
Injective Protocol (INJ) Token Pumps on Ecosystem Upgrade, Spikes 100%
Injective Protocol (INJ) coin has gained approximately 46 percent, and 29.9 percent in the past fourteen days and seven days respectively.
$7.60
1H
0.80%$0.0603
24H
0.27%$0.0205
7D
6.89%$0.4899
30D
11.1%$0.7593
Injective Protocol describes itself as the first layer-2 DEX that unlocks the full potential of decentralized derivatives and borderless DeFi.
The Injective Chain is implemented as a Cosmos SDK module, built with Ethermint (EVM on Tendermint). It utilizes a Tendermint-based Proof-of-Stake to facilitate cross chain derivatives trading across Cosmos, Ethereum, and many other layer-1 protocols. In addition, the protocol is collision resistant and utilizes Verifiable Delay Functions (VDFs) to prevent front-running.
INJ is the token utilized on Injective and was launched via a public offering in 2020, becoming the first project backed by Binance Labs to debut on Binance Launchpad. The use cases intended for INJ include but are not limited to: protocol governance, exchange fee value capture, derivatives collateralization, liquidity mining, and staking.
The Injective platform enable users to take part in decentralized cross-chain derivatives trading with zero gas fees while also being able to access cross-chain yield generation for a multitude of assets. Due to how the platform is governed by a DAO structure, Injective enables everyone to create and trade on any derivative market with only a price feed, thereby opening up more opportunities for trading on markets not found on other exchanges.
Injective Protocol (INJ) coin has gained approximately 46 percent, and 29.9 percent in the past fourteen days and seven days respectively.
In a recent rebrand a month ago, the Injective community sought to “represent a culmination of progress while beginning a new age of interoperability”.
With the fresh development, Injective will be able to launch completely decentralized Bitcoin derivatives using the Stacks token (STX) alongside digital assets that are native to the network.
This integration will allow users to seamlessly trade assets from other discrete blockchain networks while ensuring that its users get to enjoy the native Ethereum experience.
Gemini has announced support for a new set of DeFi tokens including Injective (INJ), Polygon (Matic), and SushiSwap (Sushi).