This article is a complete guide on Injective Protocol (INJ). In fact, the INJ token price has increased by almost +50% within 90 days. Many skeptics believed this slight price change is building a bubble that’s about to explode and drop most gains. Let’s take a look at What is Injective Protocol and is it a good investment?
What is Injective Protocol? Should you buy INJ?
According to its website, Injective Protocol wants to be the first decentralized exchange that gives a price feed. This price feed can be used to build a market while giving traders zero gas fees. It describes itself as a completely decentralized derivatives exchange. It is developed on Tendermint and Cosmos SDK. It wants to solve issues like high transaction fees, liquidity, and speed issue that users face on the current decentralized exchanges.
Let’s see how does it work. The platform uses both the Ethereum and Cosmos ecosystems by peg zones. With the help of this, it wants to create high-speed cross-chain trading support without gas fees. Injective plans to create a network that is trustless, censorship-resistant, openly valid, and front-running repellent. The Injective Chain is the blockchain that receives a totally decentralized order book and applies components from the Ethereum Virtual Machine (EVM). The platform also includes a bi-directional token platform, connecting it to the Ethereum ecosystem.
How Many Injective Protocol (INJ) Coins Are in Circulation?
The total supply of INJ tokens is 100,000,000. Right now, there are approximately 15,406,012 INJ tokens in circulation. According to the official INJ white paper, there is a significant expansion estimated to 7% at the launch of INJ tokens. Due to this, the nodes are incentivized to verify transactions. This inflation rate is slowly going to decline and touch 2%.
At the time of writing this, the INJ price today was sitting at USD 12.74. The 24-hour trading volume was USD 35,982,285. INJ enables users to engage in decentralized finance (DeFi) ecosystem. This gives users the ability to bring new changes and ideas.
Key Features of Injective Protocol (INJ)
- Injective can perform fast trading while charging zero gas fees. This is called Layer-2 decentralized derivatives trading.
- Injective gives a price feed that enables users to build and trade on any derivative market.
- It allows cross-chain trading.
- Injective’s network is administered by its decentralized community. In this, the new changes or modifications, ideas are all decided on a Decentralized Autonomous Organization (DAO) structure.
- It gives liquidity mining incentives
Where Can You Buy INJ Token?
INJ coin is available on many major exchanges. When purchasing a cryptocurrency from an exchange, it is always necessary to pick a reliable one. In fact, we recommend using Binance to buy INJ.