A new Layer-1 Ethereum competitor, called INIT, saw a massive price increase after launching on Binance’s Launchpool. Binance, the world’s largest crypto exchange platform by volume, listed INIT on its Launchpool during the first week of August. INIT price is up 40.95% in the last 24 hours. As of this writing, INIT is trading at $0.88.
The recent price explosion serves as a reminder of the increasing demand for alternative Layer-1 solutions to Ethereum (ETH). This is INIT’s opportunity to compete with ETH on their own playing field by providing different features and capabilities while supporting the broader ecosystem. Its listing on Binance’s Launchpool gave it massive exposure to millions of potential investors. This highly successful launch further increased its visibility and likely helped fuel the impressive short-term price surge.
Binance’s Launchpool, which is the first such platform to introduce this concept, allows users to stake their crypto assets to earn newly launched tokens. This new offering lets projects like INIT to airdrop tokens to a broad base of potential users. Beyond that, it encourages community involvement in the Binance ecosystem. The Launchpool platform typically leads to a surge in trading volume and price appreciation for newly listed tokens.
The 40.95% price increase over the last 24 hours is a testament to the bullish market's excitement for INIT. That’s what investors are betting on when they actively trade that token and therefore artificially raise its price. Today’s trading price of $0.88 does represent a remarkable amount of demand.
As a Layer-1 Ethereum competitor, INIT aims to offer a superior blockchain infrastructure. Layer-1 networks are often referred to as the base layer, or main layer, of a blockchain. These networks process the transactions and store the data. These networks will compete to provide the highest speeds at the lowest cost with the most innovative features, luring the best developers and users to their networks.
