What is Injective (INJ) Token?
Injective is a layer-2 DeFi protocol that facilitates cross-chain derivatives trading on several layer-1 blockchains. Unlike other decentralized exchanges such as Uniswap, Injective does not use Automated Market Maker(AMM). The platform uses the traditional order book mechanism which has been in use for many years.
The users here do not pay network fees or gas fees to execute any transaction, but they pay the standard market maker and taker fees. The exchange is backed by its native token, INJ which serves as a governance token. It may also be staked and earned rewards in the form of INJ tokens.
| Launch Date | 2018 |
| Founder | Eric Chen & Albert Chon |
| Blockchain Protocol | Ethereum |
| Native Token | INJ |
| Market Cap | $120.21 million |
| Token Type | ERC-20 |
| Circulating Supply | 78 million INJ |
| Max Supply | 100 million |
| Consensus Method | Proof-of-Stake(Tendermint) |
Who Are the Founders of Injective?
Injective was founded by Eric Chen & Albert Chon in 2018. Chen initially worked as a Venture Partner at Innovating Capital which is an early Injective investor. He previously worked as a cryptographic researcher and a trader at a major crypto fund. Chen is well-versed in blockchain protocols and traditional finance.
While Albert Chon, the CTO of Injective Labs, previously worked as a Development Engineer at Amazon after earning a Master’s Degree. Injective raised millions of funds in capital from notable investors that includes Pantera Capital & Mark Cuban.
How Does Injective Work?
Injective aims to address the issues faced by developers and the users within the market like lack of stability, option, and interoperability with high fees. The protocol works on Cosmos blockchain and functions as an advanced layer-2 application that allows users to create new and innovative financial markets.
Injective is made up of various component which supports the functionality and development of its decentralized exchange.
Injective Chain
Injective, the layer-1chain operates as a decentralized side chain using the Tendermint consensus mechanism while Cosmos-SDK modules are used to implement the protocol’s logic. The protocol uses cross-chain where-in one can access cryptos from other platforms like Ethereum or Polkadot. These chains also use very strong smart contracts to exchange value across decentralized networks.
Smart Contracts on Ethereum
To carry out cross-chain transactions with ease, the smart contract here are implemented through CosmWasm. The injective is the only chain that enables an automatic smart contract execution.
Injective uses four different types of smart contracts with different purposes including Injective Coordinator Contracts, Staking Contracts, Injective Futures Contracts, Injective Bridge Contracts and Injective Token contracts.
Injective API-Nodes
The Injective API nodes provide the relay nodes to accomplish the transaction and also furnish the data layer for the protocol
What Makes Injective Unique-Uses Cases?
As mentioned earlier, Injective is built with Cosmos SDK and works on Tendermint PoS which enables it to achieve instant finality time with lightning TPs of 10,000+. The platform basically uses IBC and is highly interoperable with layer-1 chains like Ethereum, Polygon, and Solana through its own decentralized ERC-20 token bridge.
Powerful Building Block for Developers
They can create unconventional use cases which are very difficult to build using other chains. Moreover, it also gives the developers access to deep cross-chain liquidity & financial instruments that includes decentralized perpetual swaps, expiry futures, binary options and prediction markets.
Unlimited DeFi Applications
The platform allows anyone to build DeFi applications using powerful infrastructure and traditional financial mechanisms.
Community-Driven Network Governance
The Injective platform is governed by a decentralized community wherein the holders vote on all the new innovations by a Decentralized Autonomous Organization (DAO)
Front-End Interface
The front-end interface is very user-friendly that enables the users to use the protocol without any permission.
Injective Price Analysis
Source: Tradingview
- After the gigantic drop, the INJ price is swinging within a very narrow range diminishing the resistance & support levels, hence forming a symmetric pennant
- The current consolidation is expected to continue for a long as the trading volume has diminished drastically
- If any huge influx of liquidity is witnessed, one can expect an early bounce else the trade may approach the pinnacle of the triangle by the end of the year and look out for a breakout
- Depending on the volume then, the price may either range high to achieve $1.8 and later $2, else drop below $1.5 to mark lows at around $1.45
- In both scenarios, the price is expected to remain highly consolidated below the pivotal resistance of $2.1.
| Injective Price Today | $1.54 |
| Price Change <Yearly> | -87.5% |
| Market Dominance | 0.015% |
| Market Rank (as per CMC) | 163 |
| Market Cap | $120.21 million |
| Fully Diluted Market Cap | $154.1 million |
| ATH | $25.01 |
| ATL | $0.655 |
Read: Top Crypto Price Predictions
How to Buy Injective in India?
Buying and selling Injective (INJ) or any other crypto is simple and safe on CoinDCX. It is one of the leading Crypto apps for beginners and the leading Bitcoin App in India. To register, just follow the below-mentioned steps,
- Download the CoinDCX App
- Enter your details to register
- Complete KYC
- Once your profile is verified, fund your wallet and buy Injective token in India.