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Price (USD)$ 16.54
Circulating SupplyINJ 84.25556M
Volume (24h)$ 216.07729M
Market Cap$ 1.39943B
Low/High 24h$ 16.21 - $ 18.27
Change (24h)-$ 1.035685
The vast majority of protocols in the DeFi industry are aimed at expanding its possibilities. Injective is a Layer-1, or base layer, protocol built on Cosmos, a blockchain network that rivals Ethereum. It is an open, scalable blockchain with smart contracts that is designed for DeFi applications. Any developer can easily create finance apps with inherent value using Injective's plug-and-play modules, which include an order book and a derivatives trading module. With the use of smart contracts, developers can create sophisticated applications using cutting-edge protocols. Let’s take a closer look at Injective protocol and find out more about this project.
Injective uniquely provides powerful core financial infrastructure primitives that applications can leverage, including a fully decentralized MEV-resistant on-chain order book. All types of financial markets, including spot, perpetual, futures, and options, are also entirely on-chain. The decentralized cross-chain bridging infrastructure works with Ethereum, IBC-enabled blockchains, and chains like Solana that are not compatible with the Ethereum Virtual Machine (EVM).
Additionally, Injective offers a powerful interchain smart contract platform built on CosmWasm that is the next generation and extremely interoperable. Injective is a custom application created with the Cosmos SDK that uses a Proof-of-Stake consensus mechanism based on Tendermint to provide instant transaction finality and maintain blazing-fast speed (10,000+ TPS).
Key components of Injective include:
Injective Hub is the dashboard that provides users with the overview and functionality they need to make the most of the Injective Protocol.
Users can access the Injective Hub to stake their INJ to become network validators tasked with upholding the security of the Proof of Stake blockchain. INJ holders can also choose to delegate their tokens to network validators and earn a percentage of their rewards in return.
Injective Hub is also the location for community members to propose and vote on proposals that will shape the future of Injective. Examples of proposals that are put to vote include new trading pairs, platform functionality and governance procedures.
INJ is the native utility token of Injective. For governance, token burn auctions, and staking on the PoS network, INJ is a limited resource. Since 60% of all fees earned from dApps are auctioned off every week via a buy back and burn mechanism, the burn auctions on Injective are particularly distinctive. This then enables the supply of INJ to gradually decline significantly. The INJ burn auction is distinctive in that it contributes to the growth of the Injective ecosystem as a whole.
Protocol governance, dApp value capture, Proof-of-Stake (PoS) security, developer incentives, and staking are just a few of the use cases that INJ is meant for. Here are its other features:
INJ was worth $0.77 when it launched in October 2020. The token rose to a high of $25.01 on April 30, 2021, just as the crypto market swelled to an all-time high. The token’s price was volatile for the rest of 2021 but trended downward. INJ slumped even further in May 2022, when it fell to lows of $1.55.
INJ’s market cap sank to about $120 million when the token crashed in May 2022. So did Injective’s total valued locked (TVL), which cratered from highs of $182 million in February 2022 to $64 million in June 2022.
Injective launched the token with an initial supply of 100 million INJ tokens. It aims to increase these over time through block rewards – where new INJ tokens are issued to those that validate batches of transactions on its proof-of-stake side chain.
At launch, Injective targeted the rate of annual inflation at 7%, and aims to decrease this to 2% over time. Injective also incorporated a deflationary measure to counteract rampant inflation. Every two weeks, the protocol sells 60% of the trading fees it accumulates for INJ, then burns that INJ to deflate the token’s total supply.
Injective has partnered with a number of DeFi companies to bring decentralized trading to the masses, for instance, partnering with Klaytn, a public blockchain developed by Ground X, and integrating Injective’s decentralized derivatives protocol, Klaytn users were able to access a diverse array of new financial markets. By partnering with Tencent Cloud in April 2023, Injective Protocol aims to support builders in the Injective ecosystem.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.