Injective (INJ) surged over 517% in the past year, recently hitting a 17-month high of $15.72. This price rally coincides with a strategic partnership between Injective and the Kava Network, aimed at expanding access to stable assets, particularly USDt.
Kava Network’s recent announcement of a partnership with the Tether Foundation has solidified its plans to natively issue USDt tokens within the broader Cosmos ecosystem. This development paves the way for an exciting collaboration between Kava and Injective.
A key highlight of this collaboration is the direct Inter-Blockchain Communication (IBC) bridging of USDt from Kava into Injective.
This integration promises to enhance liquidity and accessibility within the Injective ecosystem. Notably, the Kava community has expressed its support by approving a governance proposal designed to incentivize the usage of USDt on Injective, with participants receiving Kava tokens as rewards.
Injective, known for being an open and interoperable layer-one blockchain, empowers DeFi with innovative applications, including decentralized exchange infrastructure and oracles.
On the other hand, the Kava Network, characterized by its speed and security as a Layer-1 blockchain, seamlessly combines the swiftness of the Cosmos SDK with the versatility of the Ethereum Virtual Machine.
As of the latest data, the price of Injective (INJ) stands at $15.17, reflecting an 8% increase in the last 24 hours and an impressive 29% surge over the past week.
With the integration of Kava and the support of the Tether Foundation, Injective appears to be well-positioned for ongoing growth and innovation within the decentralized finance landscape.
It’s worth noting that the price of Kava (KAVA) has also experienced a noteworthy increase, rising over 6% in the last 24 hours to reach $0.6994.