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Reading: Ethereum Maintains Leadership as Smart Contract Platform While Injective Rises
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COINTURK NEWS > Altcoin News > Ethereum Maintains Leadership as Smart Contract Platform While Injective Rises
Altcoin News

Ethereum Maintains Leadership as Smart Contract Platform While Injective Rises

In Brief

  • Ethereum leads in market value and total locked value.

  • Injective introduces CW-404 to compete with Ethereum's ERC-404.

  • INJ Coin's price shows significant growth from the start of the year.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Ethereum, the largest smart contract platform by market value and total value locked, has maintained its leadership position for years. We have seen many smart contract networks launched to compete, but none have managed to dethrone it. Ethereum, known as the computer of the internet, hosts the largest blockchain-based protocols today.

Contents
Injective (INJ) NewsThe Future of INJ Coin

Injective (INJ) News

While surpassing Ethereum in market value seems like a dream at this stage, it’s possible to outperform it in different aspects. For example, networks like Solana and Avalanche show superior performance in both transaction fees and speed.

Injective has launched the CW-404 standard to compete with Ethereum’s ERC-404. The DeFi platform DojoSwap, in partnership with Injective, combines the capabilities of CW-20 and CW-721 standards with the CW-404 standard, which is a different version of ERC-404. As a result, this move is an effort to stand out in the fractional NFT standard space.

“CW404 brings the widely popular ERC-404 standard to the fastest blockchain with the lowest fees and scales fractional NFT standards.”

The Future of INJ Coin

Injective’s goal is to shift at least a portion of future investment to itself through ERC-404. Ethereum’s ERC-404 standard, which CW-404 competes against, allows multiple wallets to own a single NFT in a fractional manner. In the future, functional NFTs will have more use cases, and these standards will form their foundation. If INJ Coin can reach more developers with the new standard, it will certainly benefit the token price.

The ERC-404 standard also allows for tokenization of certain risks to provide leverage in loans or shares, with the potential to draw billions of dollars to the network. The first ERC-404 token, Pandora, saw a 12-fold increase, boosting the standard’s popularity among investors.

Although there are concerns about the practical application of the ERC-404 standard, particularly in lending pools, Injective (INJ) experimenting in “a new field” with CW-404 could capture a market share and reap the benefits in the medium term.

As of the time this article was prepared, the INJ Coin price is finding buyers at $33.9. Considering the price of $1.24 at the beginning of 2023, the current level is satisfactory. INJ Coin had reached its all-time high price of $45.3 earlier this year.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 23 February, 2024 - 8:34 pm 23 February, 2024 - 8:34 pm
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