Injective Protocol (INJ)

Injective Protocol (INJ) is a layer-1 blockchain built specifically for decentralized finance, using the Cosmos SDK with a Tendermint-based proof-of-stake consensus mechanism for fast block finality and interoperability with other chains in the Cosmos ecosystem, as well as bridges to Ethereum and Solana. Rather than relying on the automated market maker model used by most decentralized exchanges, Injective implements a fully on-chain order book, giving it a trading experience closer to that of traditional financial exchanges while retaining on-chain transparency. The network supports spot trading, derivatives, and perpetual futures, and includes mechanisms designed to resist front-running by requiring takers to submit cryptographic proof of a required waiting period before a trade executes.

INJ is the network’s native token and underpins its core functions. It is used as collateral for derivatives trading on Injective-based applications, staked by validators and delegators to secure the network and earn rewards, and used for on-chain governance, where token holders submit and vote on proposals that shape protocol changes. Injective also runs a burn-auction mechanism in which a share of fees generated across the ecosystem’s applications is periodically auctioned off and used to buy back and burn INJ, reducing circulating supply over time. INJ has a maximum supply of 100 million tokens, and the project, founded in 2018, launched via the Binance Launchpad in 2020.