Injective, a protocol focused on decentralized finance (DeFi), has recently made significant strides. Known for its high throughput, low transaction fees, and protection against maximal extractive value (MEV) bots, the platform has also forged crucial partnerships. Elevating its network further, Injective has successfully integrated with Fetch.ai and the Artificial Superintelligence Alliance (ASI).
This week saw the passage of a proposal by the Fetch.ai and ASI community to incorporate Injective. The proposal received unanimous support, passing with 100% of the votes in favor. Over 324 million FET tokens were cast in support, with a minuscule 656 FET voting against and no abstentions or vetoes. Voting commenced on October 23 and concluded on October 28.
The partnership aims to revive the expired IBC client for Injective, as outlined in the proposal titled “Revive expired IBC client for Injective.” This move allows Fetch.ai, now a member of the ASI Alliance, to integrate its artificial intelligence capabilities within the expansive Injective DeFi ecosystem.
By leveraging this integration, Fetch.ai can seamlessly inject its machine learning and AI technologies into the Injective platform. As a result, users will experience enhanced, AI-driven tools for trading, along with improved liquidity management and asset allocation. Despite this collaboration, both Injective and ASI will continue to operate independently. It’s not a merger but rather a strategic alignment where Injective benefits from ASI’s AI prowess.
Even with this promising development, INJ token prices have seen a downturn. Despite recent bullish sentiment, the token has not fully recovered from the losses incurred on October 25. Although there have been higher highs over the weekend and early in the week, bearish trends dominate. INJ remains 20% down from its October peaks, consolidating within a $10 range. Resistance is marked at $25, with support at $15. Momentum could surge if Q1 2024 sees a return of bullish investors, particularly if buyers break through the $25 threshold with increased market engagement.
Beyond improving overall crypto sentiment and the rise in total value locked (TVL) across DeFi platforms, INJ could further benefit from Injective’s core strengths. The protocol holds the highest revenue-to-fully diluted valuation (FDV) ratio, even surpassing Ethereum. This impressive metric underscores Injective’s efficient revenue generation mechanism, which could potentially elevate its price even further.
