Injective Partners with Arbitrum to Enhance inEVM, Boosting Cross-Chain Interoperability and Efficiency

Daily Top Performer — THORChain (RUNE)



The SPX index is down 0.03%, influenced by losses in major tech companies. Market focus stayed on corporate earnings and the Federal Reserve's policy direction, amid varied statements from Fed officials. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 1.39% and 3.17%, respectively in the past 24 hours.





Today’s outperformer is RUNE, which jumped 8.0% after THORChain rolls out THORNode v132 with Enhancements for Loan Execution and Lower Gas Fees.



THORChain (RUNE), founded in 2018, is a decentralized protocol allowing asset swaps across different blockchains, enhancing the DeFi space with its cross-chain liquidity feature. Unlike traditional AMMs limited to single blockchains, THORChain facilitates trades between incompatible networks using the Cosmos SDK. THORChain announced the release of THORNode v132, which includes significant improvements to the mainnet. Key updates include: the TOR depth fix restoring functionality to 95%, ensuring optimal loan openings and closings; a reduction in dynamic outbound fee multipliers resulting in much lower gas quotes, particularly a 6.14x decrease for BTC and a 2x decrease for ETH swaps; ejection of remaining BNB balances in preparation for the final stage of the Ragnarok process; and successful processing of remaining AVAX/BSC observations with a recent incident mitigated. Further quality of life enhancements are expected in the upcoming version.



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Talk of the Town:



Injective is collaborating with Arbitrum to enhance its inEVM network by leveraging Arbitrum's Orbit stack to improve its bespoke EVM infrastructure. This partnership allows inEVM to provide seamless, efficient, and cost-effective transactions, along with access to a broader set of development tools that were previously exclusive to Ethereum L2 solutions. inEVM is now able to use INJ as its native gas token, a novel approach for L2 rollups, and offers familiar development tools like Hardhat and Foundry, all while maintaining fast speeds and low fees. The integration also supports cross-chain compatibility with Ethereum, Injective, and other major blockchains like Cosmos and Solana, enhancing asset and liquidity transfers across these networks. Additionally, inEVM transactions are included in Injective's Burn Auction, which burns a portion of all protocol fees weekly, adding value to the Injective ecosystem. This collaboration marks a significant step toward a more interconnected and democratized blockchain landscape.



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Spot Bitcoin ETF Flows:





Bitcoin (BTC) dropped 1.31% amid negative influences from hawkish Federal Reserve comments and SEC activities, continuing a downward market trend. Ethereum also fell, further impacted by Grayscale withdrawing an Ethereum Futures ETF application. The broader crypto ETF market mostly recorded net outflows, highlighting investor sensitivity to Fed policies and SEC actions.



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Airdrop to Watch:



The new airdrop strategy focuses on optimizing benefits from participating in multiple cryptocurrency projects simultaneously. By depositing ETH at Etherfi and adding liquidity to the weETH-ETH pair on Nile Exchange, participants can earn various rewards including Etherfi Loyalty Points, Linea Surge LXP-L, EigenLayer Points, and potential Nile Airdrop Rewards. The step-by-step guide involves staking ETH on Etherfi to receive weETH tokens, and then using these tokens alongside ETH to add liquidity on Nile Exchange. Additionally, participants are encouraged to activate their Linea Surge Account to qualify for an upcoming snapshot and maximize their benefits, with options suggested for both limited and ample funding scenarios to ensure eligibility for various benefits.