What is Injective (INJ): How it Works and Features

Injective (INJ) is a DeFi protocol for trading derivatives between blockchains. This protocol was specifically designed as a derivatives asset exchange and is completely decentralized. Currently, Injective (INJ) is in 37th position at the global level according to Coinmarketcap.com with market capitalization reaching IDR 31.8 trillion and daily transaction volume reaching IDR 5.4 trillion on Wednesday (13/12). Find more detailed information about what Injective is and how it works and its ecosystem in the following review. 

What is Injective 

Injective Protocol (INJ) is a blockchain created to support the development of decentralized applications (dApps), primarily focused on financial products such as cross-chain derivatives trading on various Layer-1 networks, including Cosmos, Ethereum, and several other blockchains. 

One of the main aspects of Injective is the existence of a decentralized exchange (DEX) which uses innovative technology to provide speed, security and a high level of decentralization. DEX Injective provides advanced features for cross-chain trading such as margin trading, derivatives, Forex, synthetic products, and futures trading.

Injective

How Injective Works 

Injective is an open blockchain for anyone interested in running a node. By combining a Tendermint-based Proof-of-Stake consensus system, smart contract capabilities , and interoperability, Injective supports a wide range of DeFi applications.

Tendermint's Proof-of-Stake consensus system in Injective is similar to conventional Proof-of-Stake. Users who want to become validators need to stake by providing a number of INJ tokens. 

Tendermint, as the basis of the consensus mechanism, is specifically designed to facilitate the creation, implementation, and use of smart contracts. This mechanism offers extremely fast performance (up to 10,000+ TPS) and near-instant transaction finality, all while being more environmentally friendly than most blockchain networks.

Injective also uses a powerful CosmWasm-based smart contract layer. A custom implementation of CosmWasm in Injective allows smart contracts to automatically execute every block without the need for an external agent. This innovation opens the door to creating advanced applications that are completely decentralized and permissionless.

Injective

Who is the Founder of Injective 

The founder or developer of Injective (INJ) is Eric Chen. Previously, Eric worked as a crypto researcher at a leading investment company. With his vision to create a decentralized trading platform that benefits all users, Eric Chen leads a team of experts in the fields of blockchain technology and finance. 

This team consists of full stack developers, Solidity developers, Golang developers, as well as finance and marketing research specialists. Additionally, Injective also has support from blockchain advisors such as Sandeep Nailwal, founder of Matic, and Andreas Weigend, former chief scientist at Amazon.

Tokenomics 

INJ is the native token in the Injective ecosystem. INJ tokens have a limited supply, there are only 100 million INJ and the current supply of tokens in circulation is 83 million INJ. In general, INJ plays an important role as governance, token burning auctions, developer incentives, and staking on PoS networks.

The token burn auction on Injective is unique in that every week 60% of all dApps fees are auctioned through a buyback and burn mechanism. This makes INJ supply decrease over time. This INJ burn auction helps increase value for the entire Injective ecosystem.

Conclusion 

Injective (INJ) is a DeFi protocol that facilitates derivatives trading between blockchains. As a decentralized blockchain with an innovative decentralized exchange (DEX), the platform provides access to advanced trading features such as margin trading and derivatives.

Backed by founder Eric Chen and a team of experts, Injective uses Tendermint's Proof-of-Stake mechanism to provide an environmentally friendly and accessible DeFi solution. INJ tokens, with a limited supply, have a central role in governance, burn auctions, developer incentives, and staking on the PoS network, which in turn will strengthen the value of the Injective ecosystem.

How to Buy INJ Tokens on Bittime

After reading a complete review of what Injective is, are you interested in buying and investing in this crypto project? You can buy INJ tokens on the best crypto exchange platforms in Indonesia, one of which is Bittime. INJ is available on Bittime in the INJ IDR pairing . 

To be able to buy INJ tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance to buy INJ tokens. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can make INJ purchases in the application. Click for a more complete guide on how to buy INJ on Bittime.

Monitor today's Injective (INJ) price chart movements, Bitcoin, Ethereum, Solana and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Other Coins:

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.