Initia Crypto Is The Latest Layer-1 Addition to the Markets

Initia is the latest Layer 1 addition to the market and its token is up 30% in six days of TGE.

The crypto market has seen the launch of several new Layer 1 blockchains in recent times. These new L1s are hoping to capitalize on the growing interest in the metaverse, Web3, and the future of finance.

Recently, Berachain (BERA) and Story (IP) both had their TGE in February. Both launched on major exchanges and quickly gained attention from traders. However, both tokens have struggled to hold onto their early gains.

Now, another promising L1 is heating up and it’s Initia (INIT). The new PoS chain is quickly becoming a hit with traders.

What Is Initia Crypto – Can It Break Into The Already Saturated L1 Market?

While being an L1 blockchain, Initia is a modular platform that offers customizable Layer 2 (L2)rollup networks. Interwoven Rollups is designed to simplify the process of building and scaling decentralized applications by allowing developers to launch their own app-specific rollups.

This new architecture helps address common issues in the blockchain space, such as fragmented liquidity, network congestion, and the difficulty of managing multiple chains.

The Initia platform was founded during the peak of 2022’s bear market by Stan Liu and Ezaan Mangalji. The two developers came from working at the now-defunct Terraform Labs, the developers behind Do Kwon’s infamous LUNA token.

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What makes Initia a modular blockchain is its interoperability. Developers can select from three virtual machines: EVM, MoveVM, or Wasm. EVM (Ethereum virtual machine) is the framework that blockchains such as Arbitrum and Optimism utilize, while Wasm (WebAssembly) is the foundation used for the Cosmos Hub (ATOM) and Injective (INJ).

This level of modularity extends to developers being able to choose custom gas tokens and define their transaction systems. The rollup networks remain connected through Initia’s L1 base network and governance layer. This allows the rollups to lean on the Initia base layer for token bridges, liquidity infrastructure, and staking.

INIT Token Has Enjoy A Solid First Week – Where Next For Initia’s Native Token?

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INIT is the native token for the Initia network. It is used across the entire ecosystem, for paying transaction fees, staking, governance, and rewards. Per the Initia App Dashboard, over $300m of INIT in TVL (total-value locked) across the network. The dashboard also shows 12 rollup L2 mainnet chains built on Initia.

Interestingly, INIT is used on both Initia’s L1 and the L2 rollup networks. Both rely on INIT as the backbone of the ecosystem, as it is also used for staking and governance. Token holders can help secure the network and vote on protocol upgrades and reward distribution decisions.

While the Initia crypto TGE only occurred six days ago, INIT has endured a solid first week. Currently trading for $0.87, it has weathered the initial storm of early participants selling their airdrop tokens and has rallied extremely well.

When INIT launched on April 24, it briefly dropped to $0.6 but has since climbed over 40% from the lows. In addition, INIT has spiked 32% over the past 24 hours, making it one of the strongest-performing tokens this week.

For a major L1, Initia has a relatively low market cap. Currently at just $131 million, it is the 383rd largest crypto, per CoinGecko data. The undervalued nature of INIT is even more apparent when compared to other leading L1 chains such as SUI ($11bn), APTOS ($3.3bn) and ATOM ($1.9bn).

With its unique modular approach, Initia could prove to be a dark horse in the race for L1 supremacy. With no real price history to work from, the next crucial step for INIT is to breach $1. It has made two attempts in the last six days, both of which ended in rejection.

A push above $1 and continued bullish market conditions could see INIT begin its ascent to becoming a $1 billion network. To hit that target, INIT would be price at around $6.95, an 8x increase from its current levels.

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