{"id":646917,"date":"2024-10-09T00:30:11","date_gmt":"2024-10-09T00:30:11","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=646917"},"modified":"2024-10-08T12:26:23","modified_gmt":"2024-10-08T12:26:23","slug":"injective-more-revenue-bnb-chain-avalanche","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/injective-news-2\/injective-more-revenue-bnb-chain-avalanche\/","title":{"rendered":"Injective Generated More Revenue Than BNB Chain, Avalanche In Q3 2024, Next $50?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Injective Protocol, a DeFi-centric platform using Cosmos tech, is gaining traction, looking at the gas fee revenue distributed to its validators in Q3 2024. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While INJ, the native currency of the protocol, is under pressure, cooling off after rallying to as high as $52 early this year, the recent development is a huge confidence boost. Looking at trends may signal that more users are flowing to Injective, a net positive for INJ in the coming sessions.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Injective Generates More Revenue Than The BNB Chain, Avalanche<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to CryptoRank <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/CryptoRank_io\/status\/43114674\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">, Injective Protocol generated $4 million in revenue derived from gas fees. Every transfer or smart contract deployment attracts a gas fee like every other public ledger like Bitcoin or Solana. This fee is distributed to the winning validator or miner as an incentive to operate a node. <\/span><\/p>\n<figure id=\"attachment_646921\" aria-describedby=\"caption-attachment-646921\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-646921\" src=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?resize=1024%2C619\" alt=\"Injective Protocol generates more fees than BNB Chain, Avalanche | Source: @CryptoRank_io via X\" width=\"1024\" height=\"619\" srcset=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?w=3840 3840w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?w=460 460w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?w=768 768w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?w=860 860w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?w=1536 1536w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?w=2048 2048w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?w=750 750w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?w=1140 1140w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/GZT26GVWwAA83r4.jpeg?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-646921\" class=\"wp-caption-text\">Injective Protocol generates more fees than BNB Chain, Avalanche | Source: @CryptoRank_io via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">With $4 million in revenue, Injective created more than the BNB Chain, one of the largest blockchains by market cap, and Avalanche, a network in the top 20, according to CoinMarketCap. These platforms generated $3.4 million and $2.1 million, respectively.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/bitcoin-news\/bitcoin-price-forecast-this-weeks-trends-and-historical-patterns-for-q4\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Forecast: This Week\u2019s Trends And Historical Patterns For Q4<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">At this level, Injective also surpassed what some of the top Ethereum layer-2 solutions like Arbitrum, Optimism, and Blast generated over this period. For comparison, Arbitrum, despite being the largest and managing over $13.2 billion, according to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/l2beat.com\/scaling\/summary\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">L2Beat<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<figure id=\"attachment_646920\" aria-describedby=\"caption-attachment-646920\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-646920\" src=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-08T140234.726.png?resize=1024%2C593\" alt=\"Ethereum layer-2 TVL | Source: L2Beat\" width=\"1024\" height=\"593\" srcset=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-08T140234.726.png?w=1375 1375w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-08T140234.726.png?w=460 460w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-08T140234.726.png?w=768 768w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-08T140234.726.png?w=860 860w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-08T140234.726.png?w=750 750w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-08T140234.726.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-646920\" class=\"wp-caption-text\">Ethereum layer-2 TVL | Source: L2Beat<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Ethereum, Tron, Solana, and Base churned more revenue than Injective. Ethereum funneled $159 million to its validators from July through September, while Tron and Solana cumulatively moved over $200 million. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The expansion of revenue, mostly from Tron, a scalable platform, is due to the meme coin activity on its network following the launch of <a href=\"https:\/\/www.uniquehot.com\/news\/tron-based-sun-token-skyrockets-197-as-sunpumps-momentum-continues\/\" target=\"_blank\" rel=\"noopener \">SunPump<\/a> in August. At the same time, Solana also benefited from meme coins and an uptick in decentralized exchange (DEX) volume over this period.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Will INJ Rise To $50?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">It remains to be seen whether the recovery of DeFi activities while boosting Injective and its total value locked (TVL). As of October 8, the protocol manages over $40 million, looking at <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/chain\/Injective\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">DeFiLlama data<\/span><\/a><span data-preserver-spaces=\"true\">. At the same time, the platform has processed over 1 billion onchain transactions.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/bitcoin-news\/short-term-bitcoin-holders-panic-sell-heres-why-it-might-be-great-news-for-btc\/\" target=\"_blank\" rel=\"noopener \">Short-Term Bitcoin Holders Panic Sell: Here\u2019s Why It Might Be Great News For BTC<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In early October, Injective announced the launch of Injective 3.0. This upgrade allows the protocol to change its tokenomics and make INJ deflationary. With this activation, a portion of INJ will be removed from circulation, making it more scarce. <\/span><\/p>\n<figure style=\"width: 1273px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/hZrPYTqj\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/hZrPYTqj\/\" alt=\"INJ price trending sideways on the daily chart | Source: INJUSDT on Binance, TradingView\" width=\"1273\" height=\"588\"><\/a><figcaption class=\"wp-caption-text\">INJ price trending sideways on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/hZrPYTqj\/\" target=\"_blank\" rel=\"noopener nofollow\">INJUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Presently, INJ is inside a descending channel, finding support at $15. While buyers of Q1 2024 are still in the picture, the token is down 60% from March highs. A break above this descending channel could see the coin soar to 2024 highs of around $52. <\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from iStock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Injective Protocol, a DeFi-centric platform using Cosmos tech, is gaining traction, looking at the gas fee revenue distributed to its validators in Q3 2024. While INJ, the native currency of the protocol, is under pressure, cooling off after rallying to as high as $52 early this year, the recent development is a huge confidence boost. Looking at trends may signal that more users are flowing to Injective, a net positive for INJ in the coming sessions. Injective Generates More Revenue Than The BNB Chain, Avalanche According to CryptoRank data, Injective Protocol generated $4 million in revenue derived from gas fees. Every transfer or smart contract deployment attracts a gas fee like every other public ledger like Bitcoin or Solana. This fee is distributed to the winning validator or miner as an incentive to operate a node. With $4 million in revenue, Injective created more than the BNB Chain, one of the largest blockchains by market cap, and Avalanche, a network in the top 20, according to CoinMarketCap. These platforms generated $3.4 million and $2.1 million, respectively. Related Reading: Bitcoin Price Forecast: This Week\u2019s Trends And Historical Patterns For Q4 At this level, Injective also surpassed what some of the top Ethereum layer-2 solutions like Arbitrum, Optimism, and Blast generated over this period. For comparison, Arbitrum, despite being the largest and managing over $13.2 billion, according to L2Beat. Ethereum, Tron, Solana, and Base churned more revenue than Injective. Ethereum funneled $159 million to its validators from July through September, while Tron and Solana cumulatively moved over $200 million. The expansion of revenue, mostly from Tron, a scalable platform, is due to the meme coin activity on its network following the launch of SunPump in August. At the same time, Solana also benefited from meme coins and an uptick in decentralized exchange (DEX) volume over this period. Will INJ Rise To $50? It remains to be seen whether the recovery of DeFi activities while boosting Injective and its total value locked (TVL). As of October 8, the protocol manages over $40 million, looking at DeFiLlama data. At the same time, the platform has processed over 1 billion onchain transactions. Related Reading: Short-Term Bitcoin Holders Panic Sell: Here\u2019s Why It Might Be Great News For BTC In early October, Injective announced the launch of Injective 3.0. This upgrade allows the protocol to change its tokenomics and make INJ deflationary. With this activation, a portion of INJ will be removed from circulation, making it more scarce. Presently, INJ is inside a descending channel, finding support at $15. While buyers of Q1 2024 are still in the picture, the token is down 60% from March highs. A break above this descending channel could see the coin soar to 2024 highs of around $52. Feature image from iStock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":598678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92003],"tags":[84309,54512,1946,83630,86855,88126,86854,83626,11808],"class_list":["post-646917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-injective-news-2","tag-arbitrum","tag-defi","tag-ethereum","tag-inj","tag-inj-price","tag-injective","tag-injusdt","tag-solana","tag-tron"],"acf":[],"yoast_head":"\n<title>Injective Generated More Revenue Than BNB Chain, Avalanche In Q3 2024, Next $50?<\/title>\n<meta name=\"description\" content=\"Injective Protocol generated more fees as revenue from the BNB Chain, Avalanche, and top Ethereum layer-2s. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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