Injective Generated More Revenue Than BNB Chain, Avalanche In Q3 2024, Next $50?
Injective Protocol, a DeFi platform utilizing Cosmos technology, generated $4 million in gas fee revenue in Q3 2024, surpassing the BNB Chain and Avalanche, which earned $3.4 million and $2.1 million, respectively. This revenue places Injective ahead of several Ethereum layer-2 solutions. However, Ethereum, Tron, and Solana collectively generated over $200 million during the same period. Injective's total value locked (TVL) is over $40 million, with more than 1 billion on-chain transactions processed. The recent launch of Injective 3.0 aims to make the native token INJ deflationary by reducing its circulation. Currently, INJ is trading around $15, down 60% from March highs, but a breakout from its descending channel could lead to a potential rise to $52.
