Crypto Quill

Injective Protocol, a decentralized exchange platform for derivatives, has announced the completion of its Injective Ethereum Virtual Machine, or inEVM, a novel rollup solution that connects Ethereum with Cosmos and Solana. This development aims to provide Ethereum developers with a new opportunity to deploy their applications on Injective Protocol, benefiting from its low fees, high speed, and cross-chain interoperability.

What is inEVM and why is it important?

inEVM is the first Ethereum Virtual Machine (EVM) capable of achieving true composability across Cosmos and Solana, two of the most popular and scalable Layer 1 blockchains. inEVM was developed in collaboration with Caldera, a Layer 2 rollup infrastructure platform backed by Sequoia.

inEVM enables Ethereum developers to seamlessly migrate their applications to Injective Protocol, without requiring significant code modifications. This means that they can access Injective’s global network and user base, as well as its diverse range of derivatives products, such as margin trading and perpetual swaps.

inEVM also allows developers to leverage the power of solidity, the most widely used smart contract language, to create innovative and complex protocols on Injective. Moreover, inEVM supports multiple virtual machines, which means that it can process transactions faster and handle more users than a single VM.

By bridging Ethereum with Cosmos and Solana, inEVM also enables cross-chain interoperability and composability, which are essential for the growth and innovation of the decentralized finance (DeFi) ecosystem. Developers can integrate their applications with other protocols and assets across different blockchains, creating new possibilities and use cases for DeFi.

How does inEVM work and what are its advantages?

inEVM is a rollup solution, which means that it aggregates transactions on a sidechain and periodically submits them to the main chain, in this case, Ethereum. This reduces the congestion and cost of the main chain, while preserving its security and decentralization.

inEVM uses a parallelized structure, which means that it can execute multiple transactions simultaneously, rather than sequentially. This increases the throughput and efficiency of the system, as well as the user experience.

inEVM also offers instant transaction finality, which means that users do not have to wait for block confirmations to verify their transactions. This is especially important for derivatives trading, where speed and accuracy are crucial.

inEVM provides developers with a modular toolkit, which means that they can customize and optimize their applications according to their needs and preferences. For example, they can choose the consensus mechanism, the gas model, the state storage, and the execution environment for their protocols.

inEVM also enables shared liquidity and composability across the Cosmos IBC universe and Solana. This means that developers and users can access a large and diverse pool of assets and protocols from different blockchains, enhancing the liquidity and utility of their applications.

What are the implications and future plans of inEVM?

inEVM is a groundbreaking innovation that brings Ethereum closer to Injective Protocol, Cosmos, and Solana, creating a more integrated and interoperable Web3 environment. By offering Ethereum developers a new platform to launch their applications, inEVM expands the reach and potential of DeFi, as well as the Injective ecosystem.

inEVM is also a testament to Injective Protocol’s vision and leadership in the blockchain space, as it demonstrates its commitment to democratizing finance and fostering decentralization across the blockchain landscape. Injective Protocol aims to challenge and disrupt the centralized exchanges, such as Bybit and Binance, by providing a superior alternative for derivatives trading.

inEVM is currently 98% complete, and Injective Protocol plans to launch it soon. Moving forward, there are also plans to decentralize the sequencers and validators of inEVM, using novel solutions such as Altlayer and Espresso Systems. This will further enhance the security and scalability of inEVM, as well as its alignment with the ethos of decentralization.