What is Injective (INJ)?
One of the biggest gainer of last week was Injective (INJ). Although it has shown some drop on the start of this week, I think it is worth mentioning few things about the token.
What is Injective?
Injective is an open layer-1 blockchain that is used to build high performance DeFi applications. Its interoperability with other layer-1 blockchains such as Polygon and Solana through its 'Wormhole integration' makes Injective very special.
Injective is backed by prominent investors such as Binance and Pantera Capital and its ecosystem has managed to produce more than 100 projects and an over 150K members worldwide.
Among the most featured dapps on the ecosystem are:
Helix: an orderbook exchange
Frontrunner: a prediction market
Astroport: an AMM exchange
The Injective (INJ) Token
Injective has a native utility token, INJ. There is a total supply of 100,000,000 INJ coins but currently, there are only 80,005,555 INJ coins in circulation. The token uses the Tendermint Proof-of-Stake (PoS) consensus mechanism and it is used for:
participating in governance
burn auctions
participating in validation
rewarding stakers
INJ has an all-time high price of $24.89, registered in 2021 and an all-time low price of $0.657401, registered in 2020.
Injective (INJ) Currently
INJ currently has a market cap of $728,167,703 and ranked 76th based on it. In the last 7 days the token showed a huge price rally registering an impressive 44.3% increase.
Furthermore, if we take the stats of the last 30 days the token has increased by a resounding 103%. A price correction might come but currently the price is holding above $9.
This high gains could be related to Injective's announcement of its partnership with Eclipse to introduce the first inter-chain Solana Sealevel Virtual Machine (SVM) called the 'Cascade'.
In addition, Injective also announced its partnership with Kraken Exchange which can be very crucial for the price of INJ.
Developments regarding its first Hackathon and the proposal to migrate Pyth Network to an Injective mainnet also grabbed the eyes of most people which definitely has a positive impact on the activities of the platform.
So what are your thoughts on Injective (INJ)...... Let me know in the comment section.
If you enjoyed reading my posts, please follow me for more updates and do share your comments, I would really love to hear from you.
Disclaimer
I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.
Resources