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What is Injective (INJ) Token? How to buy INJ in India?

What is Injective (INJ) Token? How to buy INJ in India?

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

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, 

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