Cosmos-based layer 1 blockchain Injective has released gas compression, a new feature that offers users exceptionally low transaction costs, removing significant barriers to entry and participation, according to a recent blog post.
With transaction costs at around $0.0003, Injective is currently the cheapest option among layer 1 networks, offering lower fees than Solana, which has a rate of $0.0045. Users can participate in decentralized applications (dApps), lending, minting non-fungible tokens (NFTs), governance, and staking without worrying about high fees.
A Comparison of Average Gas Costs Across Major Chains – Source: blog.injective.com
“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,” stated Injective Labs in its blog post.
Injective also highlights a seamless transition to the new, lower gas fees across its entire ecosystem of tools and products, guaranteeing a frictionless experience for users. Moreover, dApps on the platform can readily seize the benefits of reduced costs by making simple adjustments to their settings.
High-frequency traders and complex dApps will also benefit from gas compression, according to the project. The platform allows users to batch thousands of transactions into a single block, streamlining processes and cutting costs dramatically. Moreover, its rapid block times, enhanced by the innovative gas compression feature, open up a world of possibilities for developers. They can now venture into new on-chain activities or develop dApps.
Injective saw remarkable growth last year, with its token value soaring by an impressive 2,700%, according to data from CoinGecko.
The protocol recently launched its Volan upgrade with a suite of key features, such as the Real World Asset Module, enterprise APIs, and token burn enhancements, to improve the user experience and blockchain scalability.
