of “fragmented NFTs” on the Injective chain, similar to those on Ethereum. These NFTs can be co-owned by multiple wallets, opening up possibilities for innovative financial products like fractional ownership and NFT lending. The potential to attract investment from the thriving Ethereum NFT market is seen as a major driver for INJ’s current growth.

Injective’s Volan Upgrade Ushers in Real-World Assets

In January, Injective launched Volan, a major upgrade that introduced the world’s first Real-World Asset (RWA) Module. This paves the way for institutions to bring traditional assets like stocks and bonds onto the blockchain while maintaining regulatory compliance. This innovative solution has the potential to unlock vast new opportunities for the DeFi space, further boosting the value proposition of Injective.

DeFi Ecosystem Flourishes on Injective

Injective’s DeFi ecosystem has witnessed impressive growth in recent months. Its total value locked (TVL) has surged to over $110 million, a significant increase from $15 million in November. This growth is primarily driven by projects like Hydro Protocol, Dojoswap, and Helix, which offer innovative DeFi services on the Injective chain.

Technical Analysis – INJ/USD

Current Price: $40.27

Recent Trend: Upward, with a gain of over 10% in the past 24 hours.

Key Resistance Levels: $45, $50

Key Support Levels: $40, $38

Indicators: The Relative Strength Index (RSI) is currently at 70, indicating the market might be slightly overbought in the short term. However, the Moving Average Convergence Divergence (MACD) remains bullish, suggesting the uptrend could continue.