Injective inEVM Layer 2 launches on mainnet, targeting more Ethereum, Cosmos and Solana collaboration

Crypto Ecosystems • March 7, 2024, 9:01AM EST

Published 1 minute earlier on

Quick Take

Billing it as the first Ethereum Virtual Machine rollup “capable of achieving true composability across Cosmos and Solana,” Injective launches inEVM on mainnet.
With inEVM, Injective wants to establish a network of “Electro Chains,” aimed at expanding its Layer 2 ecosystem and enhance interoperability with other blockchains

After completing a "successful" testnet, Injective announced it is launching inEVM Layer 2 rollup solution on mainnet, according to a statement.

The launch of inEVM, which the company says is the first Ethereum ETH +0.51% Virtual Machine rollup "capable of achieving true composability across Cosmos and Solana SOL -3.15% ," fits into Injective's previously reported strategy of establishing a network of “Electro Chains" that can expand its Layer 2 ecosystem and enhance blockchain interoperability.

Injective's inEVM allows Ethereum developers to deploy their applications, such as decentralized exchanges, on Injective, without the need for code alterations.

"inEVM is a revolutionary solution bringing forth the first truly composable layer for scaling on-chain finance on traditional finance’s (TradFi) global scale,” Eric Chen, Injective Labs CEO and co-founder, said in the company's statement. “We’re setting the foundation for more collaboration among the blockchain community."

Last September, Injective released the testnet of inEVM in partnership with Caldera, allowing Ethereum applications to run natively on the network. "The benefit of being able to simply deploy your contract without having to make modifications to your existing contract elsewhere has had a lot bigger impact than we thought,” said Chen, when asked about what Injective learned from the testnet.

Kickstarting the ecosystem

Although Injective originally planned to launch the inEVM mainnet in the fourth quarter of last year, Chen said the delay was based only on finding the best timing for all those involved. "We decided to push it to this quarter so this way a lot of developers can kickstart the ecosystem with already deployed dApps," he said.

Projects releasing on Injective's inEVM mainnet include Celestia, Pyth, TimeSwap and Thetanauts, according to the company's statement. Last year, Injective Labs launched a $150 million ecosystem fund with participation from Pantera, Jump Crypto, Kraken Ventures, Kucoin Ventures and Delphi Labs, among others.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.