he Injective Protocol is a Proof-of-Stake (PoS) blockchain built purely for everything finance and first began its journey in 2018 as a decentralised derivatives exchange. Injective was originally an incubated project by Binance Labs.
Injective is on a mission to create the perfect financial ecosystem that attracts users from any financial industry. Injective is capable of cross-chain margin & perpetual trading, Forex, derivatives and much more in a decentralised, permissionless manner with 0 gas fees!
How does Injective work?
The protocol is made up of multiple components that allow the ecosystem to run harmoniously and these are:
The Injective Chain
This chain is a decentralised side chain that acts as the derivatives platform, order book and trade execution coordinator (TEC). The Injective chain was actually built on the Cosmos network that also has the capabilities of trading ERC-20 tokens (Ethereum tokens).
Cross-Chain Compatibility
The Injective Chain uses a two-way peg for ETH & ERC-20 tokens using the peg-zone architecture that is based on the Cosmos blockchains’ Gravity Bridge. The Gravity Bridge enables cross-chain transfers of assets between Cosmos and Ethereum.
Zero Gas Fees
Innovation at its finest, the Injective Layer-2 structure allows users to facilitate trades without facing any gas costs, with extremely low congestion. With the rise of Layer 2 technology, Injective positions itself to be the perfect finance-focused blockchain in the world!
Decentralised Order Book
Simply put, the order book will settle orders on the side chain and transactions on-chain in small batches.
The protocol is currently capable of connecting and operating with over 25 blockchains, which include Ethereum, BNBChain, Cosmos, Solana, Avalanche, Algorand and many more of the leading blockchains that can take advantage of Injective’s innovations!
Injective Ecosystem
The ecosystem is forever growing, hosting over 156 dApps and protocols that have been either built or integrated with the Injective protocol, including:
Injective Hub
A place you can happily call home, the Injective Hub. Here you will find all the statistics, analytics and data of the entire ecosystem to conduct thorough research.
Want to start earning passive income? No problem, simply Stake your idle INJ tokens. You can also utilise the cross-chain bridge, participate in governance and much more!
There is no better place to start your Injective journey, than the hub itself!
Helix
Let me start with the fact that Helix is a decentralised orderbook crypto exchange that can facilitate transactions with ZERO GAS FESS. That’s right, nothing whatsoever!
Frontrunner
The blockchain’s first ever sports prediction market app which allows anyone to buy shares of teams and athletes! Choose from MLB, the Premier League, NFL and so much more! Oh, I forgot to mention that it’s also completely GASLESS.
Are you a sports fan? Check out the website, here.
There are also many other protocols within the ecosystem that have stemmed from other major blockchains, such as Uniswap, Bored Ape Yacht Club (BAYC), Axie Infinity and many more!
Injective Token (INJ)
The native token of the ecosystem is the INJ token which is used for:
Governance
Users can vote on future proposals by staking the INJ token through a DAO. All votes will dictate the future of the entire protocol.
Consensus Mechanism
Injective is secured by the Proof-of-Stake mechanism and allows users to create a node and become a validator or delegate INJ tokens to validator nodes. Both Validators and Delegators are rewarded with $INJ tokens for supporting the network.
Relayers
Users who originate and source orders (aka Relayers) have the ability to earn up to 40% of the trading fees!
Burning
The 60% of the exchange fee that is left, will be transferred into INJ and then completely removed from circulation, also known as burning! INJ is a deflationary token with the majority of its supply in circulation!
Collateral Backing
The INJ token can be used as an alternative to stablecoins, to supply collateral for margin trades and the derivatives market’s functionality.
How To Buy Injective (INJ)
If you’re looking to buy INJ, it is one of the easiest tokens to obtain. INJ is available on the most popular centralised exchanges as well as certain blockchains.
We have broken down the two ways of buying the INJ token:
Option 1- Centralised Exchange
The INJ token is available on 99.99% of centralised exchanges (CEXs).
Here are some Centralised Exchanges we recommend for you to buy or trade the $GLMR token:
- Binance - The most popular CEX in the world
- ByBit - EARN UP TO $30K in DEPOSIT BONUSES
- BitGet - Trade on BitGet and receive 0% Deposit Cashback + $5,000 DEPOSIT BONUSES
- Cryptocom - Official Fifa 2022 World Cup Sponsor
It is always recommended not to store your crypto on a centralised exchange due to the various risks it may hold. That is why we recommend option 2.
Option 2 - DeFi Wallet & Decentralised Exchange
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):
If you are buying INJ through your DeFi wallet, you will need to have your wallet set up and you must have one of the two compatible networks, Ethereum and the BNB Chain.
INJ is also an IBC-enabled token and you can swap it using the Osmosis DEX which is home to the Cosmos Ecosystem.
If you haven’t set up a DeFi wallet or don’t know how to use the Ethereum network, BNB Chain or Cosmos Network, you can check out our tutorial videos here:
Remember it is always recommended to use a Defi wallet or better yet a hardware wallet like Trezor to store your cryptocurrencies.
Conclusion
In conclusion, I do believe that they are working hard to become the number one exchange and ecosystem for the future world of finance. Injective is unique and unlike any other protocol. The crypto space thrives on innovation.
At the time of writing, the INJ token is sitting at a price of $7.35 with a market cap of $617M. Injective INJ has seen an ATH of $25.01 and reached a market cap of $600M! In the next bull run, we could see $INJ move to extraordinary heights.
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