Injective Unveils inEVM, A Groundbreaking Ethereum Rollup for Hyperscaling Multi VM Development
New York, NY, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Injective, the blockchain built for finance, today announced the launch of inEVM, the first-ever Ethereum Virtual Machine capable of achieving true composability across Cosmos and Solana. The inEVM network was developed in collaboration with Caldera, a L2 rollup infrastructure platform backed by Sequoia.
With inEVM, Ethereum developers gain unprecedented access to Injective's global network and user base, offering a new realm of opportunities to expand the reach of their protocols.
inEVM is part of Injective’s larger plan to introduce a network of Electro Chains. In essence, this consists of a series of rollups with dedicated VM environments that would cater to the needs of distinct builders while still providing the highest levels of scalability and security. Electro Chains inherit security from Injective while also extending block space available on any one chain which directly contributes to a far more scalable network than what exists in Web3 today.
inEVM touts several major benefits for developers including ultra-fast speeds due to a parallelized structure, instant transaction finality, a modular toolkit, shared liquidity, and composability across the Cosmos IBC universe alongside Solana.
This latest development follows the recent release of Injective's inSVM (formerly known as "Cascade"), the first Solana Virtual Machine (SVM) rollup solution integrated into the larger Inter-Blockchain Communication (IBC) ecosystem. This innovation has empowered Solana developers to effortlessly migrate their applications to Injective, extending their reach to a broader audience without the need for significant code modifications.
dApps launched on the inEVM layer would be able to compose directly with Cosmos and Solana applications due to Injective’s Electro Chain initiative. As a result, both inter and intra VM interoperability would be achieved by builders on the inEVM layer. This in turn results in a far more seamless development experience devoid of traditional complexities and barriers.
Injective's overarching mission is to democratize the financial future by fostering decentralization across the blockchain landscape. The rise of Layer 1 solutions requires different networks to work together smoothly, and Injective's Electro Chains serve as the conduit that dynamically connects these networks. By enabling developers to swiftly launch their applications on multiple VM environments and simplifying user interaction with Web3, Injective is forging a cohesive, user-centric Web3 environment, where collaboration prevails over competition.
“inEVM will enable Ethereum developers to effortlessly deploy applications across Injective Electro Chains while also tapping into an expansive network of users and liquidity,” said Eric Chen, co-founder and CEO of Injective Labs. "This marks a significant stride forward for Web3, as we work towards creating a fully integrated ecosystem, where developers and users can maximize the benefits of an optimized infrastructure stack without being hindered by barriers between networks.”
Injective's launch of inEVM underscores its dedication to driving innovation and collaboration in the blockchain space. As the global financial landscape evolves, Injective continues to stand at the forefront, facilitating the growth and development of Web3 finance.