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Focused on the DeFi industry, think of Injective Protocol in similar terms as Ethereum, Solana, and Cardano. It\u2019s a Layer 1, open, interoperable blockchain optimized for Web 3.0 finance applications.<\/p>\n
The protocol has an average transaction cost of less than a penny, and it can handle thousands of transactions per second (TPS).<\/p>\n
With a market cap in excess of $1 billion, Injective is the 44th largest blockchain project in the world by market capitalization. So, what\u2019s the reason for the solid pump over the week?<\/p>\n
On October 24, Injective announced its<\/a> integration with Google Cloud\u2019s data exchange platform, CloudHub. That got the INJ community pumped for the Web3 platform\u2019s future possibilities.<\/p>\n Eric Chen, CEO and co-founder of Injective Labs, said:<\/p>\n \u201cThis integration is a major step forward for the Injective ecosystem in continuing to expand its footprint into institutions and traditional finance.\u201d<\/p>\n<\/blockquote>\n Kelly Sitarski, Director of Data and Content Partnerships at Google Cloud, said:<\/p>\n \u201cWe are excited to add Injective blockchain datasets to the Analytics Hub catalog to help customers enhance their Web3 finance applications.\u201d<\/p>\n<\/blockquote>\n Sitarski noted the team at Google Cloud helps customers like Injective Labs connect their first-party data with third-party data in Google\u2019s BigQuery enterprise data warehouse to enable powerful AI-driven analytic capabilities.<\/p>\n Injective\u2019s blockchain ecosystem is bustling<\/a> in 2023. Popular DApps like Helix, Black Panther, and Talis are seeing major growth in development and user activity.<\/p>\n An announcement last week that multichain NFT marketplace Dagora had integrated into Injective\u2019s platform likely added support to the Injective price pump.<\/p>\n According to Injective\u2019s DeFi Trader Survey 2023, a majority of respondents (64%), drawn from various crypto trading communities, said a<\/a> long-term holding strategy is their \u201cpreferred strategy when it comes to DeFi trading.\u201d<\/p>\n In addition to Injective\u2019s integrations and ecosystem growth in recent weeks, the Bitcoin price rally in October was a rising tide that lifted all boats. That was, of course, another primary tailwind pushing Injective price ahead last week.<\/p>\n\n
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