Injective, the protocol backed by Mark Cuban, is gaining market share in the decentralized finance (DeFi) sector. Data shows that activity in the ecosystem is increasing as the crypto bull run gains momentum.
The biggest players in Injective's ecosystem are Hydro Protocol, Dojoswap, and Helix, which have a TVL of $55 million, $26 million, and $15.6 million, respectively.
Hydro Protocol is a liquid staking platform similar to Lido DAO, the world's largest DeFi network. According to its website, its total TVL is $109 million, including $55 million in liquid staking and $53 million in farming.Its automotive compounds platform has $1.81 million in assets.
Helix, on the other hand, is a decentralized exchange (DEX) in the ecosystem. According to CMC, its market share in the DEX industry has increased in terms of volume. Its total volume in the last 24 hours amounted to more than $123 million, making it the 13th largest player in the DEX.
Injective Protocol's growth comes at a time when INJ, its token, is in a strong bear market. It has fallen more than 25% from its 2023 high as it continues to underperform other popular names like Bitcoin and Ethereum.
L’absence d’un écosystème solide a été l’une des plus grandes préoccupations des analystes lorsque le prix du jeton INJ a bondi de plus de 2 300 % depuis son point le plus bas en 2023 jusqu’à son point le plus élevé, lui donnant une capitalisation boursière maximale de plus de 3,5 milliards de dollars.
At the time, the biggest concern for buyers was that the recovery was being driven by market makers and venture capital firms. Therefore, the continued growth of the ecosystem will likely calm some of the criticism.
Injective isn't the only one struggling in 2023 this year. Avalanche's AVAX token has crashed more than 25% from its peak. Solana, on the other hand, fell by 20%.
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