Today's Injective Protocol Price Summary
Injective Protocol's price today is $40.07 USD, with a 24-hour trading volume of $336,732,091 USD. INJ
is up 0.33% in the last 24 hours. Injective Protocol is currently ranked #38 with a
market capitalization of $3,556,019,796 USD.
About Injective Protocol
Injective is a blockchain platform designed to facilitate the development of robust and interoperable decentralized finance (DeFi) applications. Built using the Cosmos software development kit (SDK), Injective leverages the fast transactions and interoperability of Cosmos' Inter-Blockchain Communication (IBC) protocol, aiming to create a comprehensive DeFi infrastructure.
What is INJ Token?
The native token of Injective, INJ, plays a crucial role in the ecosystem. It is used for validating transactions through staking and governing the protocol through community voting. Moreover, developers who build dapps on Injective are incentivized with INJ tokens.
Injective Protocol's Founding and Development
Founded in 2018 by Eric Chen and Albert Chon, Injective has made significant strides in its journey. It has received backing from prominent crypto investors including Binance and venture capital groups like Pantera and Jump Crypto.
Interoperability and Liquidity
One of Injective's key features is its focus on interoperability. Its tools provide a standard in its ecosystem, making any DeFi protocols created with them naturally interoperable. This means they can interact with each other and access each other's liquidity.
The Utility of Injective Protocol (INJ)
To tackle the frontrunning problem that plagues decentralized exchanges (DEXes), Injective employs frequent batch auctions (FBA). This mechanism neutralizes any frontrunning efforts by accepting orders over a discrete time period, choosing an execution price, and publishing trades only when finalized.
Several projects have been built on Injective, including Helix - a DEX based on an order book model; Astroport - another DEX providing both spot and derivatives trading; and Frontrunner - a sports betting platform.
The INJ token incorporates an inherent deflationary mechanism through burn auctions. This process involves auctioning off 60% of protocol fees weekly to the highest bidder, whose bid tokens are then burned or destroyed.
What is Injective Protocol All-Time High price (ATH)?
On March 2nd, 2024 01:00:38 AM, Injective Protocol hit a historic high of $46.08 USD.
It has been about 2 days ago since Injective Protocol reached its peak.
What is Injective Protocol All-Time Low price (ATL)?
On November 3rd, 2020 04:19:30 PM, Injective Protocol reached a bottoming price of $0.6574010000 USD.
About 3 years ago has passed Injective Protocol has seen such a low price.