A new rival of Ethereum (ETH) is seeing a massive boost in price after gaining support from the world’s largest crypto exchange platform by volume.
In a new announcement, Binance says it will officially add the layer-1 blockchain Initia (INIT) to its suite of products starting on April 24th, preceding a spike in price for the asset.
INIT went from a low of $0.605 on April 24th to a peak of $0.921 just a few hours later. The digital asset has since retraced and is trading for $0.88 at time of writing, a 40.95% increase during the last 24 hours.
On its official website, the development team behind Initia says the project is designed to offer rollups and infrastructure for appchain development and streamline the development process by reducing the decisions developers have to make.
According to the project, developers spend a lot of time creating rollups – or transactions processed in large batches off-chain as a means of increasing efficiency, which prevents them from fully focusing on their applications.
“Historically, building a rollup requires developers to research, select, and piece together numerous components and services…
[The] tasks divert time and resources from developers, preventing them from focusing on building their applications… With [our] approach, developers can focus solely on building, improving, and shipping their applications.”
Earlier this month, INIT was added to Binance’s launchpool.
Generated Image: Midjourney
