Injective Labs, the developers behind the Injective (INJ) altcoin, have announced a groundbreaking feature that, in their words, will redefine transaction costs in the crypto space.
The new feature, called gas compression, will make transaction costs on Injective the lowest in the entire cryptocurrency industry, according to the developers.
The introduction of gas compression means that any transaction, whether staking, trading on a decentralized app, lending, minting an NFT, or voting on a governance proposal, will now incur almost zero cost.
The impact of this adjustment goes beyond just transaction costs. According to the official statement, every transaction on the platform will now have a nominal cost of 0.00001 INJ, or $0.0003.
According to the statement, minting 1,000 NFTs on Injective will now only cost $0.30; This is 100 times lower than the cost on Ethereum or 500% lower than the cost on a chain like Polygon.
INJ, which experienced a strong decline along with other altcoins during the day, continued to lose value for a short time after the development, but it seems to be experiencing a slight recovery at the time of writing this article.
*This is not investment advice.