- Injective ( INJ ) rose to a high of $8.20 on Wednesday.
- The gains came as the DEX Helix platform of the blockchain network layer 1 introduced the futures product ahead of launch.
- Celestia (TIA) is the first pre-launch futures contract on Helix.
Injective (INJ) is seeing a nice rally in price today as the layer 1 blockchain adds to last week’s rally. While the altcoin price is currently up just 3.5% over the past 24 hours, the gains were much more notable earlier in the day when INJ/USD touched a high of $8.20.
INJ traded as high as $9.40 in April of this year, before the momentum in early 2023 faded alongside the lull in the crypto market. In 2021, the price of INJ reached an all-time high of $24.89.
Helix discloses futures contracts prior to launch
Injective’s gains came as the Injective blockchain added to last week’s network milestones, which included integration with NFT marketplace Dagora and the new Launchpad InjMarket.
The latest milestone was achieved through Helix, a decentralized exchange (DEX) on Injective that was introduced its futures ahead of the release on Wednesday. The product allows customers to exchange popular brands before their official launch.
“Pre-release futures contracts are futures purchases for brands that have not yet been released. Essentially, this enables users to trade in pre-launch purchases that are usually reserved for early contributors, VCs, or affluent users,” the Helix team said in a blog post on Wednesday.
The first token in the futures market before the launch of Helix is Celestia (TIA), the native token of modular data network developed by Celestia Labs. The platform’s recently released airdrop that ended today may have helped the general sentiment in the Injective market.
TIA, which is expected to launch on a major crypto exchange in the coming weeks, will be used for transaction fees. The token also has a charge burning mechanism similar to Ethereum’s EIP-1559.