CoinMarketCap takes a deep dive into Injective (INJ), the first sector-specific blockchain built specifically for finance. Cryptopedia does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies. The opinions and views expressed in any Cryptopedia article are solely those of the author(s) and do not reflect the opinions of Gemini or its management. The information provided on the Site is for informational purposes only, and it does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. In this article, we will delve into the world of Injective; exploring its purpose, creators, native token (INJ), functionality, and its role in the broader DeFi ecosystem.

  1. With a price increase of 3.10% in the last 7 days, Injective (INJ) is underperforming the global cryptocurrency market which is up 6.90%, while underperforming when compared to similar Layer 1 (L1) cryptocurrencies which are up 3.60%.
  2. It is an open, interoperable layer-one blockchain powering next-generation DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.
  3. This venture consortium aims to support DeFi developers who are looking to build on top of Injective and push forth its mission of creating a more democratized financial system through decentralization.
  4. The opinions and views expressed in any Cryptopedia article are solely those of the author(s) and do not reflect the opinions of Gemini or its management.

The Injective ecosystem includes 100+ projects and over 150,000 community members globally. Injective is backed by a group of prominent investors such as Binance, application attacks web application attacks Pantera Capital, Jump Crypto, and Mark Cuban. Injective is backed by a group of prominent investors such as Binance, Pantera Capital, Jump Crypto and Mark Cuban.

As Injective continues to grow, it will continue to integrate further with notable L1s to bring the best experience for developers and users alike. The most popular exchange to buy and trade Injective is Binance, where the most active trading pair INJ/USDT has a trading volume of $42,764,198.51 in the last 24 hours. The price of Injective (INJ) is calculated in real-time by aggregating the latest data across 85 exchanges and 160 markets, using a global volume-weighted average formula. Injective’s interoperability is twofold, both within and beyond the Cosmos ecosystem. Within the Cosmos network, assets and platforms on Injective are seamlessly exchangeable with Cosmos and other IBC-enabled chains.

INJ Historical Price

Every week 60% of all fees collected on Injective (including from all exchange dApps built on Injective) are burned. This leads to an overall deflationary supply that makes the INJ token more scarce over time. Injective is a lightning-fast, interoperable, layer one blockchain optimized for building premier Web3 financial applications. Not only does Injective utilize CosmWasm-based smart contracts, but it also utilizes Electro Chains, which facilitate the integration of Ethereum and Solana-based smart contracts into its ecosystem. Through the introduction of inEVM and inSVM, these innovative roll-up solutions offer a seamless deployment experience for developers from both Ethereum and Solana ecosystems, respectively. INJ is the native utility token of Injective, serving various roles within the ecosystem, including, but not limited to, governance, token burn auctions, and staking on the PoS network.

What Is Injective (INJ)? Features, Tokenomics, and Price Prediction

You can host an exchange on Injective, which makes you eligible for 40% of the exchange costs/fees on orders that you source. Plus, you also propose changes to the Injective Chain, such as futures protocol exchange parameters and protocol upgrades. The Injective ecosystem continues to grow rapidly, and counts hundreds of projects as a part of its ecosystem, including Helix, Astroport and Frontrunner. Learn how Loopring, an Ethereum Layer-2 scaling protocol, enables high-throughput, low-cost, non-custodial decentralized exchange and payments. With a price increase of 3.10% in the last 7 days, Injective (INJ) is underperforming the global cryptocurrency market which is up 6.90%, while underperforming when compared to similar Layer 1 (L1) cryptocurrencies which are up 3.60%. Injective’s blend of technology, versatility, and vision is helping to redefine decentralized apps, with its impact on the industry likely to be felt for years to come.

The decentralized cross-chain bridging infrastructure is compatible with Ethereum, IBC-enabled blockchains, and non EVM chains such as Solana. It is an open, interoperable layer-one blockchain powering next-generation DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more. Applications built on Injective’s smart contract layer can access a wide array of powerful exchange and DeFi primitives, including on-chain liquidity, oracle price feeds, cross-chain bridging and execution abilities.

Injective provides a next-generation, highly interoperable smart contract platform based on CosmWasm, with advanced cross-chain capabilities. Injective represents a significant leap forward in the world of Web3 finance with a focus on permissionless, censor-resistant innovation. Its unique approach to decentralized applications, coupled with its emphasis on interoperability and scalability, has garnered the attention of both traders and developers. In addition, the tools and easy-to-learn infrastructure that Injective offers make building in DeFi much easier, and more accessible. Injective utilizes the largest buy back and burn mechanism in the entire crypto exchange industry.

This innovative system directs 60% of fees generated by all dApps toward a weekly on-chain buy-back-and-burn auction. With the introduction of INJ 2.0, this mechanism has evolved to allow the participation of all dApps in the weekly auction, expanding the potential rewards and enabling the burning of larger quantities of INJ tokens. Beyond financial transactions, however, INJ also functions as a governance token, allowing holders to vote on network proposals. Effectively allowing all community members to play a part in shaping the future of the network. As the ecosystem grows, all existing players benefit from the positive feedback loops.

The Injective Chain is custom-built to support the next generation of DeFi applications. As a result, Injective can meet the demands of developers and users all over the world. The interoperable backend allows DeFi apps built on Injective to run effectively across different blockchains, such as Cosmos, Ethereum, Solana and more. As the space continues to evolve, Injective remains at the forefront, providing innovative solutions that empower users and developers to diversify the financial ecosystem. With its dedicated team and passionate community, Injective is well-positioned to continue making waves in the DeFi landscape, offering a truly decentralized and inclusive financial ecosystem for all. It combines a Tendermind-based Proof-of-Stake consensus mechanism, smart contract compatibility, and interoperability to support a range of DeFi applications.

This flexibility allows users to effortlessly swap their assets across various interconnected chains. In short, with the data layer and the transaction relay capabilities, Injective’s API helps the network provide a more seamless experience. A variety of apps have arisen to aid in the development of a flexible and high-yield strategy, including, but not limited to, Frontrunner, White Whale and Kado. Astroport, one of the largest AMMs originally built on Terra, also selected Injective as its new destination chain, bringing its entire community to the Injective universe. Injective was built using the Cosmos SDK, and as such, it utilizes a Tendermint-based Proof-of-Stake (PoS) consensus.

Staking Injective (INJ)

This broad compatibility not only encompasses ERC-20 tokens but also embraces applications and platforms reliant on smart contracts from Ethereum and EVM-based chains. It is an interoperable and environmentally-friendly layer 1 blockchain that supports advanced DeFi applications, including crypto trading dApps, like spot and derivative exchanges, and lending protocols. Injective employs a powerful CosmWasm-based smart contract layer, enabling complex dApps and cross-chain application development. Injective’s CosmWasm implementation, however, is uniquely different from any other CosmWasm layer within the Cosmos ecosystem, as it utilizes wasmx, a module that allows smart contracts to be executed automatically at every block.

What is Injective?

It is an open, interoperable Layer-1 blockchain powering next-generation DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more. Injective also provides a next-generation, highly interoperable smart contract platform based on CosmWasm, with advanced interchain capabilities. Injective is custom built with the Cosmos SDK and utilizes Tendermint-based Proof-of-Stake consensus mechanism, providing instant transaction finality with the ability to sustain lightning-fast nuls vs neo performance (10,000+ TPS). Unlike traditional PoS consensus mechanisms, however, Tendermint is uniquely optimized for creating, deploying, and using smart contracts. This consensus mechanism offers lightning-fast performance (up to an incredible 10,000+ TPS) and an almost instant transaction finality— all while being much more environmentally friendly than 99% of all blockchain networks. These unique features mean it can handle transactions quickly and cheaply, a necessity to run powerful Web3 finance apps.

INJ is a scarce asset that is used for governance, token burn auctions, and staking on the PoS network. Injective API nodes serve as the data layer for the network, offering real-time data indexing transaction relay capabilities, and gas-free transactions. Co-founded by Eric Chen and Albert Chon, Injective has the mission to revolutionize and democratize access to financial markets and eliminate barriers to entry. The idea was to create a blockchain network that allows anyone to participate in the global financial ecosystem, no matter who or where they are.

Built with Cosmos-SDK, Injective utilizes a Tendermint-based Proof-of-Stake consensus mechanism to achieve instant transaction finality while sustaining lightning-fast speeds. It plays an integral role in protocol security, market maker and cryptocurrency and bitcoin manipulation claims relayer incentives, derivatives collateralization, and more. Injective uniquely provides powerful core financial infrastructure primitives that applications can leverage, including a fully decentralized MEV-resistant on-chain order book.

The trading volume of Injective (INJ) is $139,662,742.01 in the last 24 hours, representing a -29.30% decrease from one day ago and signalling a recent fall in market activity. Since then, she became enamoured with power blockchain technology has to revolutionize multiple industries–not just art! The Injective Labs team abstains from all voting measures in order to ensure that the community can ultimately shape the future of the protocol. Injective was initially developed by Injective Labs, a research and development firm. Since then, Injective has grown into a vibrant community and users worldwide that contribute to the open source Injective code.

Armed with the core philosophies of DeFi, while wary of issues crippling the DEX space today, Eric believes Injective will pioneer the innovations necessary to usher in truly free and decentralized trading for all. Injective is pioneering a new decentralized economy with the goal of creating a freer and more inclusive financial system. With the ability to plug-and-play primitives easily into any DeFi application, Injective is spearheading a diversified ecosystem for the future of finance.