What is Injective (INJ) crypto, and why is it rising?

Highlights

• Injective (INJ) is a fully decentralized layer-2 derivatives exchange protocol.
• Secured by a Tendermint-based proof-of-stake (PoS) consensus mechanism, the Injective provides instant transaction finality with a 99% lower carbon footprint.
• Its native token INJ is used for governance, mining, staking, and value capture. 

The Injective (INJ) token was up 8.26% to US$6.41 at 6:51 am ET on Friday in the backdrop of a mega Bitcoin conference that got underway in Miami Beach on April 6.

According to its website, the Bitcoin 2022 Conference from April 6-9 is the largest congregation of Bitcoin enthusiasts, with some 35,000 delegates attending the event, including representatives of over 3,000 firms, more than 450 speakers, and around 100 artists. PayPal founder and Bitcoin supporter Peter Thiel participated on the first day of the conference.

Interestingly, Bitcoin (BTC) was trading 0.27% lower at US$43,420.88 in the trailing 24 hours to Friday morning. It fell around 4% in seven days as of 7:37 am ET.

Injective (INJ) is a decentralized exchange protocol backed by investors such as Mark Cuban, Binance, and Pantera Capital. Its ecosystem has over 100 projects and some 200,000 members.

On Friday, it said it would burn 400,000 INJ tokens in the next five days. The protocol burns INJ tokens every two weeks to keep the supply low. INJ has a total supply of 100 million tokens.

On April 5, it announced the staking of US$100 million in INJ tokens. 

Also Read: What is EarthFund (1EARTH) crypto and why is gaining attention?

What Is Injective Protocol (INJ)?

The injective protocol is founded by Injective Labs, a research and development company. It is a fully decentralized layer-2 derivatives exchange protocol that enables users to access unlimited decentralized financial markets. 

It supports permissionless trading on arbitrary derivatives markets. Users can trade on any derivative market or create any financial market on Injective’s fully decentralized exchange protocol. It claims to offer fast, secure, cross-chain transactions with zero gas fees.

Also Read: Why is Synapse (SYN) crypto gaining attention?

Injective Chain is custom-built to support DeFi applications that reach instant finality in a transaction speed of more than 10,000 transactions per second (TPS). The protocol supports Ethereum compatible DeFi applications.

Injective provides a trading infrastructure supported by a central limit order book that integrates the speed of centralized exchanges with the transparency of decentralized exchanges and a user-friendly interface. 

Also Read: Why Chain (XCN) crypto jumped over 70% in 30 days?

Its unique decentralized order book exchange protocol supports cross-chain trading of cryptos, futures, and other assets across blockchains, including Ethereum, Cosmos, and Binance Smart Chain. 

Secured by a Tendermint-based proof-of-stake (PoS) consensus mechanism, the Injective Protocol blockchain provides instant transaction finality with a 99% lower carbon footprint.

Also Read: Why PLC Ultima (PLCU) crypto skyrocketed nearly 300% YTD?

Data Source: coinmarketcap.com

Also Read: Why Web3 Project (WEB3) crypto skyrocketed 128% in one week?

INJ token price and performance:

Its native token is INJ, a scarce asset used for governance, liquidity mining, staking, and exchange value capture. With a circulating supply of 48.65 million INJs, its market capitalization is US$312 million.

There are currently 10,157 token holders, of which the top 100 hold 98.06% of the holdings.

On Friday, the token witnessed an 18.68% upsurge in volume to US$40.14 million. 

Also Read: Why Sphere Finance (SPHERE) crypto surged 32% today?

Bottom line:

The token can be traded on Binance, DigiFinex, Crypto.com, Phemex, and KuCoin crypto exchanges. However, investors must keep in mind the volatile nature of the cryptocurrency market and exercise due diligence before investing in digital assets.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.