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.
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.
