Injective Generated More Revenue Than BNB Chain, Avalanche In Q3 2024, Next $50?

Injective Protocol, a DeFi-centric platform using Cosmos technology, has seen a significant increase in gas fee revenue distributed to its validators in Q3 2024. Despite its native currency, INJ, being under pressure after rallying to $52 earlier this year, the recent development is a confidence boost for the platform. Injective generated $4 million in revenue from gas fees, surpassing the BNB Chain and Avalanche, which generated $3.4 million and $2.1 million, respectively. This revenue also exceeded that of top Ethereum layer-2 solutions like Arbitrum, Optimism, and Blast. However, Ethereum, Tron, Solana, and Base still generated more revenue than Injective, with Ethereum funneling $159 million to its validators from July through September. The expansion of revenue on Tron and Solana was largely due to meme coin activity and an uptick in decentralized exchange volume. Injective's total value locked (TVL) has also increased, managing over $40 million as of October 8, according to DeFiLlama data. The platform has processed over 1 billion on-chain transactions and recently announced the launch of Injective 3.0, which allows the protocol to change its tokenomics and make INJ deflationary. A portion of INJ will be removed from circulation, making it more scarce, and a break above the descending channel could see the coin soar to 2024 highs of around $52. The recent developments could signal a net positive for INJ in the coming sessions.