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- 1 The ATOM price made a lower high below the trendline that started during mid-October.
- 2 Cosmos-based Layer 1 blockchain has released an upgrade named Volan.
Injective, a Layer-1 blockchain based on Cosmos, has announced the release of Volan, a mainnet upgrade. The upgrade features a software module that focuses on real-world assets (RWA), to provide institutional and individual users access to a variety of structured products.
The products will include tokenized fiat currency pairs, treasury bills, and exclusive credit products. The market for RWAs is growing rapidly, with tokenized securities alone estimated to be worth over $500 Million, according to Dune data. Injective intends to tap into this market with Volan.
Another significant aspect of the Volan upgrade is expanding the inter-blockchain communication (IBC) protocol on Injective, which will facilitate improved interaction between Injective and other chains within the Cosmos ecosystem.
The integration of IBC will enable complex cross-chain transactions, including advanced order routing and swaps. This will be particularly useful in cases where a user initiates a cross-chain swap using a decentralized application on another Cosmos blockchain like Celestia or Osmosis and routes it through Injective’s order book module for execution.
Eric Chen, CEO of Injective Labs, said that the main focus of the Injective Volan Mainnet upgrade is to provide developers with unmatched native building blocks for the next generation of finance applications, while also improving connectivity to other blockchains and applications.
Injective specializes in decentralized finance use cases and uses its native token, INJ, for governance and transaction fees.
With the Volan upgrade, Injective has made changes to the token’s on-chain inflation parameters, to make INJ more deflationary over time. The upgrade also includes a new oracle, which integrates off-chain price feeds directly into the blockchain.
Injective’s funding round was closed in August 2022, with Jump Crypto leading the $40 Million funding round. Binance, Pantera Capital, and Mark Cuban also back the project.
Technical Analysis and Prediction of the ATOM Coin Price
At press time, the ATOM coin is trading at $10.3 after the bears were forced to make a lower high to break the uptrend. The 50-Day EMA is at $10.21 while the 150-Day EMA is at $9.38, this suggests that the bullish crossover is there despite the recent fall.
Furthermore, the support level for the ATOM price is $8.15 while the 2nd support is at $6.20. The resistance level is at $12.057 and it is predicted that the bullish investors will test this resistance in the upcoming days.
Summary
Injective has released a mainnet upgrade called Volan, which includes a software module focused on providing access to real-world assets such as tokenized fiat currency pairs, treasury bills, and credit products. The ATOM coin is currently trading at $10.3.
Technical Levels
- Support Levels: $8.15 and $6.205.
- Resistance Levels: $12.057 and $14.49
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
