Injective Launches Gas Compression: Lowest Transaction Costs in History

January 20, 2024

Injective today is introducing one of the largest technical breakthroughs to date with the release of gas compression, making transaction costs on Injective the lowest in all of crypto. This not only brings forth a new era of innovation for Injective but also makes Injective a perfect entry point for users. A Comparison of Average Gas Costs Across Major ChainsEmpowering the Ecosystem with Cost-Effective TransactionsThe impact doesn't stop there. Lower Transaction Costs in ActionPerhaps, it is easiest to envision the capabilities brought by lower costs on Injective via a few examples. This fact is further heightened by the fact that on Injective, users are able to batch thousands of transactions into a single block.

Injective today is introducing one of the largest technical breakthroughs to date with the release of gas compression, making transaction costs on Injective the lowest in all of crypto.

In essence, now any transaction whether that be for staking, trading on a dApp, lending, minting an NFT, voting on a gov proposal and more will incur effectively zero cost. This not only brings forth a new era of innovation for Injective but also makes Injective a perfect entry point for users.

A Comparison of Average Gas Costs Across Major Chains

Empowering the Ecosystem with Cost-Effective Transactions

The impact doesn't stop there. This monumental adjustment has far-reaching implications for all stakeholders. Each transaction on the platform now incurs a nominal cost of only 0.00001 INJ or $0.0003 USD. In turn, this positions Injective as not just a leader in the L1 space but also as the most scalable and affordable blockchain platform in existence, opening doors to a multitude of possibilities for developers, users and institutions alike.

This transformation was made possible through the collaborative consensus of Injective's validators, who are crucial in maintaining the network's integrity and efficiency. Injective today is also one of the fastest chains ever built, and the reduction in costs brings the entire ecosystem to new heights.

Seamless Transition and Enhanced Accessibility

The change in gas prices has been applied to all Injective development tools and products, ensuring a seamless transition for the users. Additionally, Injective's dApps can easily tap into the advantages of these revised gas prices by simply adjusting their gas configuration from the previous 500000000inj to the newly established rate of 160000000inj.

Lower Transaction Costs in Action

Perhaps, it is easiest to envision the capabilities brought by lower costs on Injective via a few examples.

For instance, minting 1,000 NFTs on Injective will cost merely $0.30 which is over 100X lower than the cost Ethereum or 500% lower than the cost on a chain such as Polygon and 50% lower than Solana.

High frequency traders or dApps requiring complex transactions can achieve sending hundreds or even thousands of transactions per second at a fraction of the cost relative to any other chain. This fact is further heightened by the fact that on Injective, users are able to batch thousands of transactions into a single block.

Injective's lightning fast block times combined with gas compression enable developers to achieve new forms of on-chain activity and dApp innovation that simply would not be possible anywhere else. It is truly the beginning of a new age for Injective and Web3 as a whole.

About Injective

Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.

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The source of this news is from Injective

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