Injective (INJ): Growing In Popularity
Injective (INJ) is a relatively new project that is quickly gaining popularity in the cryptocurrency world. Despite its competitors, Cosmos (ATOM), Injective has several unique selling points that are driving investors and users to the project. In this article, we’ll explore what Injective is, what it offers users, and why it’s growing in popularity.
History of Injective (INJ)
Injective was founded in 2018 by a team of experienced Wall Street executives, traders, and developers. The Injective protocol is the first decentralized derivatives exchange that offers cross-chain trading with instant settlements. In addition, Injective allows users to trade any asset class including but not limited to crypto, forex, commodities, and more.
The Injective team is led by CEO and Co-founder Eric Chen, who was an early investor in Binance (BNB) and has held senior positions at JPMorgan Chase (JPM) and Citigroup (C). Injective has raised $6 million from a variety of well-known investors including Pantera Capital, Hashed, and Arrington XRP Capital.
In 2019, Injective launched their testnet and in 2020, they are on track to launch their mainnet. Injective’s mainnet will offer a number of features including but not limited to staking, governance, and cross-chain trading.
The Injective protocol is built on the Cosmos Network, which allows it to offer cross-chain trading. In addition, Injective uses a decentralized oracle solution provided by Chainlink (LINK) to price assets. The Injective team has also developed their own layer-2 scaling solution called Injective Chain.
Injective Hub
There is an Injective Hub that runs on the Injective protocol. The Injective Hub is a decentralized exchange (DEX) that allows users to trade any asset class with instant settlements.
Centralized exchanges are recognized as being slow and vulnerable to hacks. In contrast, DEX’s are decentralized and use smart contracts to execute trades. This means that DEX’s are much faster and more secure than traditional exchanges. In addition, DEX’s offer a number of other benefits including but not limited to lower fees, increased privacy, and improved security.
Exchange fees are one of the most important factors to consider when choosing an exchange. In general, DEX’s charge lower fees than centralized exchanges. For example, Injective charges a 0.1% taker fee and a 0.04% maker fee. In contrast, Binance charges a 0.1% taker fee and a 0.075% maker fee. In addition, Injective offers a number of other fee discounts and benefits to users who stake their Injective tokens (INJ).
Benefits of Injective (INJ)
There are a lot of advantages when it comes to Injective and some are the following:
Privacy
In terms of privacy, DEX’s offer improved privacy over centralized exchanges. In particular, Injective does not require KYC for trading on the Injective Hub. This means that Injective users can trade without having to share their personal information. In contrast, most centralized exchanges require KYC in order to comply with anti-money laundering (AML) and countering-the-financing-of-terrorism (CFT) regulations.
Security
In terms of security, DEX’s are generally more secure than centralized exchanges. This is because DEX’s use smart contracts to execute trades, which eliminates the need for a third party. In addition, DEX’s are decentralized, which makes them less likely to be hacked.
Injective is a particularly secure exchange because it uses a number of security measures including but not limited to two-factor authentication (2FA), email verification, and IP whitelisting. In addition, Injective stores all user funds in a multi-sig wallet that requires multiple signatures to access.
Speed
In terms of speed, Injective is much faster than traditional exchanges. In particular, Injective offers instant settlements, which means that trades are settled immediately. In contrast, centralized exchanges can take days to settle trades.
Coin Listings
Injective currently offers trading for a variety of assets including but not limited to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), and Injective Token (INJ). In the future, Injective plans to list a wide range of assets, including but not limited to fiat currencies, stablecoins, and security tokens.
Staking
Injective offers a staking program that allows users to earn rewards by participating in Injective’s governance. In order to be eligible for staking, users must have a minimum of 10,000 INJ. In addition, Injective offers a number of other benefits to stakers including but not limited to fee discounts and voting rights.
Voting
Injective is a decentralized exchange, which means that users have a say in Injective’s governance. In particular, Injective uses a voting system to allow users to vote on a variety of matters including but not limited to new listings, fee changes, and platform improvements. In order to vote, users must have a minimum of 10,000 INJ.
Fiat On-Ramp
Injective plans to offer a fiat on-ramp, which will allow users to buy cryptocurrencies with fiat currencies. In particular, Injective plans to support a variety of fiat currencies including but not limited to the US dollar (USD), the Euro (EUR), and the Japanese Yen (JPY). In addition, Injective plans to support a variety of payment methods including but not limited to bank transfer and credit card.
Risks of Injective (INJ)
Even though there are a lot of benefitsof Injective, there are also some risks that users should be aware of.
Dependency on Injective Token (INJ)
In order to enjoy all of the benefits that Injective offers, users must hold Injective’s native token (INJ). For example, Injective offers staking rewards, voting rights, and fee discounts to users who hold an INJ. In addition, Injective plans to offer a fiat on-ramp in the future, which will require users to hold INJ.
Competition
Injective faces competition from a number of other exchanges including but not limited to Binance, Coinbase, and Kraken. In particular, Binance is a well-established exchange that offers a similar service to Injective. In addition, Coinbase and Kraken are both popular exchanges that offer fiat on-ramps.
Lack of Regulation
Cryptocurrencies and exchanges are currently unregulated in most jurisdictions. This lack of regulation brings with it a number of risks, including but not limited to fraud, money laundering, and hacking. Injective is working with regulators in order to obtain the necessary licenses and compliance in order to operate in a number of jurisdictions.
Users should do their own research before investing in Injective or any other cryptocurrency exchange. In addition, users should remember that Injective is a new exchange and, as such, it may be subject to additional risks that have not been mentioned here.
Injective Price
INJ price is currently $1.185386 per INJ with a current market cap of $85.36M USD with a 24-hour trading volume is $ 9.96M USD. If you want to trade Injective, you can do so on Injective’s official website.
There are various things you have to be aware of when trading INJ tokens:
- Trading pairs: Injective currently offers trading for a variety of assets including but not limited to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), and Injective Token (INJ). In the future, Injective plans to list a wide range of assets, including but not limited to fiat currencies, stablecoins, and security tokens.
- Fees: Injective charges a 0.1% fee on all trades. In addition, Injective offers a number of discounts to users who hold INJ. For example, users who hold 10,000 INJ or more are eligible for a 50% discount on trading fees.
- Withdrawal limits: Injective has a withdrawal limit of 2 BTC per day for unverified accounts and 100 BTC per day for verified accounts. In order to verify your account, you will need to provide Injective with your name, email, phone number, and country of residence.
In order to list a token on Injective, the project must go through Injective’s listing process. Injective’s listing process is designed to ensure that only high-quality projects are listed on Injective.
INJ Listing Process
The first step in Injective’s listing process is to submit an application. Injective’s listing application is designed to collect information about the project, including but not limited to the project’s name, website, social media accounts, and white paper.
In addition, the listing application requires projects to provide Injective with a contact email address. Injective will use this email address to contact the project and request additional information, if necessary.
After Injective has received a listing application, Injective’s listing team will review the project. In order to be listed on Injective, projects must pass Injective’s due diligence process. Injective’s due diligence process is designed to ensure that only high-quality projects are listed on Injective.
If a project passes Injective’s due diligence process, Injective will list the project on Injective. In addition, Injective will provide the project with a dedicated account manager. The account manager will work with the project to ensure that the project is successful on Injective.
Final Say
If you want to invest in Injective, you should do your own research. In addition, you should remember that Injective is a new exchange and, as such, it may be subject to additional risks that have not been mentioned here.
Injective is a new cryptocurrency exchange that is currently in beta. Their team is working on enhancing and expanding the Injective platform so that it will offer a wide range of features to their users.
